The research report on the global light weapons by Technavio predicts the market to post a CAGR of almost 6% during the period 2019-2023.
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Technavio has published a new market research report on the global light weapons market from 2019-2023. (Graphic: Business Wire)
The demand for new-generation weapon systems will be one of the key drivers driving the growth of the light weapons market. Several countries are focusing on strengthening the short-range air defense capabilities of the brigade combat teams by upgrading and customizing their armaments. This has led to the development of compact, lightweight, sophisticated, and highly precise weapon systems. The target hit ratio of these guided weapons can be further enhanced by equipping them with accessories such as night vision devices, fire control systems, weapon sights, aiming lasers, and laser rangefinders.
As per Technavio, the development of recoilless artillery will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global light weapons 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 light weapons market: Development of recoilless artillery
The development of recoilless artillery has eliminated the need for heavy and bulky recoil-counteracting equipment in conventional cannons. It has also enabled the use of a thinner walled barrel which allows the launch of a larger projectile from the platform of a conventional gun of the same size. Carl-Gustaf M4, a recoilless weapon offered by Saab has emerged as a crucial asset for land forces because of its low-cost, light weight, and ability to use a wide range of ammunition.
"Recoilless weapons release reaction gases produced during firing from the back at a momentum equal to that of the projectile. This helps in compensating the force exerted on the projectile. This feature of recoilless weapons has boosted its popularity and led to its increasing demand. These weapons are expected to phase out the older generation of shoulder-fired light weapons", says a senior research analyst at Technavio.
Global light weapons market: Segmentation analysis
This research report on the light weapons market segments the market by technology (unguided and guided) and geography (APAC, Europe, MEA, North America, and South America).
The unguided segment dominated the market share of the global light weapons market. This dominance can be attributed to the extensive use of unguided light weapons in the battlefield. The regional co-operation between defense contractors to meet the specific requirements of armed forces is also expected to contribute to the growth of this segment.
North America accounted for the highest share of the market in 2018 due to the increased spending on equipping armed forces with better weapons, especially by the US. Several defense contractors in North America are collaborating to develop advanced weapon systems to cater to the evolving battlefield environment.
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Some of the key topics covered in the report include:
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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