WELLESLEY, Mass., June 19, 2018 (GLOBE NEWSWIRE) -- Due to rapid economic growth in China and India, rising military tensions, terrorism and political upheaval that is happening within the Middle-East and Africa, the global market for weapons manufacturing is growing, according to a new report from BCC Research.
The global market for weapons manufacturing was worth $115.8 billion during 2017. It is estimated to be valued at $130.5 billion by 2022, indicating a compound annual growth rate (CAGR) of 2.4%, according to Weapons Manufacturing: Global Markets to 2022.
Major industry leaders mentioned in this report include Lockheed Martin Corp., BAE Systems, The Raytheon Co., Northrop Grumman Corp. and The Boeing Co., among many others.
Research Highlights
- Explosives, rockets and mortars accounted for the largest share (31.2%) of the industry’s products during 2017.
- Restraints that are currently facing the market include stringent regulations in defense equipment procurement, high investment costs and increasing investments in cyber wars.
- North America is the largest region for weapons manufacturing, accounting for 43.4% of the global market.
“Going forward, rising technological advancements in military activities and defense operations will drive the weapons manufacturing market,” the report notes. “Countries and companies across the world are expected to invest heavily in the research and development of advanced technologies. Major technological advances pertaining to weapon systems include smart gun technology which requires user identification through RFID and biometric technology corner short rifles allow users to bend gun frame which exposing themselves to enemy fire and autonomous weapon systems.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.