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Global Ammunition Market was worth USD 11.8 billion in 2015.
Mexico and Brazil are arming their police personnel with the latest weaponry.
Technological advancements such as smart weapons in developed regions could also propel the ammunition industry.High expenditure on research & development of non-lethal ammunition such as beanbag rounds, wax bullets, rubber bullets, plastic bullets, etc.
Surging demand for ammunitions will create new market segments in the coming years, owing to robust demand from personal security and riot control units.
As per products, the ammunition market is divided into bullets, mortar, rocket and others.
This segment mainly includes small caliber bullets that are used in civil applications.
Guided Munitions Market by Product (Missiles, Rockets, Projectiles, Arms, Loitering Weapons, Others), Technology (Laser, Infrared, Radar, GPS, Others), Platform (Airborne, Land-based, Naval), & Region – Forecast till 2023Market ScenarioGuided munitions, also known as smart weapons, smart munitions, or guided ammunition, can be aimed and directed at single or multiple targets.
Many military programs are focusing on precision ammunition, especially on PG (precision guided) kits, artillery munitions, and other anti-tank and standoff weapons with a Low Rate Initial Production (LRIP).
Some of the factors that are responsible for the growth of the global guided munitions market are the increasing regional conflicts across the globe, rising terrorist activities, and increased use of smart weapons.Furthermore, there were several contracts and agreements that have resulted in the growth of the market.
For example, in 2018, Lockheed Martin signed a contract with the U.S. Navy, for follow-on production of Enhanced Laser Guided Training Rounds to support the Paveway II Laser Guided Bomb (LGB) weapons training.
Similarly, in 2014, Boeing signed a contract with the U.S. Air Force, to manufacture arming devices for air-launched cruise missile (ALCM), a long-range subsonic, self-guided missile.The global guided munitions market is segmented by product, technology, platform, and region.
By product, the guided missiles are the most widely used guided munitions, and they accounted for the largest market share in 2017, due to the rising demand for guided missiles for tactical operations.
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