Published Date : Jul 15, 2016
As rate of criminal activities all over the world is increasing rapidly, several countries are gearing up on the process of modernizing their homeland security and military teams with technologically advanced arms. Activities such as drug trafficking, illegal mining and deforestation will also play a key role in the growth of the global small arms and light weapons market, helping it display a CAGR of 3.8% by 2020.
Urban Warfare to Ignite a Greater Need for Small Arms
With the increasing number of illegal events in the urban areas, the homeland security forces and law enforcement workforces have been compelled to adopt small arms. In the case of counter and close combats in packed areas, small arms are the most practical weaponry option. Urban warfare is likely to persist in the upcoming years due to a rise in terrorist activities and will thus create opportunities in the global market for small arms and light weapons.
The small arms market consists of weapons such as rifles, shotguns, pistols, man-portable machine guns and handguns. These artilleries help in combating urban terrorist activities and curbing unlawful handling activities of drugs.
Research and Development Activities to Provide Opportunity for Future Growth
Governments and law enforcement agencies of various countries are expected to provide the key players in the market of global small arms and light weapons opportunities to grow with their research and development projects in this field. Recent developments such as 3D printed guns and corner shot rifles which are used by several Special Forces, is a major recent breakthrough. Europe had the largest share in 2014 in the global small arms and light weapons market. It held a share of more than 30%, as reported by Transparency Market Research.
Government Policies and Budget Could Play Rogue in Small Arms and Light Weapons Market Growth
In spite of numerous driving factors, the defense budgets put forth by governments could mark a hindrance in the growth of the global small arms and light weapons market. At the same time, firearm-related legislations laid down by various governments across the world could hamper the market for small arms and light weapons.