Albany, NY -- (SBWIRE) -- 03/22/2017 -- With the top two companies holding the dominant share of 57% in 2015, the global non-lethal biochemical market exhibits a highly consolidated vendor landscape. General Dynamics Corporation emerged as the market leader in 2015, with Raytheon Companies trailed as the second-leading market player, finds Transparency Market Research (TMR) in a new study. Besides this, BAE systems managed securing the third-largest market share in the same year. "Considering the prevalent trends, the market shares of some of the prominent companies are likely to undergo significant moderations in the coming years," said a lead TMR analyst.

TMR forecasts the global non-lethal biochemical weapons market to exhibit a positive 8.0% CAGR between 2016 and 2024. At this pace, its valuation is expected to rise from US$1.17 bn in 2015 to US$2.32 bn by the end of 2024.

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Rise in Budget Allocation for Defense Sector to Boost Growth

Budget allocation towards the defense sector has increased worldwide. With cross-border tension between countries increasing, the military expenditure across nations is forecast to rise further. The ongoing phase is therefore presenting the most lucrative opportunities to some of the sectors within the military and defense industry. For instance, the demand for innovations and advanced weapons is at all-time high.

Non-lethal biochemical weapons represent a considerable progress in technology, which is a key factor fuelling their demand worldwide. Opportunities are also bolstered by the entry of new players in the market. "Exceptional developments in biochemical studies have led to the innovation of non-lethal weapons offering unmatched novelty," observed the TMR report's author. With producers actively engaged in financing innovations to counter potential collateral impairment, the future of the market seems quite promising.

Rise in Military Tasks beyond Non-combatant Zone to Fuel Opportunities

Growth witnessed in the market is propelled further by the increase in the number of military tasks beyond non-combatant zones. Besides this, the market is expected to gain as military forces and law enforcement agencies extend their services for human assistance. As a matter of fact, besides traditional warfare, services of military and special task forces have become the most sough-after for peacekeeping purposes such as managing civil unrest, disaster management, riot control, and prevention of insurgencies. The scenario is most prevalent in countries such as India, China, Chile, France, and the U.S., which is the key reason behind the market's positive trajectory across these countries. Political upheavals and growth tension in nations such as Israel, Brazil, Ukraine, and Egypt in the recent past have also boosted the use of non-lethal biochemical weapons for dissuading crowds without causing in physical harm or injury.

Opposition from Human Right Associations to Emerge as Major Bottleneck

On the downside, stringent regulations and opposition from human rights associations continue being major bottlenecks for the global non-lethal biochemical weapons market. The increasing incidence of injuries from the use of biochemical weapons, also negatively impacts the overall demand. While these factors will continue haunting the market players, the market is forecast to gain from the changing political dynamics and the increasing incidence of armed violence worldwide.

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Transparency Market Research is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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