Non-lethal Biochemical Weapons Market is Projected to Surpass US$2.32 bn by 2024

According to Transparency Market Research (TMR), the global non-lethal biochemical weapons market is moderately consolidated due to the dominance to few market players. General Dynamics Corporation and Raytheon Companies holds 57% of the market share as of 2015. BAE systems is considered to be the third leading player in this market. It has been analyzed that in coming years, the position held by these three companies will change owing to the research and development activities. Textron Systems, Corp., Lamperd Less Lethal, QinetiqGroup, Inc., Moog, Inc., Chemring Group PLC., TASER International, Inc., and LRAD Corporation are some of the other players working in the global non-lethal biochemical weapons market. Entry of new entrants is also projected to join the market in coming years

As per the report analyzed by TMR, the market is projected to expand at 8.0% of CAGR during the forecast period from 2016 to 2024. The valuation of the market was US$1.17 bn in 2015 that is expected to reach US$2.23 bn by the end of the forecast period. Based on end use, military forces segment holds the highest position as compared to the law enforcement agencies. As per regional analysis, Middle East and Africa are considered as the most lucrative markets followed by North America. Growing demand in Asia Pacific is gaining attraction from the market players.

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Political Turmoil in Various Region Benefitted Market

Anti-national bodies or dispute between growing various uncertainties in nations across globe to rise the demand for the market increases. In times of riots, regional insurgencies, and during natural or manmade disasters military use non-lethal biochemical weapons. These conditions increases the chances of unlimited growth of non-lethal biochemical weapon market. Growing vulnerabilities across nations have increased the defense budget across nation, which will prove beneficial for the market.

Growing human assistance services for law enforcement is expected to boost the demand for non-lethal biochemical weapons market. Changing political scenarios in few regions also attributes to rise of the market. Political turmoil in countries such as Egypt, Syria, Israel, China, India, France and the U.S. have been responsible for the high demand for the non-lethal biochemical weapons market.

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Decrease in Defense Budget to Restrict Market Growth

In contrast, several factors have restricted the market from growing. Rising environmental concerns have attributed to obstruct the demand for non-lethal biochemical weapons market. Strict government regulations that denies the use of chemicals, as it will harm the humans on a larger extent, acts as a restrain for the market. Decreasing defense budget in advanced economies have resulted in hindering the growth of the market. In addition, trafficking and unselective use of non-lethal biochemical weapons also decreased the demand for the market.

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