North America was the largest region in the weapon manufacturing market in 2017, accounting for 50.9% share in the market. North America led by US dominates the global weapons market in terms of expenditure and technological advances. Investments in missile defense programs in the regions are increasing, and are expected to continue to increase in the near future, thus generating a high demand for radar systems. Asia Pacific was the second largest region accounting for 25.2% share in the market. The geopolitical instability & the growing territorial and maritime conflicts in Asia-Pacific region is driving the demand for radars and weapons in the countries, such as China, India, Australia, and Japan, to enhance their inventory of arms and weapons, and, to track and identify unauthorized entry of aircrafts and ships into the country. South America was the smallest region accounting for 0.5% share in the market.
Smart Gun Technology
Smart gun technology is gaining the attracting the interests of the manufacturer in the recent times. The technology will reduce accidental and criminal shootings due to its safety features that allows firing by authorized users only. A gun is implanted with a radio-frequency-identification devices (RFID) chip reader that connects wirelessly with a watch or wristband, when in a definite range, to activate it. This gun is activated through a 5-digit PIN code for a set period. Biometrics technology is also used for smart guns. Arms manufacturer such as Armatix and iGun Technology Corp are pursuing such technological advancements to provide the market with smart guns.
Weapon industry comprises establishments engaged in the manufacturing of weapons such as small arms and ammunition other ordnance, and/or ordnance accessories, bombs, depth charges, rockets (except guided missiles), rocket launcher, grenades, mines, torpedoes and other military knives and other non-gun powder weapons.
Companies Covered: Northrop Grumman, General Dynamics Corporation, BAE Systems PLC
Market Segments Included: Explosives, Rockets, And Mortars, Manual Small Arms, Semi-Automatic Small Arms, Other Gun Powder Weapons, Artillery, Automatic Small Arms, and Non-Gun Powder Weapons
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