Small Arms and Light Weapons (SALW) Market to be Worth US$22.12 bn by 2023

According to a new market report published by Transparency Market Research “Small Arms and Light Weapons (SALW) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the small arms and light weapons market was valued at US$15.75 bn in 2014 and is estimated to exhibit a CAGR of 3.8% and reach US$22.12 bn by 2023.

Modernization of police is one of the primary factors responsible for the growth of the Small Arms and Light Weapons (SALW). There has been an increasing focus on the part of various governments to modernize its police forces as a result of the increasing crime rates. Moreover, various defense modernization programs being implemented across various countries has also impacted the Small Arms and Light Weapons (SALW) positively. Increase in urban warfare is another factor which is expected to propel the demand for Small Arms and Light Weapons (SALW) during the forecast period.

 Small arms and light weapons are best suited to counter attacks in situations where carpet bombing cannot be used and encounters occur at close quarter. Furthermore, measures taken by various countries to address the issue of drug trafficking is another factor which has resulted in an increased demand for Small Arms and Light Weapons (SALW). These factors in overall are expected to positively impact the growth of Small Arms and Light Weapons (SALW) market during the forecast period from 2015 to 2023.

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By types, the Small Arms and Light Weapons (SALW) market has been divided into two segments, namely small arms and light weapons. The small arms segment has been further divided into six types: pistols, rifles, handguns, shotguns, man-portable machine guns and others. The light weapons market has been divided into eight categories: landmines, mortars, grenade launchers, rocket launchers, Rocket Propelled Grenades (RPGs), anti tank weapons, anti aircraft weapons and others.

By applications, market is categorized into military, law enforcement and others. The military segment held the largest market share and accounted for more than 50% in 2014. Defense Modernization Programs is one of the primary factors driving the demand for Small Arms and Light Weapons (SALW) used in the military sector.

By Geography, the global Small Arms and Light Weapons (SALW) market has been segmented into four regions; North America, Europe, Asia Pacific and Rest of the World (RoW). Rest of the World (RoW) has been further divided into Middle East and Africa and South America. In 2014, Europe was the largest market for Small Arms and Light Weapons (SALW) and accounted for more than 30%. The Europe market was closely followed by the North America market and it held the second position in 2014.

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