Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the global small arms market is estimated to register a notable CAGR of 4% throughout the forecast period (2018 – 2023). The huge procurement of these weapons by the defense organizations throughout the world to strengthen their armed forces is a key driving force behind the growth of the market.
Small arms are designed for individual use. Weapons such as Handguns, Shotguns, Machine Guns, and Rifles, among others are considered as small arms. These weapons can launch a bullet or other projectiles by the action of an explosive, and they can be operated by a single individual. Small arms and its ammunition can be transported and can also be procured and possessed by civilians for self-defense. According to the Small Arms Survey publication, the annual authorized trade of small arms exceeds USD 8.5 BN.
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The revolutionary small arms are a crucial aspect in the battlefields and combats. Defense agencies worldwide, make significant investments in procuring small arms. Offering a range of advantages, small arms perceive an augmented demand across the defense sector and law enforcement agencies. Resultantly, the small arms market is accruing vastly on the global platform.
Increasing terrorist attacks and focus on counter terrorism attacks are some of the factors impacting the market growth, significantly. Moreover, changing the nature of warfare and increasing drug trafficking & other criminal activities are positively influencing the small arms market growth. Additionally, rising defense budgets, especially in developing countries, boost market growth.
On the other hand, illegal trading of small arms and stringent licensing procedure & regulation policies in terms of import and export are some of the major factors hindering the growth of the market to an extent. Nevertheless, the adoption of futuristic technologies such as laser technology and noise suppression technology is expected to support the growth of the market, creating promising growth opportunities for the small arms market.
Global Small Arms Market – Segmentation
The report is segmented into five key market dynamics to widen the scope of understanding.
By Type: Handguns, Shotguns, Machine Guns, and Rifles, among others.
By Operation: Manually Operated Firearm and Self-Loading Firearm, among others.
By Barrel: Rifled-Bore and Smooth-Bore, among others.
By End-user: Armed Forces, Law Enforcement, Sporting & Hunting, and Civilian Self-Defense, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Small Arms Market – Regional Analysis
North America dominates the global small arms market. Increasing military expenditures and the growing demand for advanced compact weapons is driving the market demand in this region. Furthermore, substantial technological advancements and the presence of major manufacturers such as Colt's Manufacturing Company, LLC, Sturm, Ruger & Co., Inc., among others, fosters the growth of the regional market. Canada is seen to be making investments in the development of small arms, yet the country is primarily dependent on the US for its requirements of compact weapons.
The APAC region is also expected to contribute significantly to the global small arms market; mainly due to the increasing terrorism incidences and border threats in the region. Moreover, the increase in indigenous weapon production in the Asia Pacific region led by the increased military budgets propels the growth in the regional market. China and India are key markets for small arms in the APAC region.
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Global Small Arms Market – Competitive Analysis
Highly competitive, the small arms market appears to be fragmented due to the presence of numerous well-established players. Mergers & acquisitions, expansion, innovation, and brand reinforcement remain key trends of the leading players to gain a competitive advantage in the market. The small arms market will witness intensified competition with an increase in R&D innovations and M&A.
Major Players:
Players leading the global small arms market are American Outdoor Brands Corporation (US), Accuracy International Ltd. (UK), Beretta Holding SpA (Italy), Glock Ges.m.b.H. (Austria), Colt's Manufacturing Company, LLC (US), Heckler & Koch GmbH (Germany), Remington Outdoor Company (US), Herstal SA (Belgium), Sturm, Ruger & Co., Inc. (US), and Steyr Arms GmbH (Austria), among others.
Industry/ Innovation/ Related News:
July 19, 2019 --- The US Defense Logistics Agency (DLA), announced that it has chosen two firms for small arms protective insert delivery contracts totaling USD 105MN. These contracts have been awarded to two major leaders in the development, manufacturing, and distribution of high performance, protective solutions for the military and defense sector- Point Blank Enterprises and Leading Technology Composites.
July 24, 2019 --- The US Army unveiled its new rifle that employs Artificial Intelligence algorithms. This next-generation rifle and machine gun will be fitted with cutting-edge fire control technologies, including digital weapon camera and Artificial Intelligence. The Squad Weapon is expected to be equipped with a rifle mounted advanced fire control optic system
According to a new data from the Joint Service Small Arms Program, this new weapon system combines the firepower, effective range of a machine gun with the precision, and ergonomics of a rifle, yielding capability improvements in accuracy, range, and lethality. Artificial Intelligence algorithms will be used for threat recognition and prioritization.
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