Growing need for newer generation anti-tank weapons, emphasis on increasing defense expenditure in Asia-Pacific region, demand for lightweight guided weapons, and growing political and cross-border disputes are some of the factors driving the global shoulder-fired weapons market
August 1st, 2018: The shoulder-fired weapons market is expected to reach over USD 5 billion by 2023, as per a new report published by Mordor Intelligence, LLP. The market is expected to grow mainly due to conflicts, war, and terrorism, which are driving the demand for shoulder-fired weapons globally.
In recent years, several nations have been seen to upgrade their weapon systems to improve their combat inventory. In September 2017, US Army announced its plan to procure over 1,000 latest variants shoulder-launched weapon system. Saab's Carl-Gustaf M4 reusable is the latest version in a series of shoulder-fired launchers and weighs roughly 15 pounds and is made from titanium. As per Saab, the new system can accommodate roughly 10 types of ammunition to suit different types of missions. The new system has the capability to take out enemy tanks, provide fire support and eliminate obstacles. Later in February 2018, the Israel Defense Forces signed an agreement with Rafael Advanced Defense Systems to procure thousands of new AS60 shoulder-launched weapon.
However, the market growth can be hampered due to defense budget cuts and the restriction on sale in some countries. The biggest challenge for the market players will be to develop new weapons that can defeat the active protection systems and countermeasures.
As per the market study published by Mordor Intelligence, LLP, the shoulder-fired weapons market has been segmented and analyzed on the basis of technology into guided and unguided weapons. The guided shoulder-fired weapons segment is expected to register a higher growth during 2018 – 2023, mainly due to upgrade and modernization programs, use of advanced guidance systems, and procurement of new fire-and-forget missiles.
Asia-Pacific is expected to witness significant growth rate due to increasing demand for counter-terrorist activities and military equipment modernization. As per the report, China and India are investing more in man-portable weapon systems. For instance, since 2017, India plans to purchase more than 275 launchers and 5,500 spike missiles from Israel.
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Key Insights from the Report:
Mordor Intelligence, LLP has segmented the shoulder-fired weapons market based on technology, range, and regional coverage.
Shoulder Fired Weapons Market by Technology
Shoulder Fired Weapons Market by Range
Shoulder Fired Weapons Market by Region
Middle East & Africa
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