June 19, 2018
WELLESLEY, Mass., June 19, 2018 – Due to rapid economic growth in China and India, rising military tensions, terrorism and political upheaval that is happening within the Middle-East and Africa, the global market for weapons manufacturing is growing, according to a new report from BCC Research.
The global market for weapons manufacturing was worth $115.8 billion during 2017. It is estimated to be valued at $130.5 billion by 2022, indicating a compound annual growth rate (CAGR) of 2.4%, according to Weapons Manufacturing: Global Markets to 2022.
Major industry leaders mentioned in this report include Lockheed Martin Corp., BAE Systems, The Raytheon Co., Northrop Grumman Corp. and The Boeing Co., among many others.
“Going forward, rising technological advancements in military activities and defense operations will drive the weapons manufacturing market,” the report notes. “Countries and companies across the world are expected to invest heavily in the research and development of advanced technologies. Major technological advances pertaining to weapon systems include smart gun technology which requires user identification through RFID and biometric technology corner short rifles allow users to bend gun frame which exposing themselves to enemy fire and autonomous weapon systems.”
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Weapons Manufacturing: Global Markets to 2022( MFG053A )
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