Which geographies can be the potential revenue-generating pockets for the ammunition market?
Northrook, IL -- (SBWIRE) -- 11/26/2019 -- The ammunition market is projected to grow from USD 25.9 billion in 2019 to USD 32.3 billion by 2025, at a CAGR of 3.73% from 2019 to 2025.
Rising demand for ammunition due to increasing military spending, ongoing military modernization programs, and increasing instances of cross-border conflicts and terrorist activities across the globe are major factors driving the growth of the ammunition market.
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"The defense segment is projected to lead the ammunition market during the forecast period."
Based on application, the ammunition market has been segmented into defense and civil & commercial. The civil & commercial segment is projected to grow at a higher CAGR as compared to the civil & commercial segment from 2019 to 2025. Sporting segment is expected to lead the civil & commercial ammunition market in North America. The increasing use of ammunition for sports and hunting activities in the North American and European regions is fueling the growth of this segment of the market.
The military segment of the ammunition market in defense consists of ammunition such as artillery shells, mortars, grenades, bullets, and aerial bombs used by land, naval, and airborne forces. Increasing procurement of small caliber ammunition such as bullets and mortars along with high adoption of guided ammunition worldwide is adding to the growth of defense ammunition market.
"The small segment of the ammunition market is projected to grow at the highest CAGR as from 2019 to 2025."
Based on caliber, the market has been segmented into small, medium, large, and others. The small segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to increased use of small caliber ammunition by civilians and homeland security personnel, owing to less lethality of these ammunition. Moreover, open online market places for small arms and ammunition and increased procurement of small caliber ammunition by the defense and homeland security sectors to curb rising instances of armed conflicts are also contributing to the growth of this segment.
"The bullets segment is estimated to account for the largest share in 2019."
Based on product, the bullets segment is estimated to account for the largest share of 50.2% of the ammunition market, followed by artillery shells, aerial bombs, mortars, grenades, and others segment in 2019. Bullets are metal projectiles, which are fired from rifles, revolvers, or some other firearms. They are measured in terms of caliber, which indicates the internal diameter or bore of the gun barrel. Bullets are majorly cylindrical in shape and normally do not contain explosives in them. They are generally made from copper, lead, steel, polymer, rubber, and wax, among others. Bullets are used by armed forces and law enforcement agencies. They are also used for sports and hunting activities. Northrop Grumman (Orbital ATK Inc.), Olin Corporation, General Dynamics Corporation, Nammo AS, BAE Systems, Vista Outdoor Inc., and Nexter are some of the major manufacturers of bullets.
"The Asia Pacific ammunition market is projected to grow at the highest CAGR during the forecast period."
The Asia Pacific ammunition market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region. One of the major factors driving the growth of the Asia Pacific ammunition market is ongoing military modernization programs in major economies such as India and China of the region. Moreover, increasing incidences of territorial and armed conflicts in the Asia Pacific region have led major economies to adopt strong measures to protect their land as well as the population. These countries are focusing on enhancing their military capabilities by procuring advanced warfare equipment and ammunition, along with improved training programs for their armed forces. This has led to increased demand for battle tanks ammunition and artillery ammunition, among others in the region. China, India, South Korea, and the Philippines are some of the countries, who have initiated military modernization and training programs. With rising hostilities between countries in the region, the demand for small caliber, medium caliber, large caliber, artillery, and mortar ammunition is expected to grow significantly in the coming years.
Major players profiled in the report on the ammunition market include Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany), among others.
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