Adoption of Non-Lethal Biochemical Weapons Market to Soar Across Top Countries in the Globe
The worldwide market for non-lethal biochemical weapons is moderately consolidated in nature with two companies holding 57% shares in 2015, according to a trending business and commerce report by Research Reports Insights (RRI). The analysts of the report have identified Raytheon Companies and General Dynamics Corporation as two of the leading companies ahead of the curve in the global non-lethal biochemical weapons market, while it has also highlighted BAE Systems as the one which held the third position. Going forward, the intelligence report has anticipated that the positions of these three companies will change owing to changing dynamics wherein research and development of innovative products is of great essence.
If the projections of the RRI report are to be believed, the demand in the global non-lethal biochemical weapons market will multiply at a notable CAGR of 8.0% during the forecast period of 2016 to 2024. The analysts have evaluated that the market was worth US$1.17 bn in 2015 and have estimated that the opportunities will translate into a revenue of US$2.32 bn by the end of the forecast period, which is 2024. As far as the futuristic competitive landscape is concerned, a few new entrants are expected to make a foray into the market, although the aforementioned three key companies are expected to retain their leadership positions owing to their well-established geographical presence.
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Based on operation, the research report insight’s report segments the global non-lethal biochemical weapons market into offensive, defensive, and genetic attack, whereas on the basis of end use, the market has been bifurcated into law enforcement agencies and military forces. The military forces segment provided for 82% of the demand in 2015 and is expected to hold its position throughout the forecast period. On the basis of product type, the market has been classified into directed energy and direct contact. Geographically, the region of the Middle East and Africa is currently most lucrative, generating 35% of the demand in 2015, closely followed by the developed region of North America. Asia Pacific has also been identified as a region of focus for the key players.
Increased Defense Budget of Emerging Economies Driving Demand
Growing cases of cross-border tensions between a number of neighboring countries and consequently incremented defense budget of these countries is the primary driver of the global non-lethal biochemical weapons market. The usage of sophisticated weapons to maintain law and order is aiding to the demand. These since non-lethal biochemical weapons do not cause casualty but effectively works as far as rattling the protectors or attackers is the factors that is augmenting its adoption. In addition to that, increased investment by the leading companies to develop innovative products is expected to yield results during the forecast period. Increasing political disputes and civil unrests, growing acts of terrorism in a number of European countries, and militarization of law enforcement agencies are some of the other factors reflecting positively on the global non-lethal biochemical weapons market.
Environmental Concerns Obstructing Market’s Prosperity
On the other hand, strict government regulations regarding the usage of certain chemicals for the harm they can cause to humans as well as the environment, decreasing defense budget of various developed countries, apprehensions among end users, and trafficking and indiscriminate use of non-lethal weapons are a few challenges obstructing the prosperity of the market. Nevertheless, the stockholder connected to the value chain of this market stand to gain from persistent research and development activities and by making a foray into the emerging economies.
As per the review is based on a RRI 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.”