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The global light weapons market size is expected to reach USD 17.33 billion by 2027. The emergence of new ship-mounted laser cannon is expected to have a tremendous impact on the global market during the forecast period, states Fortune Business Insights, in a report, titled “Light Weapons Market Size, Share & COVID-19 Impact Analysis, By Type (Heavy machine guns, MANPAT, Infantry Mortar, Anti-Tank Weapons, Recoilless Rifles, Launchers, Light Cannon, Anti-Tank Missiles, MANPADS, Grenade, Landmines), Guidance (Guided, Unguided), Application (Defense, Homeland Security), and Regional Forecast, 2020-2027.” The market size stood at USD 12.61 billion in 2019 and is expected to exhibit a CAGR of 4.67% between 2020 and 2027.
Award Won by Capco LLC for Grenade launchers to Augment Growth
Capco, a major leader and manufacturer of cutting-edge and highly-engineered mechanical products for the U.S. Department of Defense, Law Enforcement, and international customers announced that it has received a contract worth $33.6 million for 40 mm M320 and 40 mm M320A1 grenade launchers by the US army. The contract won by the company will promote the healthy growth of the market during the forecast period. The predecessor of M320A1, model number M203 was used by the US Army services, it was based on earlier Heckler & Koch AG-C, but with some U.S.-specific modifications. It comprised of folding foregrip and a shorter barrel for more compact package. The views had to be readjusted to shoot precisely with marginally altered ballistics from the barrel length. The old M203, is a single-shot 40 mm under-barrel grenade launcher aimed to attach to the rifle and is not predominantly planned as a stand-alone weapon.
However, stand-alone variants of the M203 is not yet designed but it uses the same High-Low Propulsion System as the M203. Furthermore, the innovative device has three major parts: Day/Night Sight (DNS) produced by Insight Technology Inc, a grenade launcher with a rifled barrel, and a handheld Laser Range Finder (LRF). The Day/Night Sight enables the grenadier to effectually partake the enemy in the dark. Additionally, the grenade launcher can shoot all NATO high-explosive, smoke, and illumination grenades effectively.
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Increasing Development and Availability of Weapons to Spur Market
The growing availability of weapons such as submachine guns, rapid-fire assault rifles will drive the market during the forecast period. The increasing weapons suppliers around the world will encourage the military and naval sectors to purchase products, which, in turn, will bolster the healthy growth of the market. The advancement in weapons and easy transportation will contribute positively to the growth of the market. The heavy demand for light weapons from military forces and homeland security will further strengthen the light weapons market growth during the forecast period.
Emphasis on Laser Technology Cannons by Leading Players to Consolidate Business
The key players in the market are focused on developing guided weapons to cater to the demand from the military sector. The key players are fixed on developing weapons with higher accuracy, improved material, increased lethality, and reliability. The ongoing R&D activities by giant corporations for the development of advanced and cutting-edge weapons will consequently enable speedy expansion of the market. Also, the focus towards diversified product portfolio and adoption of innovative research technologies by players can be a vital factor in strengthening their position in the global market.
The Report Lists the Main Companies in the Market for Light Weapons:
Further Report Findings:
The Market for Light Weapons is Segmented into:
Value (USD Billion)