(MENAFN- The Express Wire) Posted on Nov 23 2021 6:40 AM
'The global shoulder fixed weapons market size is expected to reach USD 7,836.8 million by 2027, exhibiting a CAGR of 5.74% during the forecast period. The market size stood at USD 6,224.6 million in 2019.
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The global shoulder fixed weapons market size is expected to reach USD 7,836.8 million by 2027, exhibiting a CAGR of 5.74% during the forecast period. The growing enhancements in defense systems coupled with robust border security will have an excellent impact on the global market, states Fortune Business Insights, in a report, titled“ Shoulder Fixed Weapons Market Size, Share & Industry Analysis, By Component (Launcher [Missile/Rocket Launcher, Rocket Propelled Grenade Launcher and Tripod] and Ammunition [Anti-tank Missile, Anti-aircraft Missile, Rocket Propelled Grenade]), By Technology (Guided [Infrared Homing, Laser Guided, and Semi-automatic Command line-of-sight] and Unguided), By Range (Short, Medium and Long), and Regional Forecast, 2020-2027.” The market size stood at USD 6,224.6 million in 2019.
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The Report Lists the Key Players in the Shoulder Fixed Weapons Market:
- Northrop Grumman Corporation (US)
- Konstruktorskoye byuro mashynostroyeniya (Russia)
- Lockheed Martin Corporation (US)
- Thales Group (France)
- Saab AB (Sweden)
- KBP Instrument Design Bureau (Russia)
- Raytheon Company (US)
- Rafael Advanced Defense System (Israel)
- MBDA
- BAE Systems (UK)
- JSC SPA Bazalt (Russia)
- Other Players
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies receive in-depth information about every market's present scenario so that you can adopt the necessary strategies accordingly.
The report on the shoulder fixed weapons market features:
- Comprehensive study of the market
- Essential facts about prominent players
- Central regions in the market
- Key drivers and trends
- Significant development
- COVID-19 impact
Market Driver :
Rising Per Capita Spending on Military Operations to Augment Growth
The increasing terrorist activities have led to the heavy demand for shoulder fixed weapons, thus boosting the market. As per the SIPRI Fact Sheet 2020, the global military spending per capita increased from USD 243 in 2018 to USD 249 in 2019. The increasing utilization of lightweight, easily portable, and extended range of weapons by military forces will spur opportunities for the market. For instance, military and paramilitary forces use lightweight guided weapons for combat operations due to their agility and other advantages. Furthermore, increasing military expenditure in developing nations can have a remarkable effect on the global market. According to, International Institute for Strategic Studies (IISS), major countries such as the U.S., China, Russia, Saudi Arabia, and India are top five in military budget spending in 2020.
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COVID-19 to Harshly Affect the Global Market
Suspended defense-related contracts have resulted in delayed business for fixed weapons during coronavirus. The economic downfall in various countries has further hindered the business for the ammunition industry. Moreover, reduced investments in the defense sector can dwindle the growth of the market amid coronavirus. The focus on enhanced healthcare infrastructure and hospital facilities has simultaneously reduced the spending on military operations, which, in turn, will dampen the growth of the market.
Regional Analysis :
Existing Prominent Companies to Propel Growth in Europe
The market in Europe is expected to expand exponentially due to the robust military, navy, air force, and other armed forces. The presence of key players, such as Saab AB, Thales, and MBDA Holding SAS, will foster the growth of the market in Europe. European countries, such as Germany, France, and the UK, are focused on improving military technologies. For instance, in January 2020, Germany Federal Office Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) awarded a contract to MBDA for Enforcer missile systems. It is a precision-guided shoulder-launched weapon system with a range of 1800m capable of day/night deployment.
Key Development :
November 2020: The U.S. Army announced the replacement of its man-portable air-defense system (MANPADS) and shoulder-launched Raytheon Stringer missile system. The U.S.army requests the search for new and fresh systems that must be ideal & capable of defeating ground attacks on fixed-wing aircraft, rotary-wing aircraft, and unmanned aerial vehicles.
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