The weapon mounts market in Europe was valued US$ 363.9 million in 2019 and is projected to reach US$ 74.4 million by 2027; it is expected to grow at a CAGR of 8.01% from 2020 to 2027.
The rapid change in modern warfare has been urging the governments to allocate higher amounts towards respective military forces. The military budget allocation enables the military forces to engage themselves in the development of robust indigenous technologies, procuring advanced weapons, armaments, vehicles, and other equipment from international manufacturers. The solider and military vehicle modernization practices are peaking in the current scenario among most of the military forces in order to keep the personnel and vehicles mission-ready. With an objective to modernize soldiers and vehicles, the defense ministries across the globe are investing substantial amounts in newer technologies, including contemporary weapon mounts. This factor is boosting the growth of the weapon mounts market.The demand for various military equipment is on the rise as governments across the North American region are increasingly focusing on military modernization owing to the increasing security concerns. The sustained and uncertainty complexity of the international security environment worldwide is expected to boost defense spending by the authorities in the region over the next five years. Moreover, the US administration's increased emphasis on enhancing the military capabilities is expected to be one of the major growth drivers for defense spending in the coming years.
The weapon mounts market is a highly fragmented and competitive marketplace. The leading companies in this market continue to broaden their clientele by expanding their current offerings.Prominent players face an increasing level of competition, both from start-ups to leading established companies across the world. Several companies in the value chain are acquiring other players in the weapon mountsmarket to provide efficient services to its customers, and thus, to maintain or uplift their position in the market. The US Navy is increasingly awarding several contracts to leading players such as, BAE Systems and Boeing and focusing on modernizing the naval platforms. For instance, U.S. Navy awarded BAE Systems US$ 70 million contract for upgraded Mk 45-gun systems in 2019. Also, the other countries, Canada and Mexico are well equipped with military forces and hold ranking within top 25 largest military spenders. Thus, the significant investment in developing advanced weapons and equipment in navy, and aerospace, also increase the demand for weapon mounts at a moderate level. Thus, all the above-mentioned factors support the growth of weapon mount market in the current scenario.
The North Americaweapon mounts market is expected to grow at a good CAGR during the forecast period. The growing digitization and a large number of players focusing on developing efficient solutions are the major factors supporting the growth of the weapon mountsmarket in this region.
United StatesWeapon MountsMarket Revenue and Forecasts to 2027 ( US$ Mn)
North America Weapon mounts Market-Segmentation
Weapon Mounts Market - By Mount Type
- Static Mount
- Non-Static Mount
Weapon Mounts Market - By Platform
o Fixed Installation
o Dismounted Soldiers
o Aircraft Carriers
o Offshore Patrol Vessels
o Combat Aircraft
o Attack Helicopters
o Special Mission Aircraft
Weapon Mounts Market - By Mode of Operation
- Remotely Operated
Weapon Mounts Market- By Region
- North America
Europe Weapon mounts Market-Companies Mentioned
- AEI Systems Ltd.
- Engine Engineering Company
- FN HERSTAL
- Troy Products
- ISTEC SERVICES LTD
- Military Systems Group, Inc.
- WE Platt