The global automatic weapons market is expected to grow significantly in the next five years, driven by increasing investments in defense and military modernization programs. The market is also being fueled by the rising demand for automatic weapons from law enforcement agencies and private security companies.
According to a report by Stratview Research, The automatic weapons market is estimated to grow from USD 16.06 billion in 2023 and is likely to grow at a CAGR of 10.60% during 2023-2028 to reach USD 26.58 billion by 2028. The North American region is expected to dominate the market during the forecast period, followed by the Asia Pacific and European regions.
The following factors are driving the growth of the automatic weapons market:
Increasing investments in defense and military modernization programs: Governments around the world are increasing their investments in defense and military modernization programs. This is leading to an increased demand for automatic weapons from armed forces.
Rising demand for automatic weapons from law enforcement agencies and private security companies: Law enforcement agencies and private security companies are also increasing their demand for automatic weapons. This is due to the increasing threat of terrorism and other criminal activities.
Technological advancements: Technological advancements in the field of automatic weapons are also contributing to the growth of the market. For example, the development of new and improved automatic weapons with enhanced accuracy, range, and lethality is driving the demand for these weapons.
The following are some of the key trends in the automatic weapons market:
Growing demand for modular automatic weapons: Modular automatic weapons are becoming increasingly popular, as they offer a number of advantages over traditional automatic weapons. Modular automatic weapons can be easily customized to meet the specific needs of the user. This makes them ideal for use in a variety of applications, such as close combat, urban warfare, and counter-terrorism operations.
Increasing adoption of advanced technologies in automatic weapons: Advanced technologies, such as artificial intelligence (AI) and machine learning (ML), are being increasingly adopted in automatic weapons. This is leading to the development of more intelligent and autonomous automatic weapons systems. These systems are capable of making decisions and engaging targets without human intervention.
Growing focus on export markets: Major automatic weapons manufacturers are increasingly focusing on export markets to drive growth. This is due to the fact that the domestic markets for automatic weapons in many developed countries are relatively saturated.
The following are some of the challenges facing the automatic weapons market:
Strict regulations on the sale and use of automatic weapons: Automatic weapons are subject to strict regulations in many countries. These regulations make it difficult for manufacturers to sell their products to certain markets.
High cost of automatic weapons: Automatic weapons are typically more expensive than other types of firearms. This can limit the demand for automatic weapons from certain users, such as budget-conscious law enforcement agencies and private security companies.
Negative public perception of automatic weapons: Automatic weapons are often associated with violence and crime. This can lead to a negative public perception of automatic weapons and make it difficult for manufacturers to market their products.
The major players in the automatic weapons market include:
· General Dynamics Corporation
· Northrop Grumman
· Rheinmetall AG
· ST Engineering
· KBP Instrument Design Bureau
· Heckler & Koch AG
Impact of the Ukraine-Russia war on the automatic weapons market
· The ongoing Ukraine-Russia war is expected to have a significant impact on the global automatic weapons market. The war has led to a sharp increase in the demand for automatic weapons from both sides of the conflict. This has resulted in a surge in orders for automatic weapons from major arms manufacturers.
· The war has also highlighted the importance of automatic weapons for modern warfare. The Ukrainian military has been able to successfully repel Russian forces, despite being outnumbered and outgunned. This is due in part to their effective use of automatic weapons.
· The Ukraine-Russia war is expected to lead to a long-term increase in the demand for automatic weapons. Governments around the world are likely to increase their defense spending and invest in new automatic weapons systems. This is likely to drive the growth of the global automatic weapons market in the coming years.
Conclusion
The global automatic weapons market is expected to grow significantly in the next five years, driven by increasing investments in defense and military modernization programs, rising demand from law enforcement agencies and private security companies, and technological advancements. However, the market is also facing some challenges, such as strict regulations, high cost, and negative public perception.
