Gun Market Continues to Grow with Global Instability
CHICAGO, January 15, 2019 /PRNewswire/ — According to the new market research report “Automatic Weapons Market by Product (Automatic Rifle, Machine Gun, Automatic launchers, Automatic Cannon, Gatling Gun), End Use (Land, Airborne, Naval, Handheld & Stationary), Caliber (Small, Medium, Large), Type, and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the Automatic Weapons Market is projected to grow from USD 6.0 billion to USD 8.7 billion by 2023, at a CAGR of 7.82% from 2018 to 2023. This growth can be attributed to the increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for automatic weapons globally.
Based on end use, the naval segment is expected to lead the automatic weapons market during the forecast period.
Based on end use, the automatic weapons market is estimated to be led by the naval segment from 2018 to 2023. Automatic weapons on naval platforms are multi-configurable and can be mounted on Close-in Weapon System (CIWS), a fully automatic system that can search, detect, and evaluate the threat and track, engage, and destroy targets on its own. Countries such as the US, Russia, and China are investing more in automated technologies and focusing on manufacturing a wide range of offensive weapons systems. For instance, in January 2018, BAE Systems was awarded a contract worth USD 46.8 million by the US Navy to upgrade the existing MK45 naval guns to increase the firepower and extend the range of the weapons.
The automatic rifles segment is projected to grow at the highest CAGR during the forecast period.
The automatic weapons market has been analyzed and segmented based on product into automatic rifles, machine guns, automatic launchers, automatic cannons, and Gatling guns. The automatic weapons market is led by the automatic rifles segment and also projected to grow at the highest CAGR during the forecast period. Fully-automatic automatic rifles allow quick succession of firing of bullets. There have been significant developments in the conventional automatic rifles prototype design. Next Generation Squad Automatic Rifle (NGSAR) are the example of modern automatic rifles. Textron systems, FN America, General Dynamics, Si Bauer and PCP Tactical are developing prototypes for the Armys Next Generation Squad Automatic Rifle to replace the M249 Squad Automatic Weapon currently used.
Asia Pacific is projected to be the next opportunistic market for automatic weapons.
The rapid growth of the automatic weapons market in Asia Pacific can be attributed to the increasing defense budgets to innovate and develop robust precision weapon systems by emerging countries, such as China and India. For instance, India-based companies, such as Mahindra Defense Systems and Bharat Electronics, recently launched their newly developed remote weapon stations for armored vehicles.
China is estimated to account for the largest share of the Asia Pacific automatic weapons market in 2018. This rapid growth can be attributed to the increasing research & development activities undertaken in the region for the development of advanced technology-based designs of remote weapon stations.
Companies such as General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), ST Engineering (Singapore), KBP Instrument Design Bureau (Russia), Heckler & Koch AG (Germany), FN Herstal (Belgium), Colt’s Manufacturing Company LLC (US), Israel Weapon Industries (Israel), NORINCO (China), Denel Land Systems (South Africa), Kalashnikov Concern (Russia), BAE Systems (UK), Barrett Firearms Manufacturing (US), and Ukroboronprom (Ukraine) are some of the leading players have made significant contribution to the global automatic weapons market.
Relevant Reports:
Turret System Market by Platform (Land, Naval, Airborne), Type (Manned, Unmanned), Component (Turret Drive, Turret Control Unit, Stabilization Control), and Region – Global Forecast to 2022
Remote Weapon Station Market by Application (Military, Homeland Security), Platform (Land, Airborne, Naval), Component (Sensors, HMI, Weapons & Armaments), Weapon Type (Lethal, Non-lethal), Mobility, Technology, and Region – Global Forecast to 2023
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SOURCE MarketsandMarkets
