Asia Pacific to record substantial share in the Global Weapons Market

Market overview:

The Global Weapons Market was calculated to be 6 billion US dollars in 2018 and is foreseen to reach over 8.7 billion US dollars by 2023, progressing at a CAGR of 7.82% during the envisioned period.

Recent developments:

In the month of June 2018, Northrop Grumman company acquired orbital ATK to become the Northrop Grumman’s fourth business sector, which was valued at 7.8 billion US dollars.

Market Drivers and Restraints:

Some of the factors such as advancements in land warfare systems, continuous upgradation of existing combat platforms and interconnected warfare are driving the growth of the global Weapons market. Also, the rising demand for precision weapon systems in some of the emerging economies are other major driving factors that helps the expansion of the weapons market across the globe. However, high cost involved in the weapons equipment is one of the major restraints effecting the expansion of the global weapons market.

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Report is segmented as:

The Weapons market is segmented based on the product, end use, caliber and type. On the basis of product type, the Weapons market is divided into automatic rifle, machine gun, automatic launchers, automatic cannon and gatling gun. On the basis of end use, the Weapons market is divided into land, naval and airborne. By caliber, the market is bifurcated into small caliber, medium caliber and large caliber. By type, the market of weapons is segmented into two types namely fully automatic and semi-automatic.

Geographical Segmentation:

North America holds the major share of the market due to continuous upgrade of warfare platforms with advanced technologies in the countries like the United States and Canada. The Asia Pacific region is expected to record an increase in the market value as the major players are investing across the area, especially in the countries such as India and China to promote the growth of the market in this locale.

Impact of COVID-19 on Weapons Market

Coronavirus outbreak has hampered the import and export of Weapons due to international border closures. As per the analysis, the market is going to expand within the next few months since most of the companies have started their production units that in turn will generate the revenue rate.

Key market players:

Leaders in the global Weapons market include Heckler & Koch AG (Germany), FN Herstal (Belgium), Colt’s Manufacturing Company LLC (US), General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), ST Engineering (Singapore), KBP Instrument Design Bureau (Russia), Israel Weapon Industries (Israel), NORINCO (China), Denel Land Systems (South Africa), Kalashnikov Concern (Russia), Ukroboronprom (Ukraine), BAE Systems (UK), Barrett Firearms Manufacturing (US).

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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