The shoulder-fired weapons market is valued at US$ 6.9 Billion in 2022 and is anticipated to increase to US$ 8.9 Billion by 2027, with a growing CAGR of 4.5% in the next six years.
An explosive-carrying, self-propelled projectile launched at a target is referred to as a shoulder-fired weapon. It is tiny enough to have been carried by one individual and fired while being carried on the shoulder. Shoulder-launched weapons typically fire at one of two sorts of targets: ground targets as well as air targets. Because of rising defense spending, the desire for portable anti-tank weaponry, as well as the need for lightweight guided weapons, the worldwide shoulder-fired weapons industry has seen rapid expansion in recent years. However, the market's growth is projected to be hampered to some extent by the transfer of technology, sales restrictions, and traumatic brain damage caused by shoulder-fired guns.
Shoulder-fired weapons market Drivers:
The need for shoulder-fired weapons has steadily grown over the last decade, owing mostly to growing defense spending in both developed and emerging nations. Rapid technological advancements in the military industry are driving the market, with various nations such as the United States, India, and China boosting their military budget, generating a need for superior weapons. The demand for man-portable anti-tank defense systems is being propelled by a rise in worldwide demand for armor-piercing weaponry.
One of the primary factors driving the expansion of the shoulder-fired weapons industry is the increase in military spending of established and emerging nations. The growing need for lightweight guided weapons throughout the world, as well as the employment of man-portable anti-tank systems (MANPATS) & man-portable air defense systems (MANPADS) that engage targets without worrying about strike accuracy or weapon weight, is propelling the industry forward. The market is also influenced by an increase in demand for shoulder-fired weapons due to the increased employment of advanced armored machinery in conflicts and an increase in preference for Global shoulder-fired weapons above conventional arms due to their cost-effectiveness.
Global shoulder-fired weapons market Restraints:
The restraining factor that is restricting the growth of the global shoulder-fired weapons market is sales & technology. Weapon technology refers to a spectrum of items that have been meticulously created and are equipped with superior missile-guided systems & communication in order to eliminate a target at varying ranges. Due to the missile defense system, the lethality of long-range warheads makes it less efficient to attack armored vehicles. Because of the complicated manufacturing process, shoulder-fired weapons have design issues. Due to the threat of illicit users including such terrorist groups and rebels, the manufacturer confronts significant problems. The sales, acquisition, import, & export of weapon systems are all restricted in several manufacturing nations. Sales & technology transfers are restricted to safeguard the government, police departments, and civil targets. The tight restrictions on technology transfer, as well as other important considerations, are expected to stifle future industry growth.
Recent Developments:
27th January 2021: The SPIKE SR (Short Range) missile was displayed earlier this month at the Army Expeditionary Warrior Experiment (AEWE) 2021 by Rafael Advanced Defense Systems Ltd. & Rafael Systems Global Sustainment (RSGS), a US subsidiary of Rafael. AEWE 2021 is evaluating innovative technologies in support of the United States Army's modernization programs, particularly the six modernization goals. SPIKE SR, being a transportable, electro-optical guided-missile intended for today's contemporary infantry, is particularly well-suited to improving troop lethality, which is one of the six goals. The SPIKE SR, which really is among of the Spike Family of anti-tank guided missiles, is a shoulder-fired, light-weight (10 kg) munition with a 2000-meter range, improving lethality at the squad level. The benefits of SPIKE SR, notably its ease of usage.
Market Segmentation:
Global shoulder-fired weapons market By Component:
The ammunition sector had the largest market share, and it is expected to continue to do so throughout the forecast period. The rocket launchers, rocket-propelled grenade (RPG) loader, & tripod segments are all part of the launcher section. Due to the most widely used weaponry in armed forces, missile/rocket launchers such as a "bazooka" is the generic name used in numerous countries. These weapons are small and light enough to be carried by one person. In the coming years, the ammunition industry will see significant expansion. Anti-aircraft missiles, Anti-tank missiles, as well as rocket-propelled grenades are among the missiles/rockets in this category. In the next years, the increased need for anti-tank missiles in various nations for minor combat operations is expected to fuel market expansion.
Global shoulder-fired weapons market By Technology:
Based on technology, the global shoulder-fired weapons market is divided into Guided and Unguided sectors. The guided sector dominates the market for shoulder-fired weapons. Upgrade and modernization initiatives, acquisition of new fire-and-forget missiles, and employment of advanced guidance systems are expected to generate the fastest CAGR in this category throughout the projection period. Shoulder-fired guided weapons are meant to attack particular targets precisely while causing the least amount of collateral harm. As a result, demand for these weapons is expected to rise throughout the coming years.
Global shoulder-fired weapons market By Range:
Based on range, the global shoulder-fired weapons market is divided into short-range, medium-range, and extended-range. The market is divided into three categories: short-term, medium-term, and long-term. During the projection period, the medium category is expected to have a significant market share. In the infantry, contemporary armed forces have a wide spectrum of missiles, including surface-to-air missiles (SAMs) and surface-to-air guided weapons. Because of their mobility, precision target locking, and higher lethality, a medium range of shoulder-fired weapon systems is widely used in the armed services. The shoulder-mounted medium-range fixed weapons are extremely effective against a helicopter, fixed-wing aircraft, and any targets. Medium-range weapons are extremely useful for destroying military sites, tanks, and bunkers.
The Global shoulder-fired weapons market Report includes the segmentation of Regions:
Impact of COVID-19 (Global shoulder-fired weapons market):
The paper examines the current and prospective consequences of the COVID-19 epidemic on the broader market, providing more credible and authentic estimates, based on the current market condition.
Given the negative Gdp growth in developed nations in 2020, the military and defense industry is expected to see a minor decrease in spending. Furthermore, because to a significant focus on improving healthcare infrastructure and medical facilities, several governments are anticipated to seize new contracts for shoulder fixed weapons. As a result of the COVID-19 outbreak and the economic crisis, South Asian governments and others have declared cuts in defense spending. Due to a lack of market confidence, defense-related contracts have been impacted, resulting in delayed commercial contracts for shoulder-fired weapons. Various countries are under severe economic stress.
Coronavirus has wreaked havoc on the entire planet. Supply networks have been disrupted because of this reason. The epidemic has wreaked havoc on global systems.
Global shoulder-fired weapons market Key Players:
The key players in the Global shoulder-fired weapons market are:
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