Non-lethal Biochemical Weapons Market by Regional Analysis, Key Players and Forecast 2024
The
global market for non-lethal biochemical is consolidated in nature.
In 2015, two dominant companies, namely General Dynamics Corporation
and Raytheon Companies, accounted for almost 57% share in the market.
BAE systems followed in the third position. The market shares of the
key companies are likely undergo considerable changes in the near
future on account of the ever-changing competitive dynamics.
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Report:
A
report by Transparency Market Research uncovers that the global
non-lethal biochemical weapons market will likely expand at a healthy
CAGR of 8.0% CAGR during the period between 2016 and 2024. Rising at
this rate, the market, which was worth US$1.17 bn in 2015 will likely
become worth US$2.32 bn by 2024.
Two
of the prominent end-use segments in the global non-lethal
biochemical market are law-enforcement agencies and military forces.
Among them, the military forces account for most of the demand and in
2015 held more than 82% of the overall market. In the years ahead
too, the segment is expected to hold on to its leading share on the
back of growing use of non-lethal biochemical weapons by military
forces due to the pressing need for crowd control in emerging
nations. Further, these weapons offer advanced methods to counter
internal security challenges too.
Geographically,
the key segments of the global market for non-lethal biochemical are
Europe, Latin America, North America, Asia Pacific, and the Middle
East and Africa. Of them, the Middle East and Africa bring about
maximum demand and accounted for about 35% share in the market in
2015.
Rise
in Cross-border Tensions Proving Beneficial for Market
Majorly
fuelling the global market for non-lethal biochemical weapons is the
increasing defense budget, worldwide, and the use of sophisticated
weaponry to maintain law and order. This is mainly on account of the
increased cross-border tension between nations these days. This has
also egged companies to come up with innovative weapons that are more
effective. As a result, demand for non-lethal biochemical weapons,
which are technologically advanced, is soaring. As per the lead
analyst of the TMR report, “Exceptional developments in biochemical
studies have led to the innovation of non-lethal weapons offering
unmatched efficiency.” With producers pouring in money on product
development to counter potential collateral impairment, the future of
the market looks upbeat.
Increasing
Role of Military in Peacekeeping Boosting Market as Well
Further,
rise in the number of military tasks beyond non-combatant zones along
with increasing role of military forces and law enforcement agencies
in peacekeeping purposes such as disaster management, controlling
civil unrests and riots, and countering insurgencies is having a
positive influence on the market as well. Such activities are most
prominent in countries of China, India, France, and the U.S.
Political upheavals in countries of Brazil, Israel, Eygpt, and
Ukraine also have had a positive impact on the market. This is
because non-lethal biochemical weapons help in dispersing violent
crowds sans physical harm or injury.
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