According to Goldstein Research, “Rising cross border tensions leading to the increasing demand for defense and military products in the Eastern Europe, Middle East region, East and South China and North Korea. Moreover, growing border security concerns are resulting into the increasing military budgets mainly in countries such as the United Arab Emirates, South Korea, Saudi Arabia, India, China, Russia, Japan, Vietnam and Qatar. Mounting spending on defense and military products are likely to contribute in the rising international arms trade and growth of the global arms market.”
“Global Arms Market Outlook 2024”
Global arms market is segmented on the basis of types of weapon and by application. Application segment is further categorized into military & defense actions, law enforcement, hunting & sports and self-defense. Military & defense actions occupy the largest share of global arms market in 2016, owing to the increasing military budget by governments. However, rising homicides rates is likely to fuel the demand for self-defense arms during the forecast period.
Uncertain government regulations, immature market and fragmented customer base are affecting the growth of arms market in Latin America region. Illegal trafficking of arms and ammunitions in Central and South America lowered the market share of Latin America arms market in 2015. However, growing lethal violence and regional homicide is increasing the security concern in the region. Brazil, Venezuela and Columbia register highest homicide rates in the world, and Latin America homicide rate is 28.5 per 100,000 whereas, global homicide rate is around 7 per 100,000. Thus arms and ammunitions are likely to play a critical role in improving the lethality of regional violence. Apart from U.S. and Russian exports, countries such as Czech Republic, Germany, Italy, Spain, Belgium, Turkey and Austria also export weapons to Latin America region.
Cyber Threats: Promoting Digital Arms Trade
With rising connectivity and technological advancement, threat to cyber attacks is becoming a major concern. Many countries are focusing on developing advance weapon system as well as strong software to ensure cyber security of the nation. WannaCry one to the most dangerous cyber attacks, which has disrupted the security systems of many countries globally and impacted multibillion-dollar businesses. Growing cyber security concerns to protect confidential data and to strengthen the country’s security are propelling the spending on ammunitions and digital arms.
“Global Arms Market Outlook 2024” contains detailed overview of the global arms market in terms of market segmentation by types of weapon and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Arms Market also provides competitive outlook of some of the major players of global arms market which includes profiling of companies such as Lockheed Martin, Boeing Company, BAE Systems plc, Raytheon Company, Northrop Grumman Corporation, General Dynamics Corporation, Airbus Corporation, United Technologies Corporation, Leonardo S.p.A., L3 Technologies, Textron, Naval Group, Honeywell International Inc, United Shipbuilding Corporation , Safran S.A., The PJSC United Aircraft Corporation, Rolls-Royce, Huntington Ingalls Industries, Almaz-Antey Corporation, Thales Group, Leonardo S.p.A. and Pratt & Whitney. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global arms market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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