The
global small arms light weapons (SALW) market is expected to value at USD 25.76
billion by 2024. The market is subject to witness a substantial growth due to
the growing concerns related to human rights, safety, and security. Increase in
the number of intense crimes and increasing demand from defense &military
sector are expected to drive the market growth of small arms light weapons.
Globally, the small arms light weapons industry is predicted to grow at higher
CAGR in the forecast period, providing numerous opportunities for market
players to invest for research and development in the market.
However,
several environmental and government protocols, reduction in defense expenses
by developed countries due to numerous peace initiatives and challenges from
many human rights protestors are key factors obstructing the market progress.
Factors responsible for sustained market growth for small arms light weapons
market include prevalence of domestic violence, organized crimes, and drugs
trafficking.
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The
small arms light weapons (SALW) industry is classifies into two types based on
product type such as small arms and light weapons. The small arms market is
further sub-categorized into pistols, rifles, revolvers, shotguns, and
man-portable machine guns. Small arms are particularly manufactured for the
individual use, while light weapons are designed such that more than one person
can operate these weapons. Some of the light weapons include landmines,
mortars, grenades launchers, rocket launchers, rocket-propelled grenades,
anti-tank weapons, and anti-aircrafts. Other factors such as increasing
investment for research and development for advanced small & light weaponry
sector, and rising defense expenses of developing countries, are advancing the
market progress.
The
SALW market is broadly categorized into two major segments based on the
application type such as military & defense sector, and law enforcement.
The military & defense sector is considered as one of the fastest growing
segment in the with substantial revenue generation in the last few years.
Growing popularity of small arms light weapons (SALW) in the military &
defense segment is attributed to the increasing cross-border tensions between
countries, political instability and increasing threat from several terrorist
outfits. The law enforcement segment has also witnessed substantial growth
owing to the prevalence of domestic violence, organized crimes, and drugs
trafficking.
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The
small arms light weapons (SALW) industry is divided by region as North America,
Europe, Asia-Pacific, Latin America and Africa. North America has shown major
growth in recent years owing to the rise in the implementation of latest
technologies in defense sector, increase in the number of research &
development activities in the region and existence of well-established
manufacturing infrastructure.
Asia-Pacific
region is predicted to hold major market share in the small arms light weapons
(SALW) market with massive growth in forecast period. Countries such as India,
China and Singapore are leading the Asia-Pacific market with growing terrorist
activities in the region, rising defense expenditure, growing concerns related
to human rights, safety and security, and significant investment by leading
industry players considering potential growth opportunities in the region.
The
key players in the SALW industry are GLOCK GmbH., FN Herstel S.A., Berette
S.p.A., Colt’s Manufacturing Company LLC, Lockheed Martin Co., Raytheon, Inc.,
General Dynamics Co., Smith & Wesson Holding Co., SIG Sauer & Co., and
Carl Walther GmbH.
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