It was estimated prior to this unanticipated outbreak that the Light Weapons Market was likely to witness an impressive CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Light Weapons Market Segment Insights:
By Type:
The anti-tank guided weapons dominated the market in 2018. The increasing demand for guided weapons drives the growth of this segment in the coming five years. The grenade launchers segment is estimated to be the fastest-growing segment during the forecast period. The incessant requirement in the armed forces influences the growth of this segment.
By End-User Type:
The military segment is expected to register a higher growth during the forecast period. The rising defense budget of some of the prominent economies is driving the growth of this segment.
By Region:
North America dominated the light weapons market and is expected to retain its dominance in the coming five years. The market is sustained by the rising demand for light weapons from emerging economies. Asia-Pacific is also projected to offer substantial growth opportunities during the forecast period. China, India, and the Middle East are the growth engines of the region. The growing defense budget is a major factor that sustains the growth of the market for light weapons in this region.