Small Arms Light Weapons Market is expected to value at USD 25.76 billion by 2024. The market is subject to witness a substantial growth due to the growing concerns related to human rights, safety, and security. Increase in the number of intense crimes and increasing demand from defense &military sector are expected to drive the market growth of small arms light weapons. Globally, the small arms light weapons industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
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The key driving factors responsible for the growth of Small Arms
Light Weapons market :
However, several environmental
and government protocols, reduction in defense expenses by developed countries
due to numerous peace initiatives and challenges from many human rights
protestors are key factors obstructing the market progress. Factors responsible
for sustained market growth for small arms light weapons market include
prevalence of domestic violence, organized crimes, and drugs trafficking.
The small arms light weapons
(SALW) industry is classifies into two types based on product type such as
small arms and light weapons. The small arms market is further sub-categorized
into pistols, rifles, revolvers, shotguns, and man-portable machine guns. Small
arms are particularly manufactured for the individual use, while light weapons
are designed such that more than one person can operate these weapons. Some of
the light weapons include landmines, mortars, grenades launchers, rocket
launchers, rocket-propelled grenades, anti-tank weapons, and anti-aircrafts.
Other factors such as increasing investment for research and development for
advanced small & light weaponry sector, and rising defense expenses of
developing countries, are advancing the market progress.
The SALW market is broadly
categorized into two major segments based on the application type such as
military & defense sector, and law enforcement. The military & defense
sector is considered as one of the fastest growing segment in the with
substantial revenue generation in the last few years. Growing popularity of
small arms light weapons (SALW) in the military & defense segment is
attributed to the increasing cross-border tensions between countries, political
instability and increasing threat from several terrorist outfits. The law
enforcement segment has also witnessed substantial growth owing to the
prevalence of domestic violence, organized crimes, and drugs trafficking.
The small arms light weapons
(SALW) industry is divided by region as North America, Europe, Asia-Pacific,
Latin America and Africa. North America has shown major growth in recent years
owing to the rise in the implementation of latest technologies in defense
sector, increase in the number of research & development activities in the
region and existence of well-established manufacturing infrastructure.
Asia-Pacific region is predicted
to hold major market share in the small arms light weapons (SALW) market with
massive growth in forecast period. Countries such as India, China and Singapore
are leading the Asia-Pacific market with growing terrorist activities in the
region, rising defense expenditure, growing concerns related to human rights,
safety and security, and significant investment by leading industry players
considering potential growth opportunities in the region.
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