The global shoulder-fired weapons market research report by Technavio predicts the market to post a CAGR of nearly 6% during the period 2019-2023.
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The global shoulder-fired weapons market will post a CAGR of nearly 6% during the period 2019-2023. (Graphic: Business Wire)
A key driver for the global shoulder-fired weapons market will be the demand for new generation anti-armor and anti-aircraft protection. Evolution of battlefield environment has necessitated upgradation and customization of armament. The US Army has been considering including short-range air-defense capabilities in brigade combat teams. The emergence of unmanned aerial systems (UASs), cruise missiles, and long-range rockets (LRRs) pose a threat that is required to be addressed with capable systems. This has resulted in the US Army prioritizing SHORAD and reactivating units back to this core competency. However, the procurement of these systems is yet to be facilitated through an intergovernmental contract.
As per Technavio, the growth in battlefield digitization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global shoulder-fired weapons market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global shoulder-fired weapons market: Growth in battlefield digitization
To achieve complete situational awareness and perfect synchronization between sensors and responders in a fast-paced mobile environment, network-centric warfare ensures a thorough integration of sensors, communication networks, command centers, and associated platforms. Also, the electro-optic systems on land are observed to be useful in tracking armored vehicles and low-observable missiles, which helps platoons to strategize their approach.
"Technology upgrade for the modern shoulder-fired weapons has resulted in increased situational awareness. Modern versions of prominent shoulder-fired weapons are usually equipped with multiple new technologies such as dual-mode seeker and identification friend or foe systems. Such enhancements will promote the adoption of advanced shoulder-fired weapons by global forces," says a senior research analyst at Technavio.
Global shoulder-fired weapons market: Segmentation analysis
This shoulder-fired weapons market analysis report segments the market by technology (unguided and guided), product (ammunition and launcher), and geography (APAC, Europe, MEA, South America, and North America).
The ammunition segment held the largest shoulder-fired weapons market share in 2018. This is because of the rapid adoption of shoulder-fired weapon systems as they require ammunition to ensure long-term and reliable operation of the weapon.
North America accounted for the highest share of the market in 2018. The US is the pioneer of shoulder-fired weaponry in this region and projects military dominance owing to steady growth in the procurement of advanced weapon systems. The changing nature of warfare is encouraging US DoD's increased spending toward better weapons.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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