Ammunition Market will exhibit a CAGR of 1.71% during the forecast period from 2020–2027, and reach USD 29.96 billion by 2027, and the Market value as per 2019 was USD 25.46 billion.
Fortune Business Insights™ in a new report, titled, “Ammunition Market Size, Share & COVID-19 Impact Analysis; by Application (Military & Homeland Security, and Civil & Commercial) By Caliber (Small, Medium, and Large) By Product (Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, and Others), By Component (Fuses& Primers, Gun Powder, Projectile, Cases, and Others) By Guidance (Guided, and Non-Guided) By Lethality (Lethal, and Less-Lethal) and Regional Forecast, 2020-2027.”
Ammunition Market Drivers and Restraint:
Growing Personal Safety Concerns and Increasing Shooting Ranges is Propelling Market Growth
Ammunition is mostly used in handgun, shotgun, and rifles with different calibers. Increasing procurement of small caliber ammo by civilians for personal safety and the growing number of shooting ranges would drive the growth of the market. Increasing terrorist activities and mass shooting incidence are leading to increased personal safety, which, in turn, is creating demand for handguns. Expansion of the shooting ranges industry due to fears of terrorism increased fears over stricter gun control laws, and political rhetoric would propel the growth of the market.
Political Conflicts, Geopolitical Tensions, and Cross Border Issues in Various Countries to Drive Growth
Growing incidence of geopolitical tensions, political unrest, and cross border conflicts, especially in the Middle East and Asian countries, would lead to the strengthening of the military forces. The expansion of the military and increased procurement of small, medium, and large-caliber ammunition would drive the growth of the global market. Large caliber ammo is mostly used in defense forces for combat operations in several countries such as Japan, Russia, South Korea, and others. Furthermore, manufacturers are increasing spending on R&D activities to develop technically advanced ammo, thus propelling the market growth.
List of Key Players Covered in the Ammunition Market Report:
- BAE Systems (The U.K)
- CBC Global Ammunition (Brazil)
- Denel SOC Ltd (South Africa)
- General Dynamics Corporation (The U.S.)
- Nammo AS (Norway)
- Nexter group KNDS (France)
- Northrop Grumman Corporation (The U.S.)
- Olin Corporation (The U.S.)
- Poongsan Corporation (South Korea)
- RAUG Group (Switzerland)
- Thales Group (France)
- Vista Outdoor, Inc. (The U.S.)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/ammunition-market-103481
Some of the key industry developments in the Ammunition Market Include:
- April 2015 – Orbital ATK signed a contract with the U.S. Army for tactical and target practice large and medium caliber ammo valued USD 120 million. The medium-caliber ammo orders included a range from 20mm, 25mm, 30mm to LW30mm ammo for multiple services for use with air, sea, and land weapons platforms
- January 2020– Elbit Systems Ltd. signed a five-year contract with the Israeli Ministry of Defense (IMOD) of worth USD 144 million for the supply of ammo to the country’s military forces.
