The global market for light weapons was valued at $12.61 billion in 2019. It is expected to grow and reach $25.61 billion by 2032, with a compound annual growth rate (CAGR) of 5.60% during this period. Light weapons typically include firearms, ammunition, and other portable arms used by military and law enforcement personnel. The projected growth indicates an increasing demand for such weapons in the coming years.
Informational Source:
https://www.fortunebusinessinsights.com/light-weapons-market-103529
Key Companies Covered Light Weapons Market are:
- ARSENAL (Bulgaria)
- BAE Systems (The U.K)
- FN HERSTAL (Belgium)
- General Dynamics Corporation (The U.S.)
- Heckler & Koch GmbHÂ (Germany)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Technologies Corporation (The U.S.)
- Rheinmetall AG (Germany)
- Saab AB (Sweden)
- Thales Group (France)
The defense industry, which produces weapons used in combat and naval operations, is currently facing significant challenges due to the COVID-19 pandemic. Many countries have reduced their defense spending, leading to postponed contracts, decreased demand for defense equipment, and delayed deliveries of products. The spread of the virus has also resulted in a decline in defense budgets and military expenditures worldwide. The economic impact of lockdown measures has further disrupted production, supply chains, and inventories in the defense industry.
On a more positive note, the adoption of precision-guided firearms and laser cannons is expected to contribute to the industry’s growth. These advanced weapons utilize technologies such as target tracking, fire control, and advanced head-up displays to improve accuracy and hit targets even at long ranges. This increased focus on precision and advanced capabilities in weapons manufacturing is creating opportunities for companies in the defense sector.
Ship-mounted laser cannons are becoming increasingly popular for naval applications due to their advanced technology. These laser systems enable precise targeting and destruction of enemy assets. Another example of advanced weaponry is the XM25 counter defilade target engagement system, which is a semi-automatic airburst grenade launcher that helps soldiers calculate the distance to their targets for effective combat use.
There are several driving factors behind the growth of the market for light weapons. Firstly, these weapons are widely available and relatively low-cost, making them accessible to military, civilian, and police users. The increasing lethality of submachine guns and rapid-fire assault rifles is also contributing to market growth. Additionally, light weapons are portable and concealable, making them easy to transport to battlegrounds. They require less training to operate, as they are highly durable and low maintenance. The market is further propelled by growing contracts for light weapons from military forces and homeland security agencies, as they aim to strengthen their armed forces.
The growth of the light weapons market is also driven by increasing terrorist activities, civilian conflicts, and political unrest between neighboring countries. These factors create a demand for light weapons for defense purposes. Military modernization programs and the expansion of defense forces in various countries are also contributing to market growth. Moreover, increased defense expenditure and investment in research and development are boosting the market, especially with technological advancements such as laser systems in light cannons and the development of precision-guided firearms, which enhance the range and accuracy of anti-tank missiles.
However, there are also restraining factors affecting the market. Stringent regulation policies and complex licensing procedures imposed by governments hinder the growth of the market. This is in response to increasing incidents of mass shootings in many countries, leading to stricter laws on gun possession. For example, the United States has implemented stringent rules and bans on concealed guns following numerous mass shooting incidents. Similarly, countries like Australia, Israel, and Canada have also imposed strict regulation policies and licensing procedures for civilians to purchase these weapons.
The market for light weapons can be segmented based on different factors. In terms of types of weapons, it includes heavy machine guns, recoilless rifles, anti-tank weapons, anti-aircraft missiles, light cannons, MANPADS, MANPAT, infantry mortars, grenades, launchers, and landmines. Among these, the anti-tank weapons segment is expected to experience significant growth due to changes in warfare and increased defense budgets from various countries. The unguided technology segment, which includes heavy machine guns, grenade launchers, and more, held a major share in 2019, driven by defense contracts and military modernization programs.
The market can also be segmented based on guidance, with guided and unguided weapons. Guided weapons, such as MANPADS, light anti-tank weapons, and anti-tank missiles, are expected to grow at a faster pace due to their accuracy and long-range capabilities. The unguided segment, which includes heavy machine guns and grenade launchers, is also projected to show significant growth, particularly for military applications.
In terms of application, the market is segmented into defense and homeland security. The defense segment currently holds the largest market share and is expected to grow at a high rate due to increasing defense expenditure worldwide. Light weapons are used by armed forces, naval forces, and air forces. The growing military modernization programs and defense budgets of many countries contribute to the market’s growth. The homeland security segment is also experiencing growth due to rising terrorism, civilian conflicts, and increasing crime rates.
Overall, the light weapons industry is driven by factors such as changing warfare dynamics, defense budgets, technological advancements, and the demand from defense forces and homeland security agencies.
Factors Driving the Light Weapons Market:
- Defense Budgets and Military Modernization: Increasing defense budgets and military modernization programs in various countries are driving the demand for light weapons.
- Technological Advancements: Advancements in weapon technologies, such as laser systems, precision guidance, and improved range capabilities, are contributing to market growth.
- Terrorism and Civilian Conflicts: Rising terrorist activities, cross-border disputes, and political unrest are generating demand for light weapons to enhance defense capabilities.
- Increasing Crime Rates: Growing crime rates necessitate the use of light weapons by homeland security agencies to ensure public safety and security.
- Availability and Cost: Wide availability and relatively low cost of light weapons make them accessible to military, civilian, and police users, further propelling market growth.
These factors collectively shape the light weapons market, driving innovation, demand, and adoption of advanced weaponry across defense and security sectors.
