Smoke Grenade Size to Hit $456.46 Million, Globally at 5.5% CAGR by 2031 - Exclusive Report by The Insight Partners
NEW YORK, Nov. 27, 2024 /PRNewswire/ -- The global smoke grenade market is set for explosive growth, with projections indicating a surge to $456.46 million by 2031. This remarkable expansion, driven by the growing adoption of handheld multi-shot grenade launcher as well as a requirement for the development of eco-friendly smoke grenades and the boosting governmental initiatives towards research & development activities for designing lightweight smoke grenade is creating opportunities for the smoke grenade market in the coming years.
According to a new comprehensive report from The Insight Partners, "the global Smoke Grenade Market Size and Forecast (2023 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Type (Burst Smoke, Micro Smoke, Wire Pull Smoke, Others); Application (Signaling, Screening and Obscuring, Riot Control); End-User (Military and Defence, Law Enforcement), and Geography". For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/smoke-grenade-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. Types of smoke grenade include hand operated and launcher operated. Smoke grenade manufacturers procure specific grades of materials from raw material supplier and process further to develop the final product.
Asia Pacific is projected to register a CAGR of 5.5% from 2023 to 2031. The market growth can be attributed to the rise in demand for smoke grenades in applications such as signaling, helicopter landing zone creation, screening, riot control, obscuring, and other commercial applications. In addition, the key factors driving the smoke grenade market growth include the growing demand from ground-to-air signaling, increasing military expenditure, and growing utilization of smoke grenades in commercial applications such as photoshoots, movie production, sports events, cultural events,
For More Information and To Stay Updated on The Latest Developments in The Smoke Grenade Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00006214/
Market Overview and Growth Trajectory:
Smoke Grenade Market Growth: The smoke grenade market size is projected to reach US$ 456.46 million by 2031 from US$ 297.24 million in 2023. The market is expected to register a CAGR of 5.5% during 2023–2031. The rise in demand for signaling applications, specifically for ground-to-air signaling, is one of the major factors driving the growth of the smoke grenade market across different regions. This is further fueled by the need for smoke signaling in search and rescue operations. The longer operational capability of smoke grenades provides suitable capability to the search and rescue teams to provide operational support for their respective operations at remote or urban locations. Helicopters, vertical take-off and landing (VTOL) aircraft, and parachuting applications require signaling for which smoke grenades are used. The rising number of aircraft and VTOL aircraft operations, propelled by the increasing fleets of helicopters and VTOL aircraft, is generating the need for more volumes of smoke signals, further propelling the growth of the smoke grenade market across different regions.
Rising Global Military Expenditure: The defense budget allocation supports army and military forces to procure advanced technologies and equipment from domestic or international developers. There is an increase in military and army vehicle upgrades owing to the growing defense budget allocation. Furthermore, the increasing governmental expenditure showcases governments' focus on strengthening national security forces. There is an increased need to reinforce military and border security forces with advanced surveillance, communication, navigation equipment, artilleries, armaments/ammunitions, and vehicles, among others; hence, military forces worldwide are focusing on investing significant amounts in procuring pyrotechnic munitions and other less lethal products. Defense forces' constant inclination to acquire new technologies for noncombat and combat operations further boosts military expenditure worldwide.
Rise in Commercial Applications: The rise in commercial applications of smoke grenade products is expected to bring another significant trend in the smoke grenade market. The increasing use of smoke grenades in photography, amateur filming, movie shoots, weddings, and other occasions propels the adoption of smoke grenades for multiple commercial applications. Another major commercial application of smoke grenade is paintball gaming arenas, which involve several non-lethal weapons and ammunition to provide a lifelike simulation for the players. Further, commercial security forces use smoke grenade cartridges to control an emergency, provide security to VIPs, or handle emergency crowd/riot control situations. Such factors have been pushing the growth of smoke grenade market for commercial applications.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
Smoke Grenade Market Segmentation, Applications, Geographical Insights:
- Based on type, the smoke grenade market is classified into hand-operated and launcher-operated. The hand-operated segment held the largest share of the market in 2023.
- Based on application, the smoke grenade market is categorized into signaling, screening and obscuring, riot control, and others. The signaling segment dominated the market in 2023.
- Based on end user, the market is categorized into military & law enforcement and commercial. The military and law enforcement segment held a larger share of the market in 2023.
Key Players and Competitive Landscape:
The Smoke Grenade Market is characterized by the presence of several major players, including:
- Arsenal
- Rheinmetall AG
- HFI Pyrotechnics
- Chemring Group Plc
- CONDOR TECNOLOGIAS NÃO LETAIS
- Nammo AS
- NonLethal Technologies Inc
- Centanex Ltd
- 3rd Light Limited
- Wescom Group
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Smoke Grenade Market Recent Developments and Innovations:
- "Wescom Group announced the acquisition of PW Defence Ltd."
- "Wescom Group acquired Nottingham-based chemical detection technology company KeTech Defence Ltd."
- "EDGE and CONDOR Forged Partnership to Drive Growth in Non-Lethal Solutions"
Conclusion:
With projected growth to $456.46 million by 2031, the Smoke Grenade Market represents a significant opportunity for component, provides several stakeholders—including raw material providers, manufacturers, suppliers & distributors, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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