The weapon mounts market in Asia Pacific was valued US$ 296. 9million in 2019 and is projected to reach US$ 554. 7million by 2027; it is expected to grow at a CAGR of 10. 31% from 2020 to 2027. This region boasts of some of the largest aircraft fleet countries such as China, Japan, and India.
New York, July 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Weapon Mounts Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Mount Type ; Platform ; Mode of Operation and Country" - https://www.reportlinker.com/p05934784/?utm_source=GNW
In 2019 China and India were the second- and third-largest military spenders respectively, around the world. China’s military expenditure accounted US$ 261 billion in 2019, which is a 5.1 per cent increase when compared with 2018, while India’s military expenditure grew by 6.8 per cent to reach US$ 71.1 billion in 2019. India’s rivalry and tensions with both China and Pakistan are among the major factors for its increased military spending. In addition to India and China, Japan which accounted US$47.6 billion and South Korea with $43.9 billion were the largest military spenders in the Asia and Oceania.
Further, according to the Indian government, the country is expected to continue to increase its defense spending, through a defense budget of ~US$44.6 billion for 2019-2020, up 9.3%. Over the next five years, the country is also planning to spend nearly US$130 billion to strengthen combat capabilities and modernize armed forces. For instance, in May 2020, India unveiled its plan to switch to locally-made fighter jets. Owing to this, the country’s air force is finalizing plans to invest indigenously developed Light Combat Aircraft, Tejas to boost the competence of its aging combat aircraft fleet. Further, the induction of jets is expected to help India emerge as a key defense exporter owing to its relatively low price. Moreover, in 2019, Indian Army signed a deal for six AH-64E Apache attack helicopters with U.S. State department of worth US$930 million. Likewise, Japan and China are also focusing on strengthening their competencies in naval platforms, military equipment and aircraft manufacturing capacity during the forecast period.
In terms of mount type, the static mount segment led the Asia Pacific weapon mounts market in 2019 the largest share, and it is expected to continue to be the largest shareholder during the forecast period. However, the non-static mount type segment is expected to grow at the highest CAGR in the weapon mounts market during the forecast period.The static mounts are the non-portable weapon support components, which are either directly mounted to the ground, on a fortification, or as part of aircraft, vehicle, or naval vessels. The different types of static mounts include, turret, casemate, coaxial, fixed, pintle, remote weapon station, and swing arm. Turret is a rotating weapon platform, which is installed to protect the crew or mechanism of the weapons while letting the weapons to be aimed and fired in several directions.
The Asia Pacific weapon mounts market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Asia Pacific weapon mounts market with respects to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific weapon mounts market. A few of the players operating in the Asia Pacific weapon mounts market are AEI Systems Ltd., CRSystems Inc, Engine Engineering Company, FN HERSTAL, Troy Products, Leonardo, ISTEC SERVICES LTD, Military Systems Group, Inc., TMIL-systems, and WE Platt.
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