Global Non-lethal Biochemical Weapons Market: Expanding Defense Expenditure to Ramp up Growth, notes TMR
The global non-lethal biochemical weapons market is characterized by a consolidated competitive landscape, says Transparency Market Research (TMR). According to the study, the top three market players in 2015 were General Dynamics Corporation, Raytheon Companies, and BAE systems.
While it was General Dynamics who won the largest share in the global market for non-lethal biochemical weapons, Raythorn Company and BAE Systems occupied the second and third positions respectively. “As the market undergoes considerable transitions, the leading companies are likely to adopt various growth strategies to level up their status in the international market,” says the lead author of the research report.
The global market for non-lethal biochemical weapons was valued at US$1.17 bn in 2015. It is prognosticated to expand at a CAGR of 8.0% during the forthcoming period, reaching US$2.32 bn by the end of 2024.
Directed Energy Weapons (DEW) Segment Leads By Type
Based on product type, the global market for non-lethal biochemical weapons market was led by the directed energy weapons (DEW) segment, which held a share of 66.1% in the global market for non-lethal biochemical weapons in 2015. The current advancements in the domains of laser technologies and the emergence of microwave-based biochemical weapons are some of the primary growth drivers of the global market for non-lethal biochemical weapons. By geography, the Middle East and Africa held a share of 39% in the international market in the same year.
Changing Political Scenarios in Several Regions Assist Growth
The growing allocation of budget in the defense sector across the world has been one of the key catalysts of the global market for non-lethal biochemical weapons. This rise in military expenditure is because of growing cross-border tensions among different nations. Such a social scenario presents unlimited opportunities for the growth of the market, as the demand for advanced and innovative weapons is mounting rapidly.
Technological innovations in the field of non-lethal biochemical weapons has also been triggering demand. New players are continuously entering the global market for non-lethal biochemical weapons, thereby ensuring that the market expands. The leading market players are therefore acknowledging the need for investing in combating potential threats via the deployment of non-lethal biochemical weapons.
Military tasks are being performed beyond the combatant zones. As a result, the demand for non-lethal biochemical weapons is slated to rise over the forecast period. The market will also benefit from the extension of human assistance services from law enforcement and military forces. The military forces utilize non-lethal biochemical weapons in the times of riots, civil unrests, regional insurgencies, and natural and man-made disasters. Political upheavals in nations such as Chile, China, India, the U.S., Egypt, Israel, and France have been responsible for the expansion of the market as well.
On the flip side, the presence of strict regulations can stifle the growth of the global market for non-lethal biochemical weapons market. Stiff opposition for the deployment of these weapons from human rights organizations can also restrict the expansion of the market. The growing number of people suffering from injuries caused by non-lethal biochemical weapons is yet another market restraint. However, the market is expected to gain traction as the importance of armed forces increases due to the changing political scenarios.
The information presented in this review is based on a Transparency Market Research report, titled, “Non-lethal Biochemical Weapons Market (Operation -Defensive, Offensive, and Genetic Attack; Product - Directed Energy and Direct Contact; End Use - Military Forces and Law Enforcement Agencies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”.
Key segments of the Global Non-lethal Biochemical Weapons Market
Global Non-lethal Biochemical Weapons Market, by Operation Type
- Genetic Attack
Global Non-lethal Biochemical Weapons Market, by Product Type
- Directed Energy
- Direct Contact
Global Non-lethal Biochemical Weapons Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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