Shoulder-fired Weapons Market: Growth Analysis By Revenue, Size, Share, Scenario on Latest Trends & Types, Applications to Forecast 2022-2031

Japan, Japan, Wed, 30 Mar 2022 23:46:17 / Comserve Inc. / -- The shoulder-fired weapons market is expected to exhibit a CAGR of over 6% during the forecast period (2022-2031).

The shoulder-fired weapons market is expected to exhibit a CAGR of over 6% during the forecast period (2022-2031).

- The demand for shoulder-fired weapons increased at a steady pace in the past decade, mainly due to the rise in defense budgets of the developed and developing economies. The market is being driven by the rapid advances in technologies in the defense sector, with several countries like the US, India, and China, increasing their defense spending, thus, creating a need for advanced weaponry.
- The increase in the global demand for armor-piercing weapons is propelling the market for man-portable anti-tank weapon systems. Rafael Advanced Defense Systems of Israel developed a new shoulder-mounted anti-tank missile, Spike SR. It weighs only 10 kg and has a range of up to 2 km.

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Key Market Trends

Rise in the Demand for MANPATS and MANPADS

The use of man-portable anti-tank systems (MANPATS) and man-portable air defense systems (MANPADS) gives a huge advantage to troops by engaging targets without worrying about the accuracy of the strike and weight of the weapon. With the increasing use of sophisticated armored machinery in conflicts, many countries are increasing the use of MANPATS and MANPADS. Modern MANPADS are equipped with ultraviolet sensors for radiation detection, infrared sensors for heat detection, and smart control units. Some of the most widely used MANPADS are Stinger (United States), Strela (Russia), Igla (Russia), Qianwei (China and Pakistan). In 2019, Rafael was awarded a contract worth USD 221 million to supply 1,500 Spike anti-tank missiles to Germany. According to Rafael, 33 countries have more than 30,000 Spike missiles in their inventories. Ukraine bought 210 Javelin anti-tank missiles, along with 37 launchers, from the United States in 2018, and they signed a contract in 2019 for the second batch of 150 Javelin missiles. With the increasing incidents of drone strikes and air space intrusions, forces around the world are seeking advanced MANPADS for air defense. However, recent incidents of usage of surface-to-air missiles against civil aviation aircraft and the major military forces supplying MANPADS and MANPATS to rebels and insurgents have brought into force counter MANPAD programs and stringent export control norms and regulations, which may hinder the market growth.

Asia-Pacific to Record the Highest Growth Rate During the Forecast Period

Asia-Pacific has some of the largest importers of arms, such as India, China, Pakistan, and South Korea. China's and India's defense budgets for 2019 were USD 177.5 billion and USD 60.9 billion, respectively. The market for shoulder-fired weapons in these two countries is driven by innovations and imports. India acquired 210 shoulder-fired Spike anti-tank missiles and 12 launchers for USD 39 million from the Israeli firm, Rafael Advanced Defense Systems Ltd, in 2019. In 2018, India also signed a deal worth USD 1.5 billion with Russia's KB Mashinostroyeniya for the procurement of Igla S shoulder fired surface-to-air weapon system as part of its Very Short Range Air Defense (VSHORAD) program. China is a major developer of shoulder-fired weapons, and it is investing in the development of smart sensor-based weapons that can differentiate between foe, friend, and neutral targets, to reduce the accidental shooting of civilian aircraft and vehicles, which is rising in the region. China's shoulder-fired MANPADS FN-6 are available in 5 variants for different uses, and they are exported to 10 countries, including Bangladesh, Pakistan, Malaysia, Sudan, and Qatar.

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Competitive Landscape

The market for shoulder-fired weapons is fragmented, with prominent players, such as Raytheon Technologies Corporation, Saab AB, General Dynamics Corporation, Rafael Advanced Defense Systems Ltd, and ROKETSAN, dominating the market. Companies are partnering with local players to expand their market presence by securing new contracts with the respective countries. For instance, in 2018, Rafael Advanced Defense Systems formed a JV with Kalyani Strategic Systems Limited, called Kalyani Rafael Advanced Systems, to manufacture anti-tank missiles for the Indian Army in India. Some of the companies are also working together to accommodate soldiers' needs, mainly by reducing weight and improving ergonomics.

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