The worldwide market for non-lethal biochemical weapons is moderately consolidated in nature with two companies holding 57% shares in 2015, according to a fresh business and commerce report by Transparency Market Research (TMR). The analysts of the report have identified Raytheon Companies and General Dynamics Corporation as two of the leading companies ahead of the curve in the global non-lethal biochemical weapons market, while it has also highlighted BAE Systems as the one which held the third position. Going forward, the intelligence report has anticipated that the positions of these three companies will change owing to changing dynamics wherein research and development of innovative products is of great essence.
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If the projections of the TMR report are to be believed, the demand in the global non-lethal biochemical weapons market will multiply at a notable CAGR of 8.0% during the forecast period of 2016 to 2024. The analysts have evaluated that the market was worth US$1.17 bn in 2015 and have estimated that the opportunities will translate into a revenue of US$2.32 bn by the end of the forecast period, which is 2024. As far as the futuristic competitive landscape is concerned, a few new entrants are expected to make a foray into the market, although the aforementioned three key companies are expected to retain their leadership positions owing to their well-established geographical presence.
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Growing cases of cross-border tensions between a number of neighboring countries and consequently incremented defense budget of these countries is the primary driver of the global non-lethal biochemical weapons market. The usage of sophisticated weapons to maintain law and order is aiding to the demand. These since non-lethal biochemical weapons do not cause casualty but effectively works as far as rattling the protectors or attackers is the factors that is augmenting its adoption. In addition to that, increased investment by the leading companies to develop innovative products is expected to yield results during the forecast period. Increasing political disputes and civil unrests, growing acts of terrorism in a number of European countries, and militarization of law enforcement agencies are some of the other factors reflecting positively on the global non-lethal biochemical weapons market.