Northrook, IL -- (SBWIRE) -- 04/01/2020 -- The shoulder fired weapons market is estimated to be USD 5.83 billion in 2017 and is projected to reach USD 7.70 billion by 2022, at a CAGR of 4.76% during the forecast period. The base year considered for the study is 2015 and the forecast period is from 2016 to 2022. The objective of the report is to forecast the shoulder fired weapons market based on component, technology, range, and region.

Based on component, the ammunition segment is expected to lead the shoulder fired weapons market during the forecast period

Based on component, the shoulder fired weapons market was dominated by the ammunition segment in 2016 and is expected to continue its dominance till 2022. Developing countries such as China and India, among others, are investing more in man portable weapon systems. Shoulder fired weapons enhance military land warfare capabilities at very low cost as compared to other weapon systems. These countries are investing more in advanced technologies and focusing on manufacturing a wide range of offensive fighting vehicles. For instance, India recently signed a contract with Israel for acquiring more than 275 launchers and 5,500 spike missiles. The deal includes transfer of technology to build another 1,500 launchers and 30,000 missiles.

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Based on technology, the guided segment is projected to grow at the highest CAGR during the forecast period

The shoulder fired weapons market has been analyzed and segmented on the basis of technology into guided and unguided. Based on technology, the shoulder fired weapons market is dominated by the guided segment. This segment is projected to grow at the highest CAGR during the forecast period, primarily driven by upgrade and modernization programs, procurement of new fire-and-forget missiles, and use of advance guidance systems.

Based on region, North America is expected to grow at the fastest rate during the forecast period

The US, China and India are expected to lead the shoulder fired weapons market in the coming years. The US is estimated to lead the shoulder fired weapons market during the forecast period. This rapid growth can be attributed to the increasing research and development activities undertaken in the region for the development of advanced technology-based designs of man portable warfare systems. The Indian shoulder fired weapons market is projected to grow at the highest CAGR from 2016 to 2022. The demand for shoulder fired weapons in India is increasing due to modernization of existing battalions, and delivery of these systems for anti-tank and anti-air roles.

Key Market Players:

Lockheed Martin Corporation (US), Thales Group (France), Saab AB (Sweden), KBP Instrument Design Bureau (Russia), Raytheon Company (US), and Rafael Advanced Defense Systems (Israel)

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