Light Weapons Market - Regional Study, Top Key Players Profiles and Future Prospects to 2023
Posted: Sep 26, 2019
Light weapons are man portable lethal weapons designed to expel or launch a projectile by the action of an explosive. These weapons can be used individually but are typically operated by a crew of three to four soldiers for effective results. Light weapons generally include heavy machine guns, launchers, rifles, mortars, among others. Grenades, land mines, and ammunitions used are also considered to be a part of the weapon system. There is a strong demand for these weapons from both defense and law enforcement agencies.
The Light Weapons Market is estimated to register a CAGR of more than 4% during the forecast period of 2018 to 2023.
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Factors such as rising terrorist attacks and focus on counter operations, changing nature of warfare, and increasing drug trafficking and other criminal activities are positively impacting the light weapons market growth. In addition, rise in defense expenditure especially in developing countries further boosts market growth. However, illegal trading of light weapons, and stringent licensing procedure & regulation policies in terms of import and export hinders market growth to a certain extent. Meanwhile, adoption of laser technology, lightweight materials, and smart & agile manufacturing concepts creates promising growth opportunities for the light weapons market.
The global light weapons market has been segmented based on type, technology, mode of operation, end-user and region.
Based on type, the light weapons market is divided into heavy machine guns, light canons, grenade launchers, infantry mortars, recoilless weapons, man-portable anti-tank systems, man-portable air-defense systems, and other weapons. The man-portable anti-tank systems segment is estimated to account for the largest market share while the grenade launchers segment is projected to witness the highest CAGR during the forecast period.
Based on technology, the light weapons market is divided into guided and unguided. The guided segment is estimated to account for the largest market share while the unguided segment is projected to witness a higher CAGR during the forecast period.
Based on mode of operation, the light weapons market is divided into crew-served and individual. The crew-served segment is estimated to account for the largest market share while the individual segment is projected to witness a higher CAGR during the forecast period.
Based on end-user, the light weapons market is divided into defense and homeland security. The defense segment is estimated to account for the largest market share while the homeland security segment projected to witness a higher CAGR during the forecast period.
The key players in the global light weapons market are Arsenal JSCo (Bulgaria), General Dynamics Ordnance & Tactical Systems (US), Heckler & Koch GmbH (Germany), Indian Ordnance Factories Organization (India), Lockheed Martin Corporation (US), NAMMO AS (Norway), Rafael Advanced Defense Systems Ltd. (Israel), Raytheon Company (US), Saab AB (Sweden), and Thales SA (France).
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