Shoulder Fired Weapons Market Overview
Shoulder Fired Weapons Market Size was valued at USD 5.9 billion in 2022. The schizophrenia market is projected to grow from USD 6.2 Billion in 2023 to USD 8.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period (2023 - 2030).
The Shoulder Fired Weapons Market is segmented by technology, range, assembly type, application, and region. By technology, the market is segmented into guided and unguided weapons. Guided weapons are expected to dominate the market during the forecast period due to their increased accuracy and lethality. By range, the market is segmented into short, medium, and long-range weapons. Short-range weapons are the most popular type of shoulder-fired weapons due to their ease of use and portability. By assembly type, the market is segmented into projectile and launcher. Projectile is the most common type of shoulder-fired weapon. By application, the market is segmented into defense and home security. Defense is the largest application segment of the Shoulder Fired Weapons Market.
A single soldier may control a weapon system, the shoulder-fired weapon. Weakly equipped forces and militias often utilize shoulder-fired weapons to take down opposing helicopters, military installations, and armored vehicles. More and more people are interested in shoulder-fired weapons of mass devastation.
Defense Budgets Will Be Increased In recent years, the amount spent on the military has expanded substantially worldwide. Since 2017, global military spending has increased by 2.6 per cent, according to the Stockholm International Peace Research Institute (SIPRI). The market for modern weapon systems such as guided shoulder-fired guns is likely to rise as military spending rises.
Market Segmentation
According to the reports, the global Shoulder Fired Weapons Market is segmented based on type, platform, and region.
When it comes to shoulder-fired guns, the ammunition category dominated in 2016 and is predicted to continue dominating the market through 2022. China, India, and other developing nations are increasing their investments in man-portable weapon systems. Shoulder-fired weapons improve military ground combat effectiveness at a fraction of the expense of other systems. These nations are increasing their investments in cutting-edge technology and producing a broad variety of offensive warfare vehicles. A recent deal between Israel and India saw the purchase of more than 275 cruise missiles and 5,500 spike rockets for the Indian army. One thousand more rocket launchers and 30,000 more missiles are part of the arrangement, which involves transferring knowledge.
Key Players
Lockheed Martin Corporation (US), Roketsan AS (Turkey), Saab AB (Sweden), Raytheon Company (US), Rafael Advanced Defense Systems Ltd (Israel), Thales Group (France), and JSC SPA Bazalt (Russia) are some reputed companies in the Shoulder Fired Weapons Market Players that are listed by MRFR.
Regional Classification
The United States dominates the worldwide market for shoulder-fired firearms. This pattern is expected to persist over the next several years. US and Canadian militaries' growing reliance on shoulder-fired weapons for combat operations is projected to fuel their demand in this area. This Asia Pacific market is expected to rise at a high CAGR during the projection period. The expansion of the market in the area is being fueled by increased military spending and an increase in terrorist activities in Indonesia, India, and Australia.
Increased military spending by nations like Saudi Arabia, UAE, and Israel boosts the Middle East & Africa industry. Shoulder-fired guns are likely to see a rise in demand due to increased employment of portable weapon systems by military groups in Brazil and Mexico.
Industry News
According to U.S. Marine Corps Systems Command, a new anti-tank and anti-personnel weapon will be available to infantry Marines at Camp Lejeune, North Carolina, starting in July 2021. They developed the MAAWS to enhance their current arsenal of shoulder-launched rockets with reloadable, recoilless rocket technology.
Shoulder Fired Weapons Market Research Report Information by Component (Launcher and Ammunition), Technology (Guided and Unguided), Range (Short Range, Medium Range and High Range) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030
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