Small arms and Light Weapons (SALW) refers to two different classes of weapons. Small arms refer to the kind of weapons designed solely for individual use whereas, light weapons includes arms designed to be used by a crew of two or three persons.
Albany, NY -- (SBWIRE) -- 01/05/2017 -- According to a recent market research report published by Transparency Market Research, the global small arms and light weapons market is anticipated to expand at a CAGR of 3.8% during the period between 2015 and 2023. The report, titled "Small Arms and Light Weapons (SALW) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," projects the global small arms and light weapons market to be worth US$22.12 bn by 2023. The overall market stood at a valuation of US$15.75 bn in 2014.
Small arms are designed particularly for individual usage whereas light weapons are designed to be used by a group of two or three persons. With rise in terrorism, governments across nations are focusing on equipping their defense forces with small arms and light weapons. In fact, government support is one of the key factors augmenting the growth of the global small arms and light weapons market.
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The report states that rise in urban warfare, modernization of police force, and increased security measures to restrict drug trafficking have boosted the growth of the global small arms and light weapons market. However, introduction of legislations pertaining to the usage of firearms and cost cutting in defense budget across nations might restrain the growth of the market during the forecast horizon. Extensive research and development activities are expected to create attractive opportunities and define future outlook of the market.
On the basis of product type, the report categorizes the global small arms market into rifles, handguns, pistols, shotguns, man-portable machine guns, and others. On the other hand, the global light weapons market has been segmented into mortars, grenade launchers, landmines, rocket launchers, anti-tank weapons, rocket propelled grenades (RPGs), anti-aircraft weapons, and others. Among small arms, pistols, shotguns, and handguns are high in demand.
According to application, the global small arms and light weapons market has been segmented into law enforcement, military, and others. The demand from the military sector has been significantly high.
The report studies the global small arms and light weapons market across Europe, North America, Asia Pacific, and Rest of the World including South America and the Middle East and Africa. Europe was the largest consumer of small arms and light weapons in 2014 and accounted for over 30% of the market. The Europe small arms and light weapons market was closely followed by the North America market.
Describing the competitive hierarchy, the report profiles some of the prominent players operating in the global small arms and light weapons market such as General Dynamics Corporation, Heckler & Koch GmBH, FN Herstal, SIG SAUER GmbH & Co., S.A., Sturm, Ruger & Company Inc., Carl Walther GmbH, Colt's Manufacturing Company LLC, Lockheed Martin Corporation, Browning Arms Company, Glock Ges m.b.H., and Beretta S.p.A. The report further provides detailed information about the market players including their company overview, financial overview, revenue, product portfolio, and recent developments.