According to a report by the Stockholm International Peace Research Institute (SIPRI), overall global military expenditure has shot to $1,917 billion in 2019 that is a gradual increase of 3.6% from 2018.
Additionally, the five largest spenders along with Saudi Arabia and Russia accounted for about 62% of the total expenditure. Furthermore, the United States registered the highest military spend that was a staggering $732 billion in 2019, a growth of over 5.3% from 2018, while holding nearly 38% of the total military spending. International threats and political tensions are propelling the countries to modernize their military with high-tech and advanced weaponry systems. The acute focus on strengthening their military prowess by the government agencies that include increased military budget will drive the market growth during the forecast period.
The global antenna, transducer and radome market size is likely to exhibit a CAGR of 10.2% between 2020 and 2027.
Among the regions, North America held the largest market of USD 4.68 billion in 2019 and is expected to gain major global antenna, transducer, and radome market revenue in the forthcoming years. This is ascribable to factors such as high spending for modernization of military in the U.S. Furthermore, the large presence of established manufacturers providing original equipment in the region will aid market growth. On the other hand, Asia-Pacific is likely to gain momentum during the forecast period. This is attributable to factors such as high demand for surveillance technology owing to increasing infiltration by the terrorists. Moreover, growing impetus on the modernization of the military to flex military muscle in countries such as China and India will bode well for the market growth between 2020 and 2027.
List of the Companies Proliferating in the Market:
- BAE Systems (The U.K.)
- Cobham plc. (The U.K.)
- General Dynamics Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- L-3Harris Technologies Inc. (The U.S.)
- Leonardo S.p.A (Italy)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Company (The U.S.)
- Thales Group (France)
They are compact guns and can include rifles, handguns, light machine guns, and shotguns.
The purpose of small arms can vary from defense to sports.
They are normally used by military personnel and police.
The increasing adoption of small arms will have a direct impact on the growth of the overall market in the coming years.The global small arms market size is projected to reach USD 6.52 billion by the end of 2027.
List of companies profiled in the report:American Outdoor Brands CorporationFabbrica d'Armi Pietro Beretta S.p.A.FN HERSTALGeneral Dynamics CorporationHeckler & Koch GmbHLockheed Martin CorporationNorthrop Grumman CorporationSturm, Ruger & Co., Inc.Taurus International Manufacturing, Inc.Thales Group Industry Developments:February 2019- Portugal announced that it has signed a contract of worth USD 50.3 million with FN Herstal.
The contract will be aimed at the distribution and development of 1,000 5.56x45mm rifles and 300 new 7.62x51mm rifles.
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