Global 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 2027
ID: MRFR/A&D/8224-HCR | February 2021 | Region: Global | 162 pages
Market Scenario
Global Shoulder Fired Weapons Market is projected to reach USD 8.57 Billion and register a CAGR of 4.8% between 2019 and 2026. Shoulder fired weapon is the portable weapon system that can be operated by a single soldier. Shoulder fired weapons are widely used by the lightly armed troops or militias to destroy enemy helicopters, military bases, and armored vehicles. Moreover, the demand for shoulder fired weapons for destruction has been increasing from the last few years.
Market Synopsis
The global shoulder fired weapons market has witnessed high growth in recent years owing to the increasing defense expenditure, increasing need for portable anti-tank weapons, and increasing demand for lightweight guided weapons. However, the transfer of technology and restriction on the sale and traumatic brain injuries caused using shoulder fired weapons is expected to hinder the growth of the market to some extent.
Market USP
Increasing use of portable weapon system
Market Drivers
- Increasing Defense Expenditures: Globally, military spending has increased significantly in recent years. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure rose by 2.6% to approximately USD 1.82 trillion from 2017 to 2019. The increase in defense expenditure is expected to boost the demand for advanced weapon systems such as guided shoulder fired weapons. This is expected to drive the growth of the market.
- Increasing Need for Portable Anti-Tank Weapons
- Increasing Demand for Lightweight Guided Weapons
Market Opportunities
- Growing Demand in Emerging Nations
Segmentation
By Type
- Guided: The guided segment is expected to register the highest CAGR during the review period. Guided shoulder fired weapons are designed to hit specific targets precisely and minimize collateral damage. Thus, the demand for these weapons has been increasing from the last few years.
- Unguided: This segment accounted for the largest market share and is expected to register a steady CAGR during the forecast period. The unguided weapons are conventional shoulder fired weapons that are lightweight and cost less than guided weapons. Hence are primarily used by the military forces.
By Platform
- Short Range (less than 1Km): The segment is expected to witness the steady growth during the forecast period, 2019 to 2026. The short-range shoulder-fired weapons are widely used for destroying military armored vehicles at less than 1 km distance.
- Medium Range (between 1km and 5km): The segment dominated the shoulder-fired weapons market in 2019. This is due to the high demand for medium-range shoulder-fired weapons for damaging military bases and tanks that are between 1km and 5km distance.
- High Range (more than 5km): The segment is expected to register the highest CAGR during the forecast period. This is due to the increasing demand for high range shoulder-fired weapons for destroying enemy helicopters.
By Region
- North America: North America dominates the global shoulder-fired weapons market. This trend is projected to continue during the forecast period. The increasing adoption of shoulder-fired weapons by the US and Canada for performing military missions are expected to drive the market in the region.
- Europe: Europe accounted for the second-largest market share in 2019. This is due to the presence of prominent players, such as JSC SPA Bazalt, KBP Instrument Design Bureau, MBDA Holdings SAS, and Saab AB, and high investments made by these companies in the development of advanced shoulder fired weapons.
- Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Increasing defense expenditure and rising terrorist activities in India, Indonesia, and Australia are driving the growth of the market in the region.
- Middle East & Africa: The increase in defense expenditures by countries such as Saudi Arabia, the UAE, and Israel is driving the market growth in the Middle East & Africa.
- Latin America: An increase in the use of portable weapon system by the defense organizations in Brazil and Mexico is expected to boost the demand for shoulder fired weapons in the region.
Key Players
- Denel Soc Ltd (South Africa)
- JSC SPA Bazalt (Russia)
- KBP Instrument Design Bureau (Russia)
- Lockheed Martin Corporation (US)
- MBDA Holdings SAS (France)
- Rafael Advanced Defense Systems Ltd (Israel)
- Raytheon Company (US)
- Roketsan AS (Turkey)
- Saab AB (Sweden)
- Thales Group (France)
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 8.57 Billion (2026) |
| CAGR | 4.8% (2019-2026) |
| Base Year | 2019 |
| Forecast Period | 2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Range |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Denel Soc Ltd (South Africa), JSC SPA Bazalt (Russia), KBP Instrument Design Bureau (Russia), Lockheed Martin Corporation (US), MBDA Holdings SAS (France), Rafael Advanced Defense Systems Ltd (Israel), Raytheon Company (US), Roketsan AS (Turkey), Saab AB (Sweden), Thales Group (France) |
| Key Market Opportunities | Growing Demand in Emerging Nations |
| Key Market Drivers |
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