The Shoulder Fired Weapons Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shoulder Fired Weapons Global Market Report 2024, The shoulder fired weapons market size has grown rapidly in recent years. It will grow from $7.19 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to military modernization programs, counter-terrorism and insurgency operations, geopolitical conflicts and regional tensions, infantry and special operations requirements, law enforcement and homeland security needs.
The shoulder fired weapons market size is expected to see rapid growth in the next few years. It will grow to $12.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to emerging security threats, shift in military doctrine, urban warfare considerations, upgrades and replacements, international defense collaborations. Major trends in the forecast period include advancements in seeker technologies, rapid development of counter-countermeasure systems, growing interest in non-line-of-sight capabilities, enhanced multi-role capabilities, integration of networking and communication technologies.
The increase in defense expenditures is expected to drive the shoulder-fired weapons market. The defense expenditure is increasing to remain in power and secure the position of a country. Armed forces use shoulder-fired weapons throughout the world for defense and safety. The use of shoulder-fired weapons gives a considerable advantage to troops by engaging targets without worrying about the strike’s accuracy and the weapon’s weight. According to the Stockholm International Peace Research Institute (SIPRI), India’s military spending grew to USD 76.6 billion in 2021, a 0.9% rise over the previous year. Therefore, an increase in defense expenditure drives the shoulder-fired weapons market.
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The shoulder fired weapons market covered in this report is segmented –
1) By Type: Guided, Unguided
2) By Component: Launcher, Ammunition
3) By Application: Defense, Home Security, Others
Major companies operating in the shoulder-fired weapons market are focusing on production expansion to meet the growing demand for advanced, portable, and lethal weapons. Production expansion refers to the increase in the weapons manufacturing capacity of a company or industry. It involves the expansion of facilities, processes, and resources to produce a greater quantity of goods or services. For instance, in May 2022, Lockheed Martin Corporation., a US-based aerospace company, announced that it aims to nearly double the Javelin anti-tank shoulder-fired weapon production from 2,100 per year to 4,000 a year. This decision was made in response to the increased global demand for the precision weapon system, which is used by the U.S. Army, U.S. Marine Corps, and international customers. The Javelin Weapon System is a medium-range, fire-and-forget missile system that can be used against a wide array of targets, including armored vehicles, bunkers, and caves.
The shoulder fired weapons market report table of contents includes:
1. Executive Summary
2.Shoulder Fired Weapons Market Characteristics
3.Shoulder Fired Weapons Market Trends And Strategies
4.Shoulder Fired Weapons Market analysis
5.Shoulder Fired Weapons Market Size And Growth
6.Shoulder Fired Weapons Segmentation
7.Shoulder Fired Weapons Regional And Country Analysis
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27.Shoulder Fired Weapons Competitive Landscape And Company Profiles
28.Shoulder Fired Weapons Key Mergers And Acquisitions
29.Shoulder Fired Weapons Future Outlook and Potential Analysis
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