The new report by Expert Market Research titled, ‘Global Ammunition Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global ammunition market, assessing the market based on its segments like calibre segments, product types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): Nearly USD 21 Billion
- Forecast CAGR (2023-2028): 5%
The industry is being driven by the rising applications of ammunition in the defence, civil, and commercial sectors. The growing demand for ammunition from the defence sector can be attributed to the rising prevalence of terrorism, the increasing efforts made by nations to protect their sovereignty, the rising defence expenditure by governments to enhance military capabilities, and the surging cross-border conflicts. Moreover, the rising demand for ammunition from the civil and commercial sectors to counter criminal activities is projected to aid the market growth. The rising demand for small calibre ammunition for heavy and medium machine guns is anticipated to provide further impetus to the market growth in the forecast period.
Industry Definition and Major Segments
Ammunition is referred to the material that can be fired, scattered, dropped, or detonated from any weapon system. It is an integral and the most lethal part of the weapon system and can escalate or intensify an armed conflict. Bombs, missiles, grenades, land mines, bullets, and warheads, among others, are some of the examples of ammunition.
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The different calibres of ammunition are:
- Small Calibre
- Medium Calibre
- Large Calibre
- Rockets and Missiles
The significant product types of ammunition in the market are:
The major applications of the product are:
- Civil and Commercial
The regional markets for ammunition include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Technological advancements and innovations in the defence sector are likely to fuel the global market for ammunition. These advancements are expected to enhance the precision and power of guns, rifles, bombs, rockets and missiles, among others, due to which the utilisation of ammunition is predicted to grow. The rising innovations in aircrafts, such as enhancing the attacking capabilities of fighter jets, is likely to be another key trend in the market for ammunition. Furthermore, the introduction of favourable government initiatives and the increasing focus of emerging economies to enhance their military capabilities are expected to invigorate the market growth in the forecast period.
Key Market Players
The major players in the market are Ammo, Inc., BAE Systems, General Dynamics Corp, Northrop Grumman Corporation, and Hanwha Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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