Light weapons is a commonly used in arms control protocols. It refers to a wide range of medium caliber firearms and explosive ordnances. These weapons include missiles, rockets, landmines and such other arms. The precision and lightweight of these weapons make them handy for most of the industry applications. Growth in adoption and rising demand for compact weapon systems are driving the global light weapons market at a steady rate. Technological advancements and changing governmental and authoritative reforms are also expected to play a crucial role in the growth and development of this industry.
Classification of Light Weapon Industry
The global industry is classified on the basis of the types of technologies and platforms used for these weapon systems. Geographic range of demand is also taken into consideration for the clear analysis of the global industry. The most basic segments of the light weapons market include unguided and guided technologies. The unguided technology includes recoilless rifles, heavy machine guns, mortars and grenade launchers and so on. Guided technologies include MANPAD and ATGW weapon systems. The most commonly used and analyzed platforms include homeland security and defense segments. The defense segment is further sub-segmented into land, naval and airborne technologies. The geographic classification of the industry includes analysis of Europe, America, Asia Pacific and Middle East & Africa.
Drivers and Restraints
Emerging security need and growing trend of using armed systems to protect the crucial elements of the social structure have created rise in demand for small arms and light weapons (SALW) since past few years. Changing nature of modern warfare and its mellowed down structure also plays a crucial role in terms of the demand channels in the light weapons market. Increasing demand for light weapon accessories and technological advancements in the industry are also set to create major business opportunities for the global market. However, increasing government regulations and demobilization activities are set to create hindrances in the growth process for the industry. Despite all these restraints, the market is expected to hold its ground with rising customer demand.
Growth Prospects
According to the latest market research reports, the global light weapons market is expected to grow at a CAGR of around 2.80% from 2014 to 2019. At the anticipated growth rate, the industry is poised to become worth $1.56 billion by the end of the year 2019. As of 2014, it is estimated to be worth $1.36 billion. During the next few years, the global market is set to rise in business opportunities with evolution in the technologies and rising demand for weapon accessories. Growing demand for aiming lasers, weapon sights, laser rangefinders, night vision devices, fire control systems and such other weapon systems are expected to maintain the steady growth rate in the market.
