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Ammunition Market Is Booming Worldwide: worth 7.78 Billion USD by 2020
The report “Ammunition Market by Ammunition Type (Small Caliber, Medium Caliber, Large Caliber, Artillery, Mortar), Application (Defense, Civil), & Region (North America, Europe, Asia-Pacific, Middle East, Latin America, Africa) - Global Forecasts to 2020”, The global ammunition market is estimated to reach USD 7.78 billion by 2020, at a CAGR of 1.93% from 2015 to 2020. This growth can be attributed to the rise in terrorism worldwide, along with the military modernization programs of emerging countries with the objective of procuring advanced, efficient, precision munitions.
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Browse 92 market data tables and 63 figures spread through 168 pages and in-depth TOC on “Ammunition Market by Ammunition Type (Small Caliber, Medium Caliber, Large Caliber, Artillery, Mortar), Application (Defense, Civil), & Region (North America, Europe, Asia-Pacific, Middle East, Latin America, Africa) - Global Forecasts to 2020”
Small caliber ammunition to dominate the ammunition market, among ammunition types
With the rising incidences of terrorism and armed conflicts across the globe, the demand for small caliber ammunition has increased significantly. This segment dominates the overall ammunition market, and is expected to continue its dominance over the next 5 years, primarily driven by the increasing demand from military and law enforcement forces worldwide.
Civil application to grow the highest during the forecast period
The global ammunition market has been segmented and analyzed in terms of two key application segments, namely, defense and civil. The defense segment dominates the overall market, as of 2014. However, the civil segment is projected to grow at comparatively a higher CAGR during the forecast period, mainly driven by the increased use of small caliber ammunition for sporting, hunting, and self-defense purposes. This trend is prevalent majorly in the European region.
Asia-Pacific and Africa to be the game changers in the ammunition market
The Asia-Pacific region dominates the global ammunition market, as of 2014, followed by Europe. China, India, and South Korea are among the major economies contributing to this dominance of Asia-Pacific. The possibility of hostility between North Korea and South Korea turning into an intense warfare situation is one of the key factors driving China, South Korea, and Japan towards military modernization. The need to enhance military capabilities in India has risen mainly due to increasing military threats from China and Pakistan, along with the rising incidences of terrorist attacks in the country.
The African region is projected to grow at the highest CAGR of 2.33% during the forecast period. The uprisings and armed conflicts witnessed in Syria and Libya, along with the rising insurgency activities in other parts of Africa, have led the economies of the region to take several measures towards ensuring national and border security and strengthening military capabilities, thereby driving the demand for ammunition.
Orbital ATK (U.S.): The top player in the ammunition market
The major players in this market have been identified to be Orbital ATK (U.S.), General Dynamics (U.S.), Poongsan Corporation (South Korea), BAE Systems (U.K.), Maxam (Australia), Olin Corporation (U.S.), and Nammo AS (Norway), among others.
The report segments and analyzes the ammunition market on the basis of ammunition type (small caliber, medium caliber, large caliber, artillery, mortar) and application (defense, civil), and maps these segments and subsegments across the six major regions, namely, North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Brief information on the research methodology for the report can be found in the report description provided on website.
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News Release: Ammunition Market Is Booming Worldwide: worth 7.78 Billion USD by 2020
Submitted on: January 06, 2017 11:07:52 AM
Submitted by: puuja
On behalf of: www.marketsandmarkets.com/Market-Reports/ammunition-market-923.html