Non-Lethal Biochemical Weapons Market Poised to Rake in US $2.32 Bn by 2024
Transparency Market Research has announced the addition of the “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" report to their offering.
Albany, NY -- (SBWire) -- 12/20/2017 --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.
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.
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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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Serving to hinder the global market for non-lethal biochemical weapons, on the other hand, is the strict regulations surrounding their use and opposition from human rights associations. The increasing number of injuries from the use of biochemical weapons is also hampering demand.
This review is based on the findings of a TMR 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."
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