Global Light Weapons Market 2019-2023
About this market
The evolution of the battlefield environment has necessitated the subsequent upgrade and customization of armament. The need for high-precision, lightweight, and compact weapon systems has led innovators to invest considerable resources in the development of sophisticated weapon systems. The evolution of technology has led to the development of guided weapons with a high target hit ratio, which are supported through a range of accessories such as weapon sights, night vision devices, aiming lasers, laser rangefinders, and fire control systems. Such developments are expected to drive the global light weapons market during the forecast period. Technavio’s analysts have predicted that the light weapons market will register a CAGR of almost 6% by 2023.
Design upgrade boosting market prospects
Weapon manufacturers have started using composite alloys in their product offerings based on the requirements of modern soldiers. This has resulted in the newer variants of weapons being significantly lighter than their older counterparts. Currently, light weapons manufacturers are focusing on the development of cost-effective, long-range weapons that can cause serious damage to enemy infantry. These weapon enhancements are expected to drive the light weapons market during the forecast period.
Evolving global crisis affecting market prospects
Investments are vital for modernization programs. Increased investments in R&D of the light weapons are essential to reverse the trend toward obsolescence and to ensure overmatch over future and current enemies. Significant investments are required to replace older technologies and weapons with modern equipment. The cost of new technologies, especially new concepts, is expected to be high and economically infeasible unless the mass adoption of such technologies takes place. This may adversely affect the global light weapons market.
For the detailed list of factors that will drive and challenge the growth of the light weapons market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Light Weapons Market 2019-2023
Technavio recognizes the following companies as the key players in the global light weapons market: General Dynamics Corporation, Lockheed Martin Corporation, MBDA Nammo AS, Northrop Grumman Corporation, Raytheon Company, Saab AB.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the emergence of multi- featured systems.”
According to the report, one of the major drivers for this market is the increase in the procurement of advanced weapons is expected to drive the market during our forecast period.
Further, the report states that one of the major factors hindering the growth of this market is the arms trafficking hindering market potential.
General Dynamics Corporation
Lockheed Martin Corporation
Northrop Grumman Corporation
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