Countries across the globe are facing significant concerns related to terrorism, civil wars and armed conflicts between law enforcement agencies and anti-national groups. Numerous governments are striving extensively to tackle such situation peacefully. However, in certain situations, harsh steps are needed to be taken such as use of fire arms in favor of national security. Current scenario has created a continuous demand for ammunition to tackle the aforementioned situation in most of the countries. In the age of arms race, every country allot a considerable budget for arms and ammunition for their country’s security. This has elevated the ammunition market and is expected to grow further in the following years.
On the basis of end use, the market is segmented into civil and defense. The use of ammunition in civil sector is further segmented into self-defense, sports and hunting, and law enforcement. Market growth is influenced by military advancements in Russia, and increasing participation of civilians in hunting, shooting, and sports; particularly in North America and Europe.
In North America, U.S. is a pioneer in research and development (R&D) of ammunition industry. In Europe, the market is dominated by manufacturing of small arms and weapons industry. In the Asia Pacific region, the demand for ammunition is expected to be driven by the increase in cross-border issues and increase in the defense expenditure on account of rising economy. Countries such as China, India, Korea, South Africa, and Saudi Arabia are expected to boost the market growth.
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Global Ammunition Market to Earn an Around US$14800 Million by the Completion Of 2021
Demilitarization activities by developed economies in North America and Europe, coupled with high costs associated with research and development is expected to hinder the market demand from the law enforcement and military sectors. However, these factors are expected to be offset by the significant growth in the Asia Pacific and Middle East regions.
Key players in the global ammunition market include Orbital ATK Inc. (U.S.), Olin Corporation (U.S.), General Dynamics Corporation (U.S.), BAE Systems (U.K.), Remington Arms Company, LLC (U.S.), and Nammo AS (Norway), among others.
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