In the present scenario, the defense forces are increasing focusing on gearing up their armed force with advanced technologies, intending to deter in-country threats as well as cross border threats easily. The global automatic weapons market is majorly driven by increasing military expenditure that has boosted the manufacturing prospects and convergence of the defense industry driving the quest for automatic weapons. However, the governments of different countries are investing heavily in the procurement of automatic weapons to act efficiently during warfare are projected to offer considerable opportunities to the players in the automatic weapons market.
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The key players included in the global automatic weapons market Armalite Inc., Barrett Firearms Manufacturing, Colt’s Manufacturing Company, LLC, Fabbrica d'Armi Pietro Beretta S.P.A, FN America, LLC, General Dynamics OTS, Heckler & Koch AG, Northrop Grumman Corporation, Rheinmetall AG, and Singapore Technologies Engineering Ltd. among others.
The incorporation of new, robust, lightweight combat equipment with artificial intelligence (AI) and machine learning solutions for land, air, and naval forces, allows the governments to strengthen their military power. The military forces of both developed and developing countries are continually focusing on the procurement of advanced technological and automatic weapons. These weapons have several advantages such as it can be operated from a remote location and integrated with turrets to hit the target accurately. However, some of the automated weapons perform certain malfunctions such as unwanted firing. Whereas, the global military aircraft sector in the current market scenario is increasingly demanding integration of advanced technological equipment to combat efficiently during the war. The market players are continuously concentrating on the advancement of airborne capabilities to counter the target proficiently. The adoption of automatic weapons by land and marine forces is growing with the rising cross border activities globally.
Additionally, Canada has spent US$ 21.6 Bn and Mexico US$ 6.6 Bn in defence development respectively.
The increasing investment towards procurement of fully automatic weaponry and semi-automatic weaponry intended for military modernization is driving the automatic weapons market. Various countries in recent times are facing cross border threats, such as India also faces cross border challenges from its neighboring states, namely Pakistan and China. With an objective to minimalize damages to the country as well as soldiers, the Indian defense ministry is undertaking significant steps towards soldier modernization. Several other defense forces are also equipping their armed forces with automatic weapons to modernize their soldiers, which is a key boosting factor for automatic weapons market.
For instance, in 2018, Raytheon has received a deal amounting to US$ 205.2 Mn from the Army for the supply of their Phalanx LPWS (Land Phalanx Weapon System) which is a part of Counter Rocket, Artillery, and Mortar (C-RAM) system.
Some of the factors propelling the market for automatic weapons include the rising cross border and terrorist activities, growing demand of light weight and efficient automatic weapons, and increasing military expenditures. However, malfunctioning of automatic weapons is a key restraint that is hampering the growth of the automatic weapons market. Moreover, boosting focus on enhancing the airborne capabilities with integration of automatic weapons is anticipated to be opportunistic for the automatic weapons market.
The market players present in automatic weapons market are mainly focusing on the product enhancements by implementation of advanced technologies as well as contracts signed with the governments. The large firms are adopting the strategy of contracts and acquisitions with the various companies for enhancing its capabilities and expanding its footprint in various geographies. This type of strategy allows the companies for strengthening its footprint in the market. Also, key market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.