Market Size of Shoulder-fired Weapons Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 7.20 Billion |
Market Size (2029) | USD 9.34 Billion |
CAGR (2024 - 2029) | 5.34 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Shoulder-fired Weapons Market Analysis
The Shoulder-fired Weapons Market size is estimated at USD 7.20 billion in 2024, and is expected to reach USD 9.34 billion by 2029, growing at a CAGR of 5.34% during the forecast period (2024-2029).
Modern shoulder-fired missiles boast heightened accuracy, extended ranges, and increased lethality, cementing their pivotal role in asymmetric warfare and combat scenarios. The rising specter of terrorism and regional conflicts propels the demand for agile and potent defense systems. Moreover, as armed forces globally pivot toward modernization, procuring cutting-edge armaments further stokes the market's growth. Notably, advancements like new guidance systems and lighter builds enhance operational efficiency and deployment convenience.
However, a key hurdle in the shoulder-guided missile industry lies in the intricate technology behind advanced guidance systems. These systems demand extensive R&D to ensure their reliability across diverse operational landscapes, leading to escalated costs and prolonged development timelines. Such technological intricacies spike the initial investment and mandate continuous maintenance and updates, often straining defense budgets.
For instance, in July 2023, the Australian Defense Force inked a USD 38.06 million deal with Saab AB for the latest Carl-Gustaf M4 system and its guided munitions. This procurement aligned with Australia's broader initiative to outfit its infantry units with the most cutting-edge portable weaponry available.
Shoulder-fired Weapons Market Industry Segmentation
Shoulder-fired weapons are portable rocket-propelled explosive projectiles designed to be carried and fired from one's shoulder. Rising conflicts near borders are fueling the demand for these weapons.
The shoulder-fired weapons market is segmented by technology, range, assembly type, and geography. By technology type, the market is segmented into guided and unguided. By range, the market is segmented into short, medium, and long range. By assembly type, the market is segmented into projectile and launcher. The report also covers the sizes and forecasts for the shoulder-fired weapons market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Shoulder-fired Weapons Market Size Summary
The shoulder-fired weapons market is poised for significant growth, driven by advancements in missile technology and increased global defense spending. Modern shoulder-fired missiles are becoming increasingly accurate, with extended ranges and enhanced lethality, making them crucial in asymmetric warfare and combat scenarios. The demand for these weapons is fueled by the rising threat of terrorism and regional conflicts, prompting armed forces worldwide to modernize their arsenals with cutting-edge armaments. However, the complexity of advanced guidance systems presents challenges, requiring substantial research and development investments, which can strain defense budgets. Despite these hurdles, the market is expected to expand as nations continue to invest in lightweight, easily deployable systems to bolster their military capabilities.
In the Asia-Pacific region, geopolitical tensions and military buildups are driving increased defense expenditures, with countries like China, India, and South Korea rapidly modernizing their armed forces. This regional focus on enhancing military preparedness is further supported by international defense collaborations and investments in advanced technologies. Key players in the shoulder-fired weapons market, such as RTX Corporation, Saab AB, and Lockheed Martin Corporation, are maintaining their market dominance through strategic partnerships and technological innovations. These companies are securing lucrative contracts and expanding their global presence, as evidenced by significant procurement deals and collaborations aimed at strengthening national defense capabilities. The market's growth trajectory is underpinned by these dynamics, with guided missiles expected to lead the expansion due to their improved precision and range.
Shoulder-fired Weapons Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Guided
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2.1.2 Unguided
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2.2 Range
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2.2.1 Short
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2.2.2 Medium
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2.2.3 Long
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2.3 Assembly Type
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2.3.1 Projectile
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2.3.2 Launcher
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 Russia
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2.4.2.4 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Rest of Latin America
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2.4.5 Middle East and Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle East and Africa
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Shoulder-fired Weapons Market Size FAQs
How big is the Shoulder-fired Weapons Market?
The Shoulder-fired Weapons Market size is expected to reach USD 7.20 billion in 2024 and grow at a CAGR of 5.34% to reach USD 9.34 billion by 2029.
What is the current Shoulder-fired Weapons Market size?
In 2024, the Shoulder-fired Weapons Market size is expected to reach USD 7.20 billion.