Ammunition Market to Fetch US$14.8 Bn by 2021 as Exacerbating Geopolitical Conflicts Spur Sales
Albany, NY -- (SBWire) -- 10/02/2018 --Concerns over terrorism are escalating in several regions across the world and especially in Europe. Terrorist disturbances are growing in count and government bodies are doing what they can to curb it. This includes increasing expenditure on ammunitions of all types and calibers. Countries such as South Korea, Indian, China, and Pakistan are also increasing their spending on ammunition due to disturbances created by neighboring countries.
A related event is the growing pace of the arms race in countries from the Middle East and Africa, and Asia Pacific. Several countries from these regions are strengthening their troop count as well as modernizing their military equipment. This growing arms race is creating a very high demand for ammunitions, further driving its global market.
However, the U.S. and several European countries are on their way to steadily demilitarizing themselves, a move which started after the Iraq and Afghanistan wars. The demilitarization, coupled with the recent economic meltdown, have caused North America and Europe to lose share values in the global ammunition market.
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The resultant effect of all the above factors and more can be seen in a predicted CAGR for the market's revenue, which is 3.7% from 2015 to 2021. By the end of 2021, the revenue is expected to reach US$14.87 bn.
Although North America and Europe currently hold leading shares in the market value for ammunitions, their growth rate is expected reduce over the coming years due to substantial reductions in overall demand. At the same time, the demand for ammunitions is expected to increase rapidly in Asia Pacific and the MEA region. By the end of 2021, the share of ammunitions revenue held by Europe will be 31.78%.
At the moment, most of the demand for ammunitions in Europe is coming from the strengthening of national defense forces to combat the rising waves of terrorism. Both North America and Europe are currently focusing more on the replacement and refurbishment of older weapons and ammunitions, creating a moderate demand for new ammo. The current largest market for ammunitions lies in Russia, a country which is expected to maintain its leading position till 2021.
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