The report "Shoulder Fired Weapons Market by Component (Launcher, Ammunition), Technology (Guided, Unguided), Range (Short range, Medium Range, Extended Range) and Region - Global Forecast to 2022", The shoulder fired weapons market is projected to grow from USD 5.83 Billion in 2016 to USD 7.70 Billion by 2022, at a CAGR of 4.76% during the forecast period. This growth can be attributed to the increasing incidences of armed conflicts, war, and terrorism, which are driving the demand for shoulder fired weapons globally.
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Based on component, the ammunition segment is expected to lead the shoulder fired weapons market during the forecast period
Based on component, the shoulder fired weapons market was dominated by the ammunition segment in 2016 and is expected to continue its dominance till 2022. Developing countries such as China and India, among others, are investing more in man portable weapon systems. Shoulder fired weapons enhance military land warfare capabilities at very low cost as compared to other weapon systems. These countries are investing more in advanced technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, India recently signed a contract with Israel for acquiring more than 275 launchers and 5,500 spike missiles. The deal includes transfer of technology to build another 1,500 launchers and 30,000 missiles.
Based on technology, the guided segment is projected to grow at the highest CAGR during the forecast period
The shoulder fired weapons market has been analyzed and segmented on the basis of technology into guided and unguided. Based on technology, the shoulder fired weapons market is dominated by the guided segment. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by upgrade and modernization programs, procurement of new fire-and-forget missiles, and use of advance guidance systems.
The U.S., China, and India are expected to be lucrative markets for shoulder fired weapons.
The U.S., China and India are expected to lead the shoulder fired weapons market in the coming years. The U.S. is estimated to lead the shoulder fired weapons market during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the region for the development of advanced technology-based designs of man portable warfare systems. The Indian shoulder fired weapons market is projected to grow at the highest CAGR from 2016 to 2022. The demand for shoulder fired weapons in India is increasing due to modernization of existing battalions, and delivery of these systems for anti-tank and anti-air roles.
Major players in the shoulder fired weapons market are Lockheed Martin Corporation (U.S.), Thales Group (France), Saab AB (Sweden), KBP Instrument Design Bureau (Russia), Raytheon Company (U.S.), and Rafael Advanced Defense Systems (Israel), among others.
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