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The global small arms market size is projected to reach USD 6.52 billion by the end of 2027. The increasing military and defense budget allocations have had a huge impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Small Arms Market Size, Share and Covid-19 Impact Analysis, By Type (Handgun, Rifle, Shotgun) By Application (Defense & Homeland Security, Self-Defense, Sports, Hunting, and Law Enforcement), and Regional Forecast, 2020-2027,” the market was worth USD 4.80 billion in 2019 and will exhibit a CAGR of 3.96% during the forecast period, 2020-2027.
Small arms are guns that are used as a mechanism of self-defence as well as a variety of other reasons such as military and defence and sports. These products are compact in size and are available at lower costs in countries such as the United States. As the law enforcement policies in North America are not that strict with the use of these arms, there is a huge demand and adoption of the product in this region. The advancements in material associated with this product will bode well for the growth of the overall market in the coming years. The presence of several large scale companies will have a positive impact on the growth of the overall market in the coming years. The high investments in the development of efficient and compact structures as well as enhanced mechanisms in the product will create several growth opportunities for the small arms market in the coming years.
Portugal Signs a Contract with FN Herstal for 1000 Rifles
The report highlights a few of the major industry developments of recent times and states their impact on the global market. It also discusses the strategies adopted by large scale companies with a bid to establishing a stronghold in the market. The rising demand for small arms in the military and defense sector will encourage military forces to collaborate with small arm manufacturers from across the world. In February 2019, Portugal announced that it has signed a contract with FN Herstal. The contract is aimed at development and distribution of thousand rifles. The company will be providing numerous variants in these rifles as per specified. The contract is rumored to be worth USD 50.3 million. In addition to this, the company will also be providing light and general purpose machine guns. FN Hertsal’s latest contract with Portugal will not just benefit the company, but will also have a direct impact on the growth of the overall market in the coming years.
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Rising Cross-Border Conflicts will Lead to an Increase in Product Demand
The report highlights a few of the major factors that have influenced the growth of the market in recent years. It is observed that the use of small arms is the highest in military and defense sector. The increasing cross border conflicts as well as rising terrorist attacks and threats have led to a wider adoption of small arms by leading defense and armed forces across the world. Besides this, the high expenditure on the development of efficient small arms by major companies as well as armed forces will emerge in favor of market growth.
Technological Intervention has Played a Huge Role in Market Growth
The high investment in technological intervention, primarily for developing compact structures, will open up a huge potential for the tech-companies in the market. The rising demand for low-cost and small-sized weapons is mainly due to the increasing demand for easily portable and manageable small arms. The use of advanced concepts to increase the operational capabilities of the product will also contribute to the growth of the overall market in the coming years.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Billion)