By GlobeNewswire – Press Releases
Newark, June 05, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the ammunition market will grow from USD 26.31 Billion in 2022 to USD 39.09 Billion by 2032. The primary reason for the growth of the ammunition market is the increase in procurement of aerial bombs, bullets, grenades, artillery shells, etc, by the concerned regional authorities. The rising number of agreements between the defence industry and companies is leading to the growth of the ammunition market.
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Key Insight of the Ammunition Market
The North American region will account for the largest market size during the forecast period.
The North American region will hold a significant market share due to the rising number of stakeholders involved in the ammunition market. The growing investment in the modernization of armed forces in the region is one of the main factors propelling the ammunition market. North American nations, including the United States, have boosted their defence department budget to purchase cutting-edge ammunition. The market is expanding in the region due to a rise in R&D efforts to create ammunition with cutting-edge technology.
The large segment is expected to augment the market during the forecast period.
The caliber segment is divided into small, medium, large, missiles, rockets and others. The large segment is expected to augment the market during the forecast period. Direct-fire ammunition in the 120 mm, 105 mm, and 50 mm calibres is available in the large calibre ammunition. These large-caliber ammunition rounds are used, depending on the circumstance and the type of projectile, for a range of military missions.
The aerial bombs segment is expected to augment the market during the forecast period.
The product type segment is divided into aerial bombs, bullets, artillery shells, grenades, mortars and others. The aerial bombs segment is expected to augment the market during the forecast period. An explosive or incendiary weapon designed to fly through the air on a predetermined path is called an aerial bomb. Typically, engineers create bombs like these to be dropped from an aeroplane. The variety and intricacy of designs used in aerial explosives are immense.
The less-lethal segment is expected to augment the market during the forecast period.
The lethality segment is divided into lethal and less lethal. The less-lethal segment is expected to augment the market during the forecast period. Although less-lethal ammunition is meant to cause injuries, it has the potential to kill if it strikes a weak body part. Since less-lethal ammunition is frequently discharged from firearms, its use is governed by numerous restrictions.
The guided segment is expected to augment the market during the forecast period.
The guidance segment is divided into guided and non-guided. The guided segment is expected to augment the market during the forecast period. Precision-guided ammunition, also known as a smart weapon, is designed to hit a target precisely, reducing collateral damage and enhancing lethality against the intended target. Guided weapons are likely to destroy their targets per weapon dropped, even though they were typically utilized on more challenging targets.
The commercial segment is expected to augment the market during the forecast period.
The application segment is divided into civil and commercial and defence. The civil and commercial segment further includes hunting, self-defence and sports. The defence segment further includes law enforcement and military. The commercial segment is expected to augment the market during the forecast period. According to the FAA, any use of ammunition in connection with a business is classified as commercial ammunition. However, companies from various sectors have understood the numerous commercial uses for ammunition.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 26.31 Billion |
| Market Size in 2032 | USD 39.09 Billion |
| CAGR | 4.04% |
| No. of Pages in Report | 239 |
| Segments Covered | Caliber, Product Type and Application |
| Drivers | Increasing demand for ammunition in defence applications |
| Opportunities | Rising defence budget |
Market Dynamics
Driver: Increasing terror attacks across the world
There are concerning developments and trends that call for more efforts in the joint fight in response to terrorism. These trends are leading to transfer and diversion of small arms and light weapons to terrorists, the increasing prominence of IEDs in terrorist attacks, and the growing problem of terrorists using unmanned aerial systems. Attack lethality has increased by 26 per cent, making them more deadly. The biggest immediate asymmetric danger to world stability and prosperity, as well as the security of citizens, is terrorism. Terrorism is a continuous worldwide problem that transcends national boundaries and religious and national boundaries. Ammunition is a crucial component in combating terrorist attacks, and it’s critical to accurately identify the kind of ammunition that needs to be used for military purposes.
Restraint: Cost of procurement
The capital expenditure of ammunition is high, which acts as a restraint in the market. Some countries present in the developing and developed regions need help to cope with the high capital and maintenance costs. Ammunition is necessary for armed forces but cannot be afforded by many middle- and low-income countries to advance the military bases. These countries may also fall into the trap of trading illicit ammunition as it is cheaper than the original products.
Opportunity: Increasing number of modernization schemes by defence forces
The acquisition of platforms, technologies, and weapon systems is part of the Defence Armed Forces’ modernization process, which is ongoing and dependent on threat perception, operational requirements, and technological advancements to maintain the armed forces’ readiness to handle a wide range of security threats. Governments place the utmost importance on ensuring the armed forces are adequately outfitted to fulfil any operational demand. This is accomplished by introducing new equipment and modernizing capabilities through technology. Many countries have increased their military might by obtaining cutting-edge equipment and munitions in response to the rising number of armed domestic and international conflicts. Modernization plans are being used by the armed forces of growing countries, such as China, Saudi Arabia, Russia, India, and Turkey. This has led to a significant increase in defence spending on ammunition procurement and R&D initiatives in the armed forces, as well as modernization programmes to improve and upgrade inspection standards and improve firepower benefits in terms of range, mobility, precision, and lethality.
Challenges: Sales of illicit ammunition
The possible involvement in enabling the trafficking of ammunition has grown in the wake of recent terrorist acts in many regions. The most dangerous aspect of the sales of illicit ammunition is its ability to arm terrorists and criminals in secret, as well as obsessive and vulnerable people. According to the survey, almost 25% of the guns available for purchase on the dark web are imported from Europe.
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Some of the major players operating in the ammunition market are:
• F.N. Herstal
• Northrop Grumman Corporation
• Olin Corporation
• BAE Systems, Inc.
• General Dynamics Corporation
• Rheinmetall Defense
• Hanwha Corporation
• Nexter KNDS Group
• S.T. Engineering
• Vista Outdoor Operations LLC
• Remington Arms Company LLC
Key Segments Cover in the Market:
By Caliber:
• Small
• Medium
• Large
• Missiles
• Rockets
• Others
By Product Type:
• Aerial Bombs
• Bullets
• Artillery Shells
• Grenades
• Mortars
• Others
By Lethality:
• Lethal
• Less-Lethal
By Guidance:
• Guided
• Non-Guided
• Less-Lethal
By Application:
• Civil and Commercial
o Hunting
o Self Defense
o Sports
• Defence
o Law Enforcement
o Military
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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Source: GlobeNewswire – Press Releases