In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The weapon mount market is anticipated to record a significant CAGR during the forecast period, i.e., 2021 – 2029, on the back of increasing procurement programs for armored vehicles, naval ships, and aircrafts, and rising demand for remote weapon stations for military applications by several countries around the globe. Along with these, growing need of mounts in navy, escalating use of unmanned vehicles in the war zone, increase in military investments and surging security measures worldwide are also expected to fuel market growth in the coming years. It was calculated the global military expenditure reached a value of approximately USD 2 billion by the end of 2019. Furthermore, intensifying innovations by key market players is estimated to offer lucrative opportunities to the market over the forecast period.
The market is segmented by mount types into static, turret, coaxial, fixed pintle/pedestal, RWS, swing arm, monopods, bipods, and tripods, out of which the static segment is evaluated to hold the largest share during the forecast period. This can be credited to the increment in number of platforms where static mount can be placed and the rising modernization of naval fleet. Apart from these, growing demand for static mounts on ground operations and vehicles is also assessed to drive growth of this segment in the future. Furthermore, the man operated segment of the mode of operations segment is projected to constitute for a larger share in the market on account of an increase in demand of armories such as machine guns, sniper rifles, and automatic rifles by the military globally.
On the basis of geographical analysis, the weapon mount market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is estimated to occupy the largest share in the market during the forecast period owing to the augmented demand for weapon mounts for ground, airborne and naval platforms. In addition to this, different border disputes between countries such as China, India, Pakistan, Afghanistan, North Korea, and South Korea, among others, are driving these countries to increase their investment in defense technology, which includes the procurement of armored vehicles, combat aircraft, naval ships, and weapons for soldiers which supports the development of the market in the near future. Moreover, Europe is also estimated to garner significant market share during the forecast period, which can be attributed to the increasing defense investments in countries such as Germany, Russia and France. For instance, Russia allocated more than $65 billion for military spending in the year 2019. CLICK TO DOWNLOAD SAMPLE REPORT
The weapon mount market is further classified on the basis of region as follows:
Our in-depth analysis of the weapon mount market includes the following segments:
Ans: Increased procurement of armored vehicles globally and growing demand for mounts in the navy are estimated to drive market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Lack of technical expertise required for manufacture and repairing mounts is estimated to hamper the market growth.
Ans: Asia Pacific is expected to provide more market growth opportunities augmented demand for weapon mounts for ground, airborne and naval platforms.
Ans: The major players in the market are Military Systems Group Inc., Leonardo S.p.A., FN Herstal, Ohio Ordnance Works Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by mount type, platform and mode of operation.
Ans: The static segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.