The global weapon mounts market size is expected to stand at USD 1.9 billion by 2027, expanding at a CAGR of 6.4%, according to a new report by Grand View Research Inc. The growing need for assembly of ammunition on defense vehicles to tackle war situations in remote locations is expected to drive the market in the estimated time.
Increasing defense practices across the major geographies and rise in political instabilities among the major countries are expected to support the demand. Moreover, the rising prevalence of keeping updated war equipment and increase the defense inventory is likely to create growth prospectus for the market.
The rise in the territorial and political conflicts between major economies is expected to encourage the enhancements of their respective naval, air force, and military operations. Installation of machine guns and specialty ammunition on the aircraft, military trucks, and other vehicles are likely to influence the market over the forecast period.
Technological advancement in the mounting mechanism for its stability and convertibility is expected to pose a growth scope for the market. Moreover, the introduction of remotely operated mounts and moving mechanism to allow the ammunition to operate in any direction is likely to support industry growth in the projected time.
Asia Pacific dominated the market and accounted for the largest revenue share in 2019. This is owing to increasing investments in defense operations by countries including India, China, Japan, and South Korea, and Pakistan in the region. In addition, rising demand to strengthen defense capabilities owing to growing tensions between the countries in the region is anticipated to propel market growth in the coming years.
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Further key findings from the report suggest:
- The non-static mounts segment is projected to grow significantly over the forecast period owing to its increasing utilization in all types of platforms. Installation of ammunition on vehicles and growing need for aim stability is expected gain share for the segment
- In U.S., the ground platform segment stood at USD 80.3 million in 2019 and is expected to grow significantly in the estimated time. Expansion of military tools and increasing investments in defense systems is likely to support demand
- In 2019, manned operation segment accounted for the largest share owing to its prominence in the target aiming. Modern machine guns are installed with these mounts for stability and prominent aiming
- The static mounts segment is expected to register highest growth rate in the projected time on account of its prominent use in weapon installation and compatibility
- Conflicts between U.S. and Iran are anticipated to enhance the military capabilities of the respective economies. Thereby, is expected to support the market over the forecast period.