Weapon Mounts Market
Added: (Wed May 26 2021)
Pressbox (Press Release) -
Weapon Mounts Market was valued at USD 1.1 billion and is estimated to progress at a 7.7% CAGR to reach USD 1.8 billion by 2025.
Weapon mount is an assembly, which holds a weapon like guns and snipers. There are two types of weapon mounts, which include the static mount and non-static mount. Recent developments in laser weapons are also likely to supplement growth in the weapon mounts business. For instance, DRDO (India) recently conducted a laser weapon test mounted on a truck.
Recent Developments:
In 2019, Military Systems Group, Inc., a specialty manufacturer of weapons-mounting systems, extended its Davidson country operations. Through this expansion, the company strategized to expand its design, engineering, production, machining, and assembly processes to meet the growing demand and enhance its capacity.
In 2018, KNDS entered a joint venture with the French and German governments to produce a standard indirect fire system and primary ground combat system.
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In 2020, Leonardo signed a framework agreement to maintain defense systems in-service with the Danish Navy. It is a twenty-year agreement worth up to 70 million Euros. As per the agreement, Leonardo will supply logistics support and the possible future upgrade of the seventeen 76/62 Super Rapid Gun Mounts in-service on the Danish Navy's Iver Huitfeldt Class Frigates, Thetis Class Inspection Ships, and Knud Rasmussen Class Inspection Ships.
In 2019, AEI Systems was given a contract to manufacture 84 mm recoil-less rifle barrels and ventures.
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Based on Weapon Compatibility, the weapon mounts market is mainly divided into machine guns, automatic cannons, automatic rifles, Gatling guns, and sniper rifles. The automatic cannons segment is projected to lead the weapon mounts market during the outlook period due to increased armored vehicle procurement globally. Additionally, modernization programs to install remote weapon stations and turrets with advanced weapons drive the weapon mounts business.
Based on the Mode of Operation, the Manned segment is determined to increase at a higher CAGR over the foreseen period due to the increase in the militaries' spending for the procurement of sniper rifles, machine guns, and other automatic rifles across the world.
Regional Analysis:
In 2019, the Asia Pacific market dominated was the global market for weapon mounts with a 38.45 revenue share and estimated to continue this trend during the conjecture period. China, India, Japan, South Korea, North Korea, and Pakistan are among the most prominent players investing in defense operations. Growing conflicts between the countries in the region and strengthening the defense capabilities are foreseen to create market opportunities.
The ongoing tension between the U.S. and Iran has resulted in developments in the respective countries' defense systems. Therefore, the demand for the mounts is expected to increase in the projected time. The commission of advanced weapons and components by the U.S. defense systems is estimated to support the market through the forecast timeframe.
Europe accounted for a significant share of weapon mount consumption in 2019 and is estimated to propel during the forecast timeframe. Growing defense expenditure by the major nations, including the U.K., Germany, France, and Russia, are supposed to expand the procurement of advanced weapon systems, thereby positively supporting the market.
In the Middle East and Africa, the market is anticipated to accelerate in the foreseen duration due to high defense systems' high investments. Saudi Arabia, UAE, Iran, and Iraq have considerably invested in their respective militaries and air forces and have impacted the market positively.
Key Players:
Several prominent players operating in the global weapon mounts market are Military Systems Group, Inc., AEI Systems Ltd., KNDS, Crsystems Inc., Ohio Ordnance Works, Inc., Leonardo S.P.A., Fjord Defense AS, FN Herstal, Dillon Aero, and Capco LLC, among others.
Impact of COVID-19 on Weapon Mounts Market:
The manufacturing rate of weapon mounts worldwide has been negatively affected due to the government-imposed lockdowns and restrictions on public gatherings as a part of controlling coronavirus transmission. The market for spare parts is also inoperative since less maintenance is required currently. There will be a substantial rise in demand for weapon mounts in the coming years as the world starts shifting toward normalcy.
Asia-Pacific and the Middle Eastern countries like India, Japan, UAE, and others have ambitious plans to manufacture many armored mounted vehicles. However, the procurement process is at a halt due to the COVID-19 pandemic. Slowing down of major defense buyer countries' economies due to coronavirus will impact their defense budget, which will directly affect the weapon mounts market.