The automatic weapons market is projected to witness a CAGR of more than 5% during the forecast period.
- The growing defense spending, especially from the developing countries, is the main growth driver for the market as it is giving the necessary impetus to the procurement plans.
- Many countries are trying to modernize the weapons of the military personnel, for which they are procuring the latest firearms to equip their militaries. In this regard, advanced weapon systems with increased automation are being developed and purchased.
Scope of the Report
Automatic weapons are those which fire rounds continuously as long as the trigger is held/pressed or as long as there is ammunition in the magazine/chamber. Further, the report includes the following aspects:
Key Market Trends
Land Segment is Projected to Grow at a Faster Pace in the Years to Come
Based on the platform, the land segment is projected to grow at a faster pace during the forecast period. Growing land-based border issues and the increasing focus on close combat systems are the main reasons for the growth of the land segment. With the increase in the military engagements globally, the armed forces are upgrading to more powerful, automated cartridges to deal with the combat requirements. Also with the armor being worn by the militaries becoming tougher to penetrate, the armies are focusing on firearms that cause cyclical impacts, causing more damage to the enemies. For instance, the Indian Army, in February 2019, signed a contract with the US firm SiG Sauer for 72,400 assault rifles at a cost of around USD 100 million under fast track procurement (FTP). This includes 44,000 light machine guns and 700,000 assault rifles. In addition, Australia is modernizing its vehicle-mounted weapons and France is modernizing its Army's asaults rifles. Thus, with the increasing emphasis on weapon modernization by many land forces, high procurement volumes are expected to continue in the next five years, due to which the land segment is expected to dominate the market during the forecast period.
North America has the Largest Share in the Market in 2019
Currently, North America has the largest share in the automatic weapons market. The United States is investing large sums in the soldier modernization programs, through which it is also procuring new automatic firearms for the armed forces. The country is currently focusing on Next Generation Squad Weapons (NGSW), which consists of the NGSW-Automatic Rifle (NGSW-AR) and the NGSW-Rifle. The NGSW-AR is expected to replace the M249 Squad Automatic Weapon in Brigade Combat Teams, as an initial priority. The new weapon will be lightweight and can fire lightweight ammunition along with reduced acoustic and flash signature, and has capability improvements in accuracy, range, and lethality. The Acquisition Objective is for 85,986 systems with an initial Procurement Objective of 17,972 systems. In October 2019, at the 2019 Association of the United States Army's annual meeting, the three competing weapons firms, General Dynamics Ordnance and Tactical Systems Inc., Textron Systems, and Sig Sauer Inc. displayed their prototype 6.8mm rifles and automatic rifles. The Army plans to select a final design in the first quarter of 2022 and begin fielding them in the first quarter of 2023. Also, demand is expected to be generated for the Navy’s Advanced Gun System, destined to be one of the main armaments of DDG-1000, once the development issues are cleared during the forecast period. By virtue of all these factors, the market for automatic weapons is projected to increase in North America in the years to come.
General Dynamics Corporation, Northrop Grumman, Rheinmetall AG, Denel Land Systems, BAE Systems are some of the major players in the market. The automatic weapons industry has seen many changes in the recent past, and weapons nowadays are made based on the specific requirements of the military. Producing better range products having lightweight will be helpful to the players in obtaining newer contracts. Also, with the increasing far-away war zone deployments, the militaries are now looking at the firearms that are durable for years and is usable at all environmental conditions. In this regard, the manufacturers are developing different parts of the weapons with materials that will be of best use, even in hostile conditions. With the contracts for the automatic weapons being done with large procurement volumes, players are being very competitive in terms of product offerings, so as to gain new contracts which would generally amount to tens of thousands of rifle sales in a single contract. This will help them maximize their market share as much as possible.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.