SELBYVILLE, Del., Oct. 10, 2024 (Globe Newswire) — The ammunition market will be valued at USD 30.6 billion in 2023 and grow to USD 48.8 billion by the end of 2032, according to a recent study by Global Market Insights Inc. is predicted to reach. .
Increasing terrorist activities and cross-border conflicts have increased the demand for ammunition. The government and military are increasing their procurement of ammunition for counter-terrorism operations and strengthening border security. For example, the Global Terrorism Index (GTI) reports a 17% increase in attacks in 2021 compared to the previous year. Rising global military budgets and defense spending are increasing the demand for ammunition. In response to rising geopolitical tensions, countries are pursuing comprehensive military modernization and increasing defense spending.
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The overall ammunition industry is categorized on the basis of product type, application, and region.
The ammunition market is segmented by product type into medium caliber, artillery, small caliber, large caliber, and mortar. In 2023, the small caliber ammunition segment led the market with a revenue of $13 billion and is projected to grow at a CAGR of 5.3% from 2024 to 2032. Demand for small caliber ammunition is driven by shotgun pistol, assault rifle, and rifle applications. ,revolver. Additionally, the demand for small caliber ammunition is increasing as security forces respond to the escalation of armed conflicts, which is poised to further drive market growth.
Based on application, the ammunition market is divided into defense segment and civil segment. In 2023, the defense sector captured a market share of 56% and is projected to grow at a CAGR of 5.2% from 2024 to 2032. Geopolitical tensions and military conflicts have created a strong demand for ammunition and strengthened defense operations and national security. Additionally, global military modernization efforts are facilitating consistent procurement of modern ammunition to ensure weapon upgrades and maintenance of readiness.
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In 2023, North America led the ammunition market with a revenue of $12.7 billion and is projected to grow at a CAGR of 5.1% from 2024 to 2032. The increase in ammunition consumption in the region is attributed to the growing terrorist threat and increased tolerance of firearms. law. Both the defense and private sectors are working hard to strengthen security and preparedness. Additionally, increasing sports and hunting activities are anticipated to play a pivotal role in expanding the market.
Ammunition market players
Companies such as BAE Systems, CCI, Denel, Elbit Systems Ltd., Global Ordnance, Magtech, NAMMO AS, Nexter Munition, Northrop Grumman Corporation, Olin Corporation, Orbital ATK Inc, Poongsan Corporation, Remington Arms Company, and Ruag Ammotech are working on the project. Masu. ammunition industry.
Ammunition Industry research report includes detailed industry coverage with revenue (USD Billion) and sales volume (Million Units) estimates and forecasts from 2018 to 2032 for the following segments: .
By market, product type
small caliber medium caliber large caliber artillery mortar
By market and application
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting services provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports provide our clients with insightful insights and actionable market data specifically designed and presented to support strategic decision making. These comprehensive reports are designed with unique research methodologies and are available for key industries such as chemistry, advanced materials, technology, renewable energy, and biotechnology.
