Rise in terrorism related activities and cross-border conflicts and advancements in automatic weapon systems are the key factors driving the automatic weapons market
The Automatic Weapons Market is estimated to grow from USD 6.0 billion in 2018 to USD 8.7 billion by 2023, at a CAGR of 7.82% from 2018 to 2023. The automatic weapons market has been segmented on the basis of product, end use, caliber, type, and region. Innovations in the field of targeting, automatic loading, communication technologies, sensors, and interface are enhancing the capabilities of modern automatic weapons. Advancements in the gun system technology will continue to influence the capabilities of navies, combat power, and tactics. An Advance Gun System (AGS) is the next generation of naval artillery to be deployed on naval platforms that are exceptionally efficient at destroying surface ships, aircraft, and land targets.
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Based on product, the automatic rifles segment of the automatic weapons market is estimated to grow at the highest CAGR during the forecast period. Automatic weapons increase the rate of fire and ease the mode of operation. This factor has resulted in increasing the adoption of automatic weapons worldwide. For instance, the US Army recently awarded a contract to Textron Systems for the development of a functional prototype Next Generation Squad Automatic Rifle (NGSAR). According to the contract, Textron Systems is expected to develop a high-velocity, magazine-fed system of an intermediate caliber.
Based on end use, the land segment of the automatic weapons market is estimated to grow at the highest CAGR during the forecast period due to the procurement of automatic rifles that are widely used by soldiers and machine guns that are mounted on different platforms including armored fighting vehicles, battle tanks, light protected vehicles, and ground stationary vehicles, among others. Technological advancements in the design of automatic weapon systems of various calibers are estimated to drive the land segment of the automatic weapons market during the forecast period.
Based on caliber, the small caliber segment is estimated to lead the automatic weapons market in 2018. Small caliber segment has been further categorized into 5.56mm, 7.62mm, 12.7mm, and 14.5mm. The growth of the small caliber segment can be attributed to the increased demand for small caliber weapons such as automatic rifles and machine gun that can be used as handheld & stationary and also installed on remote weapon stations on land, naval, and airborne platforms. For instance, the US Department of Defense recently awarded FN America worth USD 13.45 million contract to provide both the 5.56mm Mk 46 and 7.62mm Mk 48 light machine guns to Special Operations Command (SOCOM).
North America is expected to be one of the largest markets for automatic weapons in the near future. Remote weapon stations are expected to drive military operations, as these protect personnel from direct fire, thus leading to a decline in casualties. The importance of troop safety and enhancement of the kill power of a warfare platform are driving the major manufacturers and service providers in the region to develop techno-efficient combat systems and unmanned systems with remote weapon stations.
The Asia Pacific automatic weapons market is projected to grow at the highest CAGR during the forecast period, followed by North America and Europe. This can be attributed to the increasing demand for automatic weapon systems due to the procurement of new military platform fleets. Various countries in Asia Pacific have increased their defense budgets and are carrying out aggressive military modernization programs. These modernization programs are fueling the growth of the market for automatic weapons in this region.
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Key Market Players
Companies such as General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), ST Engineering (Singapore), KBP Instrument Design Bureau (Russia), Heckler & Koch AG (Germany), FN Herstal (Belgium), Colt’s Manufacturing Company LLC (US), Israel Weapon Industries (Israel), NORINCO (China), Denel Land Systems (South Africa), Kalashnikov Concern (Russia), BAE Systems (UK), Barrett Firearms Manufacturing (US), and Ukroboronprom (Ukraine) are some of the leading players have made significant contribution to the global automatic weapons market.
Browse Related Report:
Remote Weapon Station Market by Application (Military, Homeland Security), Platform (Land, Airborne, Naval), Component (Sensors, HMI, Weapons & Armaments), Weapon Type (Lethal, Non-lethal), Mobility, Technology, and Region – Global Forecast to 2023
