Fior Markets launched a study titled “Light Weapons Market by Type (Heavy Machine Guns, Light Cannons, Manpads, Manpats, Launchers, Light Anti-Tank Weapons, Infantry Mortars, Grenades, Anti-Aircraft/Anti-Submarine Missiles, Landmines), Technology, Application (Defense, Homeland Security),Region” and Global Forecast 2019-2026.
The global light weapons market is expected to grow from USD 13.08 billion in 2018 to USD 22.39 billion by 2026 at a CAGR of 5.31% during the forecast period from 2019-2026. The change in nature of warfare and low cost of weapons, increasing demand by civilians for light weapons, increase in drug trafficking, and arming of civilians by governments are the drivers lifting the demand of the market.
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Unguided weapons segmentheld highest market size around USD 6.95 billion in 2018
Technology segment is divided into guided weapons and unguided weapons. The unguided weapons segment held held highest market size around USD 6.95 billion in 2018owing to it use in heavy machine guns, light cannons, recoilless rifles, and other light weapons.
Manpatssegment registered highest market share of 29.48%in 2018 and is anticipated to dominate market in forecast period
Type segment heavy machine guns, light cannons, manpads, manpats, launchers, light anti-tank weapons, infantry mortars, grenades, anti-aircraft/anti-submarine missiles, and landmines. The manpatssegment registered highest market share of 29.48% in 2018 and is anticipated to dominate market in forecast period due to increased consumption of man-portable anti-tank systems and portability as well as easy to use. These manpats are effective in defense applications against nearly all land-based vehicles in the battlefield.
Defense segment is expected to hold the largest share of 56.16% during the forecast period
Application segment covers defense and homeland security. The defense segment is expected to hold the largest share of 56.16% during the forecast period owing to growing terrorizations posed on human security, countries strengthening their armed forces, and increasing investments in the defense.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region dominated the global light weapons market with market size around USD 5.15 billion in 2018. Increasing investment by military and law enforcement purposes, presence of major players, and rapid technological advancements are some of the factors that led to the growth of light weapons market in North America region.
The major players of market include are Lockheed Martin Corporation, Orbital ATK, Inc., Saab Ab, Rheinmetall AG, Cockerill Maintenance &Ingenierie, Heckler & Koch GmbH, FN HERSTA, Raytheon Company, General Dynamics Corporation, Alliant Techsystems, Inc., BAE Systems, Arsenal JSCo, Lockheed Martin Corporation, NAMMO AS, Rafael Advanced Defense Systems Ltd., Saab AB, Thales SA, and others.
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