The global market for small arms is expected to grow into a $5 billion industry in five years as technological innovation moves forward and demand for non-defense use increases, new analysis from MarketsandMarkets revealed.
The analyst said Wednesday the report predicts a market that will grow at a rate of 4.17 percent year over year from 2014 to 2020.
The report highlighted the forecast on trends, challenges and major players for small arms in several categories and segments, including by firing system, mechanism, application and region.
It also identified licenses and regulations as a major hurdle for the market, both in owning small arms and in the export-import side of the business.
MarketsandMarkets said North America continues to dominate market share, with rising demand expected in Asia-Pacific as China, India and other emerging countries widen investments in defense and other applications.