Ammunition Market Forecast to 2028
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Ammunition Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product, Application, Guidance, Lethality, and Caliber [Small Caliber Ammunition, Medium Caliber Ammunition, and Large Caliber Ammunition ]- https://www.reportlinker.com/p06321012/?utm_source=GNW
The ammunition market players in this region are focusing their efforts on the development of advanced ammunition, such as precision-guided missiles and mortars.
European countries procure artillery and mortar systems to protect their borders against illegal intrusions and several forms of trafficking. The presence of ammunition market players such as Nammo AS, Nexter Group, Rheinmetall AG, Rostec State Corporation, Thales Group and many others, is meeting the demand across the European region.
The presence of these major ammunition market players has paved the way for the growth of companies producing air bombs, grenades, artillery shells, mortars and others. Additionally, the growing inclination of manufacturers towards the production of artillery systems, mortar systems, firearms, smart weapons, and other equipment is propelling the growth of ammunition market in Europe.
The Russian arms/ammunition industry is one of the largest in the world, as its ammunition is cheaper and easier to maintain than available alternatives. The country ranked second and accounted for 19% of global ammunition exports in 2017-2021.
However, ammunition manufacturing in Russia depends on various international suppliers of raw materials and components. countries.
Additionally, Russia’s invasion of Ukraine has encouraged governments of other countries to offer order contracts to regional or domestic manufacturers. .
As Russia’s main arms/ammunition customers are Vietnam, Myanmar, Indonesia and Malaysia, the declining production volume of Russian manufacturers would force their governments to buy from China or India.
Impact of the COVID-19 pandemic on the global ammunition market
During the COVID-19 pandemic, the firearms and ammunition industry has seen a significant increase in the purchase of ammunition and firearms from commercial and defense applications. The pandemic has caused a shortage of raw materials such as primers, casings and energy.
Additionally, the unprecedented demand for ammunition during the pandemic has caused ammunition shortages in countries such as the United States, China, and other major military spenders. Additionally, the shortage did not hamper supply on the defense side as these supplies were contractual transactions.
However, the commercial aspects of the ammunition market have experienced huge shortages due to an increase in the demand for ammunition and lack of production capacity by manufacturers. Additionally, the increase in gun purchases in the United States increased the sudden demand for ammunition purchases, which caused an ammunition shortage across the country.
Vendors have not taken major initiatives to increase their production capacities as increasing their production capacity to meet current demands may hamper their future operations; adverse conditions can significantly hamper operating profits and costs if demand declines in the future for some unknown reason. Hence, the shortage of ammunition is hampering the growth of the ammunition market across different regions.
Asia Pacific ammunition market is expected to grow at the highest CAGR throughout the forecast period. A rise in geopolitical tensions and an increase in terrorist attacks are the major factors contributing to the growth of the market in this region.
Pakistan-India, China-India, China-Taiwan, and China-Japan are some of the major conflicts in Asia-Pacific, which have boosted the demand for ammunition over the years. China and India are investing in the modernization of their military forces.
These countries buy ammunition for their armed forces and law enforcement (to reduce national crime rates). Additionally, the presence of well-established ammunition manufacturers, such as Kongsberg Defense Australia, HIFaser, Thales Australia, Yantra India Limited and Munitions India Limited, in China, India, Australia and Japan, among others, is expected to drive growth. . of the Asia-Pacific ammunition market in the coming years.
Cross-border conflicts have also led to an increase in expenditure for the purchase of ammunition in European countries. For example, countries like Germany and Belgium have already announced their intention to double their defense spending in 2023, which would be used for their national security operations. .
Moreover, the ongoing war between Russia and Ukraine is also causing national security concerns in different European countries, which is further expected to catalyze the growth of the ammunition market in this region over the coming years.
Northrop Grumman Corporation, BAE Systems, Elbit Systems Ltd, Raytheon Technologies Corporation, Vista Outdoor Operations LLC, AMTEC Corporation, NAMMO AS, Rheinmetall AG, RUAG Group and Thales Group are some of the prominent players operating in the ammunition market. Additionally, Nexter Group KNDS, General Dynamics, Spectra Technologies LLC, CBC Global Ammunition, FIOCHHI MUNIZIONI SPA, Denel SOC Ltd., Sako Limited, Berger Bullets, NonLethal Technologies Inc., Cutting Edge Bullets, Sierra Bullets, Belom and Combined Systems Inc. .have also been analyzed during the Ammunition market analysis to get a better overall view of the market. These companies are adopting different organic and inorganic growth strategies to expand their product portfolios and global presence in the ammunition market.
The global ammunition market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative insights related to the Ammunition market size.
The process also serves to obtain an overview and forecast for the growth of the Ammunition market with respect to all market segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights on the topic.
Participants in this process include vice presidents, business development managers, intelligence managers, national sales managers and external consultants, such as valuation experts, research analysts and key opinion leaders. , specialized in the ammunition market.
Read the full report: https://www.reportlinker.com/p06321012/?utm_source=GNW
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