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Shoulder Fired Weapons Market Analysis, Trends, Growth, Research And Forecast 2033
Shoulder Fired Weapons Market Analysis
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According to The Business Research Company's, The shoulder fired weapons market size has grown rapidly in recent years. It will grow from $7.19 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to military modernization programs, counter-terrorism and insurgency operations, geopolitical conflicts and regional tensions, infantry and special operations requirements, law enforcement and homeland security needs.
The shoulder fired weapons market size is expected to see rapid growth in the next few years. It will grow to $12.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to emerging security threats, shift in military doctrine, urban warfare considerations, upgrades and replacements, international defense collaborations. Major trends in the forecast period include advancements in seeker technologies, rapid development of counter-countermeasure systems, growing interest in non-line-of-sight capabilities, enhanced multi-role capabilities, integration of networking and communication technologies.
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Market Drivers and Trends:
The increase in defense expenditures is expected to drive the shoulder-fired weapons market. The defense expenditure is increasing to remain in power and secure the position of a country. Armed forces use shoulder-fired weapons throughout the world for defense and safety. The use of shoulder-fired weapons gives a considerable advantage to troops by engaging targets without worrying about the strike's accuracy and the weapon's weight. According to the Stockholm International Peace Research Institute (SIPRI), India's military spending grew to USD 76.6 billion in 2021, a 0.9% rise over the previous year. Therefore, an increase in defense expenditure drives the shoulder-fired weapons market.
The development of recoilless artillery is a key trend in the shoulder-fired weapons market. Recoilless weapons are direct-fire weapons differentiated by a method of operation in which propellant gases (or another counter-mass such as powder or liquid) are released from the back of the barrel to balance the recoil caused by the projectile's forward motion. This eliminates the bulky and inconvenient recoil-counteracting equipment of a typical cannon, allowing for a thinner-walled barrel. As a result, it is possible to launch a relatively large projectile from a platform that would otherwise be incapable of carrying the weight or recoil of a comparable-sized conventional cannon. In May 2022, Sweden's military said it would be acquiring a new sort of ammunition for a weapon it already owns, the Carl Gustaf Recoilless Rifle. Carl Gustaf belongs to a heritage of recoilless rifles with hollow tubes for large-caliber explosives that include spiral grooves in the barrel to assist the precision of the shots discharged.
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Major Key Players of the Market:
China North Industries Group Corporation, Raytheon Company, Lockheed Martin Corporation, General Dynamics Corporation, BAE Systems plc, Thales Group, Singapore Technologies Engineering Ltd., Rheinmetall AG, Saab AB, Rafael Advanced Defense Systems Ltd., Poongsan Corporation, Nordic Ammunition Company, John Cockerill, Chemring Group plc, Fabrique Nationale Herstal S.A., Mesko S.A., Bharat Dynamics Limited, Denel Land Systems, Forjas Taurus S.A., IMI Systems Ltd., JSC Arsenal AD, AirTronic USA LLC, Instalaza S.A., Basalt Infrastructure Partners LLP, Roket Sanayii ve Ticaret A.S., Matra BAe Dynamics, JSC Konstruktorskoe Buro Priborostroeniya, Giat Industries SASU
Shoulder Fired Weapons Market 2024 Key Insights:
• The shoulder fired weapons market size is expected to see rapid growth in the next few years. It will grow to $12.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Rising Defense Expenditures Fuel Growth In The Shoulder-Fired Weapons Market
• Development Of Recoilless Artillery Shapes The Shoulder-Fired Weapons Market
• North America was the largest region in the shoulder fired weapons market in 2023
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