The global ammunition market size is expected to reach USD 26.91 billion by 2028 according to a new study by Polaris Market Research. The report “Ammunition Market Share, Size, Trends, Industry Analysis Report, By Product (Aerial Bombs, Artillery Shells, Bullets, Grenades); By Type; By Caliber; By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing military expenditure coupled with growth in growth in terrorist activities & drug trafficking drives the growth of the ammo market. Increasing occurrences of unrest in society, modernization of army warfare, and greater use of the product for personal safety further boost demand for the product.
The demand for the small caliber segment is expected to be high during the forecast period. This product segment is used by the defense, sports, and hunting sectors. The U.S. army collaborates with small companies for the development of small caliber technologies.
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The demand for medium caliber product segment is also expected to increase in the coming years owing to its greater penetration, and efficiency. Governments across the globe are investing in improved warfare and procurement of guns & rifles.
The applications of the product include defense and civil & commercial. The defense segment is expected to account for a major share during the forecast period. An increasing number of terrorist activities, greater instances of cross-border conflicts, and increasing military spending are some factors contributing to the industry growth.
Industry players are collaborating with each other for research and development, strengthening their presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged the industry participants to leverage new technologies for the development of high-quality products.
Polaris Market Research has segmented the ammunition market report on the basis of product, type, caliber, application, and region:
Ammunition, Product Outlook (Revenue, USD Billion, 2016 - 2028)
Ammunition, Type Outlook (Revenue, USD Billion, 2016 - 2028)
Ammunition, Caliber Outlook (Revenue, USD Billion, 2016 - 2028)
Ammunition, Application Outlook (Revenue, USD Billion, 2016 - 2028)
Ammunition, Regional Outlook (Revenue, USD Billion, 2016 - 2028)