Global Small Arms and Light Weapons (SALW) MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $25.6 billion by 2024 from $18.9 billion in 2016; growing at a CAGR of 3.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 4.4% and 4.1%, respectively, during the forecast period. Small Arms and Light Weapons generally (SALW) include two classes of weapons namely small arms and light weapons. Small arms are prepared solely for discrete use, & are reachable at lower end calibre ranges. Light weapons are arms projected to be used by a crew.
"Small Arms and Light Weapons (SALW) Market(By Type:Small Arms and Light Weapons; By Application: Military, Law Enforcement, and Other Applications;By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Militarization of police force to drive the growth of the small arms and light weapons market
The factors supporting growth of the global small arms and light weapons market are militarization of police force, actions to restrict drug trafficking, and rising use of small weapons for self-defence strategies. However, illegal trading may act as a restraint for the growth of the market. Moreover, rising economies coupled with increasing funds for defence & safety would provide several growth opportunities for the market in the future years.
Type, application, and geography are the major segments considered in the global small arms and light weapons market. By type, the market is bifurcated into small arms and light weapons. Moreover, small arms comprise handguns, pistols, shotguns, man-portable machine guns, rifles, and other small arms. By light weapons, the market is further classified as grenade launchers, landmines, mortars, rocket propelled grenades (RPGs), anti tank weapons, anti aircraft weapons, rocket launchers, and other light weapons. Further, application segment is divided into military, law enforcement, and other applications. By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
North America covers the U.S., Canada, and Mexico. UK, Germany, France, Russia, and Rest of Europe are analyzed under the European market. China, India, South Korea, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market whereas, RoW is bifurcated into South America, Middle East, and Africa.
Light weapons accounted for the largest market share in the type segment
Global Small Arms and Light Weapons (SALW)Market, by Type
Light weapons accounted for the largest market share in 2016, in the type segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to the execution of modernization programs for the military & police forces.
Military accounted for the largest market share in the application segment
Global Small Arms and Light Weapons (SALW) Market, by Application
Military accounted for the largest market share in 2016, in the application segment, and is expected to continue its dominance during the forecast period 2016 – 2024, owing to the wide geographical existence of terrorism coupled with human rights breaking.
Europe dominated the global market with highest market share over the forecast period
GLOBAL SMALL ARMS AND LIGHT WEAPONS (SALW) MARKET SHARE BY GEOGRAPHY,2016 (%)
Europe dominated the global small arms and light weapons market with largest market share of 34.6% in 2016, and expected to continue its dominance during the forecasted period, owing to initiatives taken by different countries such as France and Russia among others to control terrorist organizations.
The major players operating in the market are Browning Arms Company, General Dynamics Corporation, Sturm, Ruger & Company, Inc., SIG SAUER GmbH & Co., Glock Ges. m.b.H., Beretta S.p.A., FN Herstal S.A., Colt's Manufacturing Company LLC, Heckler & Koch GmbH, and Lockheed Martin Corporation, among others.