Ammunition Market Overview:
Global Ammunition Market size and share is currently valued at USD 27.65 billion in 2023 and is anticipated to generate an estimated revenue of USD 39.31 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 4.0% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Geopolitical Tensions and Defense Expenditures: Ongoing geopolitical conflicts and regional tensions have led nations to bolster their defense capabilities, resulting in increased procurement of ammunition. For instance, Rheinmetall, a German arms manufacturer, aims for €20 billion in sales by 2027, driven by heightened defense spending in NATO and EU countries.
- Modernization of Military Forces: Armed forces worldwide are upgrading their arsenals with advanced weaponry, necessitating compatible and sophisticated ammunition. This modernization effort ensures military readiness and effectiveness in contemporary combat scenarios.
- Rising Incidences of Terrorism and Internal Security Threats: The escalation of terrorist activities and internal security challenges compels governments to equip law enforcement and military personnel with adequate ammunition to maintain national security.
- Civilian Demand for Recreational Activities: The popularity of shooting sports and hunting has spurred civilian demand for ammunition. However, this segment is subject to regulatory measures and societal attitudes toward firearm ownership.
- Technological Advancements in Ammunition: Continuous research and development have led to the creation of precision-guided munitions and environmentally friendly ammunition, enhancing effectiveness and reducing collateral damage.
- Defense Industry Collaborations and Acquisitions: Strategic partnerships and acquisitions, such as the Czech defense group Czechoslovak Group’s (CSG) $2.23 billion takeover of U.S. ammunition maker Kinetic, expand market reach and capabilities.
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Key Companies in Ammunition Market:
- BAE Systems
- CBC Global Ammunition
- Elbit Systems
- General Dynamics Corporation
- Nammo AS
- Nexter KNDS group
- Northrop Grumman Corporation
- Olin Corporation
- Rheinmetall AG
- Ruag Ammotec
- ST Engineering
- Thales Group
Ammunition Market Segmentation:
Ammunition Market, Product Outlook (Revenue, USD Billion, 2019-2032)
- Bullets
- Aerial Bombs
- Grenades
- Artillery Shells
- Mortars
Ammunition Market, Application Outlook (Revenue, USD Billion, 2019-2032)
- Defense
- Military
- Homeland Security
- Civil & Commercial
- Sporting
- Hunting
- Self-Defense
- Others
Ammunition Market, Component Outlook (Revenue, USD Billion, 2019-2032)
- Fuzes & Primers
- Propellants
- Bases
- Projectiles and Warheads
- Others
Ammunition Market, Guidance Mechanism Outlook (Revenue, USD Billion, 2019-2032)
- Guided
- Non-guided
Ammunition Market, Lethality Outlook (Revenue, USD Billion, 2019-2032)
- Lethal
- Less-lethal
Ammunition Industry Developments:
- June 2023:
NIOA, a leading defense contracting company, announced plans to expand its partnership with the Australian Army for the supply of 155mm ammunition. This move strengthens NIOA’s role in supporting Australia’s defense capabilities.