Global Shoulder-Fired Weapons Market by Technology, Range and Geography - Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 10, 2018--The “Global Shoulder-Fired Weapons Market - Segmented by Technology (Guided, Unguided), Range (Short Range, Medium Range, Extended Range) and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The market for shoulder-fired weapons is anticipated to grow at a CAGR of over 5.5% during the forecast period. Growth in the defense budget to counter terrorist activities will drive the shoulder-fired weapons market in the coming years.
It has been observed in several instances that the troops who operate shoulder-fired weapons have suffered from concussions and brain injuries. Few companies are developing a light-assault weapon that eliminates the back-blast danger.
For instance, using STRIX propulsion technology, Nammo’s M72FFE enables operators to fire large caliber or anti-armor warheads safely. The new system suppresses noise levels and night signatures to make it difficult for the enemy to detect the location of release. The military is also looking for a new type of helmet that can protect the soldier’s brain from blast waves.
The development of new weapons is directly proportional to the demand which depends on the defense spending of every nation. The US, China, Saudi Arabia, Russia, India, France, the United Kingdom, Japan, Germany, South Korea are among the top defense spending countries worldwide in 2017.
United States recorded the highest military spending of USD 610 billion in 2017 followed by China with a military expenditure of USD 228 billion.
Most of the countries in the Asia Pacific region have significantly increased their defense spending in the past decade with massive investment towards the procurement of advanced weapons.
The Indian Army in a recent study has revealed that it lacks 68,000 anti-tank guided missiles of various types and around 850 launchers. The Army plans to procure about 2,500 third-generation shoulder-fired ATGMs and 96 launchers through a government-government contract. Israeli Spike ATGM and the FGM-148 Javelin ATGM are the weapon systems under consideration.
The growing demand for lightweight anti-armor weapons is encouraging vast developments in the areas of weapon design. Such trends will remain key forces guiding the development of the shoulder-fired weapons in the coming years.
Recent Market DevelopmentsRaytheon Missile Systems unveiled the first phase of a USD 550 million expansion to its Tucson facilities which includes new laboratory, missile testing and office space. Saab received an order from US Army for shoulder-fired AT4CS RS anti-armor weapon systems. The order is worth USD 13.4 million and the deliveries are expected to begin in 2019.
Key Topics Covered
2. Research Methodology
3. Market Insights
4. Market Dynamics
5. Shoulder-Fired Weapons Market, Segmented by Technology
6. Shoulder-Fired Weapons Market, Segmented by Range
7. Global Market Analysis
8. Competitive Landscape
9. Company ProfilesRaytheon Company Saab AB MBDA Rafael Advanced Defense Systems Ltd. AirTronic USA LLC Bazalt JSC KBM Lockheed Martin Corporation Thales Group ADS Inc. Bharat Dynamics Limited (BDL) NORINCO LIG Nex1
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Related Topics:Missiles and Missiles Technology
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
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PUB: 10/10/2018 11:01 AM/DISC: 10/10/2018 11:01 AM