Defense Dynamics: Small Arms and Light Weapons Global Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Small Arms and Light Weapons Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The small arms and light weapons market size has grown strongly in recent years. It will grow from $13.09 billion in 2023 to $14.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rise in disposable income, emerging market growth, increase in urban warfare, increase in domestic violence, rise in military expenditure and growing incidence of drug trafficking and terrorist activities.

The small arms and light weapons market size is expected to see steady growth in the next few years. It will grow to $17 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to increasing defense spending and military modernization programs. Major trends in the forecast period include polymers to make light weapons and ammunitions, design upgradations and modularity for military-style weapons, use of 3-d printing technology for producing small arms, laser technology, day/night de camouflage technology for light weapons, and rise in mergers and acquisitions.

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Market Drivers and Trends:

Increased defense spending is expected to fuel the growth of the small arms and light weapons market over the forecast period. Countries around the world are investing in defense because of their conflicts and rivalries with other nations. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers, and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh year in a row that spending increased. Military R&D funding in the United States increased by 24% between 2012 and 2021, while China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China's military spending has increased for the past 27 years. Therefore, increased defense spending drives the small arms and light weapons market growth.

Growing technological advancements are a major trend gaining popularity in the small arms and light weapons market. Major companies operating in the small arms and light weapons market are focused on developing advanced technology solutions for small arms and light weapons. For instance, in August 2021, MZA Associates Corp., a US-based laser weapons company, announced that they collaborated with the US military to develop a compact, portable, low-cost, and reliable C-UAS HELWS to damage or destroy unmanned aerial vehicles (UAVs) that are violating the airspace of military bases or other sensitive installations.

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Major Key Players of the Market:

Tokyo Electron Ltd, Applied Materials, Inc, Kulicke and Soffa Industries, Inc, ASML Holding N.V, BE Semiconductor Industries N.V, Tokyo Seimitsu, Amkor Technology, ASM Pacific Technology, Screen Holdings Co. Ltd, KLA-Tencor, Toshiba Corp, Cypress Semiconductor Corp, ARM LTD, Renesas Electronics Corporation, Fujitsu Limited, Panasonic Corporation, Continental Device India Ltd (CDIL), MosChip Semiconductor Technologies, Advanced Semiconductor Engineering Inc, Zhixin Semiconductor, UNISOC, Yangtze Memory Technologies Co., Ltd (YTMC), GigaDevice, CR Micro, Silan, Infineon Technologies AG, UnitySC, Dialog Semiconductor Plc, Lam Research Corporation, Hitachi High Technologies Corporation, Advantest, Teradyne Inc, Smart Modular Technologies, Tecsys, Multilaser, Flextronics, Digitron, STMicroelectronics, ROHM Semiconductor, Semiconductors and Technologies Limited Company, Fei - Randburg, Electronic components CSE, Kh Distributors, Avnet Kopp, Renewable Energy Semiconductor Manufacturing company, SGS Ghana Limited.

Small Arms and Light Weapons Market 2024 Key Insights:

• The small arms and light weapons market size is expected to see steady growth in the next few years. It will grow to $17 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Elevated Defense Spending Boosts Growth In Small Arms And Light Weapons Market
• Technological Advancements Revolutionizing The Small Arms And Light Weapons Market
• Asia-Pacific was the largest region in the small arms and weapons market in 2023

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