Increasing Political Disputes
According to the data provided by Election Commission of India (ECI) in 2018, the number of political parties has increased twofold over the last decade. The increasing rate of population and rising competition among political parties to gain control and rule the nation is resulting in increased rivalry and disputes which is further expected to boost the growth of the market over the forecast period.
Rising Terror Attacks
The demand for better riot control system is increasing due to rising number of terror attacks across different countries of the world. Additionally, the advancement in technology is honing the law enforcement system, leading to better defense services. These factors are supporting the growth of the market.
Rising Communal Violence
Rising cases of communal violence across various countries such as Syria, Nigeria, Iraq, India, Israel and others is resulting in large number of riots and protests due to increasing anger and insecurities among people. These factors are anticipated to boost the growth of the market over the forecast period.
Strict Governmental Rules and Regulations
On the back of ecological concerns as well as minimizing threat to human life, the presence of strict rules and regulations by government pertaining to the use of riot control system is expected to limit the growth of the market over the forecast period.
The market is observing vibrant growth on account of growing cases of hate crimes around the world. Increasing cases of political rivalry and disputes, rising terror attacks and communal violence in different nations is boosting the growth of the market. Communal violence is increasing on the back of rising discrimination due to religion, beliefs and class and growing number of rumors among others. Upgrading the law enforcement and defense sector is anticipated to affect the growth of the market.
The riot control system market is anticipated to record a CAGR of 6.2% over the forecast period i.e. 2019-2027. The market is segmented by product type into offensive and defensive weapons, out of which, the offensive weapons segment is expected to grow significantly on the back of advancement in technology and increasing demand for laser weapons around the globe.
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Our-in depth analysis of the global riot control system market includes the following segments:
By Product Type
By End User
On the basis of regional analysis, the global riot control system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to dominate the market on the back of increased funding by the government for military and law enforcement. Further, growing demand for non-lethal weapons such as water cannons, police dogs, armored vehicles and aerial surveillance is expected to boost the market growth in the region.
Further, North America and Europe is expected to have significant market share over the forecast period which can be attributed to growing technological advancements and increasing adoption of non-lethal weapons across the region.
The global riot control system market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz