Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The live fire range market is growing as a result of this industry's increasing use of virtual reality technologies. The demand for live fire training has also increased due to the rise in terrorist attacks and mass shootings. The purpose of this is to allow for live fire training so that individuals can know how to react and adapt in these kinds of situations.
An area where firearms are shot is known as a live fire range. It could happen inside or outside. Military and law enforcement officers are primarily trained at live firing ranges. Further, it can be utilized for leisure pursuits like target practice and professional shooting. Additionally, live firing ranges can be used for research and development by gun manufacturers. Due to the increased interest among citizens and police enforcement organizations around the world in firearms and shooting instruction, this business is expanding.
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Top competitors in the Live Fire Range market:
- MILO Range Trainers
- Northrop Grumman Corporation
- Global Firepower
- Meggitt PLC & QinetiQ Group plc.
- Axon Enterprises, Inc.
- Raytheon Company
- CompTIA, FATS, Inc.
- Laser Shot Holdings, Ltd.
- LockNLoad Range
- Firearms Training Systems, Inc.
- SAA International, Inc.
Live firing ranges provide opportunities for practicing with and mastering the usage of weapons. The hardware facilities include things like targets, shooting ranges, backstops, ballistic containment systems, and weapons cleaning facilities. Some of the software and services offered include ballistics modelling, range control, and scoring systems. Government agencies use live fire ranges to train their security forces and military personnel. Shooters individually utilize these ranges for training and competitive shooting.
The market for live fire ranges is expected to grow at a CAGR of 6.3% from 2019 to 2029, reaching a projected value of USD 25.7 billion. The growth of this market can be attributed to the rise in demand for weapons and shooting education among individuals and law enforcement agencies worldwide. Due to the rising usage of virtual reality innovation in this sector, the market for live fire facilities is also flourishing.
The industry is home to several well-known, illustrious businesses. These rivals are using a range of organic and inorganic growth strategies, such as partnerships, acquisitions, mergers, new product launches, and expansions, to boost their market positions. To provide novel solutions, they are also focusing on research and development initiatives.
The software services market is anticipated to grow at the highest CAGR during the projection period as a result of the growing use of virtual reality technology in live fire training. Due to the increased demand for better training programmes and infrastructure from the military, law enforcement, and civilian shooters, this market segment is growing.
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The Live Fire Range market is primarily split into:
- Software Services
- Hardware Facilities
The Live Fire Range market applications cover:
- Individual
- Government
Throughout the projected period, the individual industry is anticipated to grow at a quicker CAGR as more people become interested in firearms and shooting sports. Along with being used for training by the military and law enforcement, live firing ranges are also increasingly being used for recreation, which is expected to drive market expansion in this application category.
As a result of the rising demand for firearms in nations like China and India, the Asia Pacific region is anticipated to develop at the highest CAGR during the forecast period. Large landholdings and inexpensive labour are other characteristics that are anticipated to support market expansion in this area.
Meggitt PLC acquired the Israeli company FST21 Ltd. in 2019, which specialises in access management and security solutions utilising artificial intelligence (AI). Meggitt believes that this acquisition will help it expand both its clientele and product offering. The enterprises' standing in the Israeli military-industrial complex will also be strengthened.
In September 2019, the Swedish Defense Material Administration (FMV) granted Saab AB a contract to provide the Swedish Air Force with 12 Caracal light attack aircraft. The 4.5 billion SEK transaction will help to improve Sweden's military prowess.
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