ID: MRFR/A&D/8644-HCR | 174 Pages | Published By Sejal Akre on March 2023
Weapon Mounts Market Size Anticipated to reach at a USD 1.3 billion in 2021 to USD 3.01 billion by 2030 at a healthy CAGR of 7% by 2020-2030
$USD 1.3 billion
7%
North America
2020-2030
Market overview:
Weapon Mounts Market Size Anticipated to reach at a USD 1.3 billion in 2021 to USD 3.01 billion by 2030 at a healthy CAGR of 7% by 2020-2030
Weapon mounts belong to the assembly that is utilized to hold military weapons or guns. A vehicle roof, slewing ring, pedestal, bulkheads are utilized to fit into these weapon mounts to achieve stability. The military applications are showcasing higher demand for portable components. The growing demand for remote weapon stations across the developed countries and the increasing military expenditure is presenting a favorable environment for the overall growth of the weapon mounts industry.Ā
On the other hand, the key market players are focused on developing highly stabilized mounts that are also remotely operable. Such features offer higher safety for military men. Moreover, the integration of advanced technologies such as sensors, countermeasure systems, command and control systems are further propelling the overall growth of the weapon mounts industry in recent times.
COVID 19 Analysis:
The COVID 19 pandemic has decreased the production rate across several industrial verticals, and thereby affected the growth of the industry as well, due to reduced industrial activities. The maintenance activities were also reduced due to the restrictions imposed by the government, therefore the demand for the spare parts required for the weapon mounts industries was also reduced. On the other hand, since the government is relaxing the regulations regarding the pandemic, the developing regions like Asia-pacific, the Middle East, UAE are announcing their ambitious plans to procure several armored mounted vehicles.
Market dynamics:
Market drivers:
The advancements in the weapon mounts industry have brought in convenient and efficient features such as remotely operable weapon mounts which offer versatility, effective target management, and pinpoint accuracy. They also give supreme protection to the army force. They are also capable of handling dynamic and static operations and cater to varied terrain conditions like ground stationery, ground mobile, sea vessels, and patrol vehicles. These technologies are considered as the major drivers of weapon mounts market growth.
The increasing defense expenditures across various parts of the globe such as the Asia-pacific region are considered as the major drivers of market growth. For instance, Stockholm International Peace Research Institute (SIPRI) had stated that the expenditure for the military sector has increased about 2.6% from 2017 to 2019. This increase in investment has given way for advanced systems that cater to varied applications such as military vehicles, aircraft, naval ships, and significant others.Ā
Market opportunities:
Several developed countries are increasingly adopting rotorcraft, aircraft, armored vehicles, and military vehicles that are integrated with continuous advancement in technologies. Such factors are expected to bolster the overall growth of the weapon mounts industry during the forecast period. Moreover, the increasing demand for combat aircraft, sniper rifles, machine guns, and armored vehicles are fuelling the overall growth of the weapon mounts industry in recent years.
The key manufacturers are constantly developing weapon mounts with higher stability and they are also featured with remote operations. Moreover, developed countries like European countries, which were once declared as the safest places on earth were facing continuous terrorist attacks and series of blasts since 2017. Such factors are presenting favorable conditions for the weapon mounts market growth during the forecast period.
Market restraints:
The sales of the weapon mounts are reduced as they possess higher durability and they potentially eliminate the need for replacement. Such factors are considered as the major restraints of market growth.
The stability issues and the weight issues related to the portable types are considered as the major restraints of weapon mounts market growth.
Market challenges:
The declining economic condition across the globe is significantly affecting the key market players of the industry and the reduction in the military expenses is also considered as the key challenge for the market growth.
The requirement of higher technical and manufacturing skills and advanced technologies are considered as the major challenge for weapon mounts market growth. Moreover, the involvement of vulnerable and crucial materials that require higher standards for manufacturing is also considered as the primary challenge for weapon mounts market growth.
Cumulative growth analysis:
The market value of the weapon mounts industry was at USD 1026.0 billion in the year 2019 and it is expected to surpass the market value of over USD 1727.0 billion by the year 2027 while registering a CAGR of 8.8% during the forecast period. The growth of the weapon mounts industry is highly influenced by the increasing investment in the military sector. One of the leading research institutes had stated that the global military expenditure had grown by 2.6% between the years 2017 and 2019 which is a drastic rise. These investments and support from leading market players have paved way for the advanced military systems and military vehicles.
This factor is considered as the major driver of weapon mounts market growth. Moreover, the remotely operated weapon mounts are also gaining momentum in recent years as they are equipped with auto-tracking abilities and help in continuous monitoring for accurate shooting. Moreover, these systems are also integrated with advanced computer-aided software solutions and thereby equipped with advanced technologies such as beam spotlight, range finder, laser marker, electro-optic sensors, and significant others. Such factors of considered as prime drivers of weapon mount market growth.
Value chain analysis:
Currently, countries like the US and Asia-pacific region are projecting a higher growth rate in theĀ industry due to the increasing demand for ground, naval, and airborne platforms. The static mounts are showcasing higher demand among other types, as it includes turrets, coaxial mounts, fixed mounts, and pedestals. The demand across the harsh terrains such as sea-based platforms and land-based platforms is increasingly utilizing the static mounts. Whereas some of the military sectors are showing higher demand for portability, therefore they use non-static mounts. The armored vehicles are also intensively utilizing the weapon mounts along with the fire control systems and command control systems. These vehicles could carry machine guns and these factors are bolstering the overall growth of the weapon mounts industry in recent times.Ā
Segment overview:
Based on Type:
Based on Platform:
Based on Mode of operation:
Based on Weapon Compatibility:
Regional analysis:
Currently, North America is dominating the weapon mounts market share owing to the trend and it is projected to have a higher growth rate due to the presence of prominent players like CrysystemsInc, Ohio Ordance Works Inc, Raytheon Company, and significant others. The increasing investments from these market players and the development in the technologies are expected to bolster the overall growth of the weapon mounts industry during the forecast period.
On the other hand, European countries are also projecting a higher growth rate in recent times, especially Germany is playing a significant role in the growth of the weapon mounts industry as it is considered as the prominent producer of the weapon mounts and leading exporter as well. Since the region has an abundance of raw materials available for the manufacturing units and the lowering of manufacturing costs are presenting favorable conditions for the local supply chain. The region also thrives to build a tighter relationship with the customers and thereby offers the customer a better understanding of the suppliers and the suppliers understand the demands better as well. Such strategies carried out across the region are bolstering the overall growth of the weapon mounts industry during the forecast period.
Competitive landscape:
Recent developments:
In the year 2019, the Indian ministry of defense had started procuring the rifles namely, 338 Lapua magnum Scorpio TGT and 50- caliber M95 sniper rifles that have potentially replaced the Russian Dragunov sniper rifles.Ā
In the year 2018, one of the leading market players, Sunnex group had introduced the novel and upgraded version of the mounts website which helps the users to navigate on various devices and helps the user to get up-to-date information like product images, specifications, and literature and other details about machine mounts.
Report overview:
This report has covered:
Report Attribute/Metric | Details |
---|---|
Market Size | USD 1.81 Billion |
CAGR | 7.4% (2020-2017) |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Mount Type, Mode of Operation and Platform |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | AEI Systems Ltd (UK), Capco LLC (US), Crsystems Inc. (US), Fjord Defense AS (Norway), FN Herstal (Belgium), Kongsberg Defense & Aerospace (Norway), Leonardo Spa (Italy), Military Systems Group, Inc. (US), Ohio Ordnance Works, Inc. (US) and WE Platt (Australia) |
Key Market Opportunities | Development of Highly Stabilized Mounts for Remotely Operated Weapon Systems |
Key Market Drivers |
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Weapon Mounts Market can thrive at 7.4% CAGR by 2030.
Capco LLC (US), Crsystems Inc. (US), and Fjord Defense AS (Norway) are some reputed Weapon Mounts Market players.
The pressing need for remote weapon station can drive the Weapon Mounts Market.
Lack of military expertise can hinder the Weapon Mounts Market rise.