CHICAGO, April 11, 2019 /PRNewswire/ -- According to the new market research report "Ammunition Market by Application (Defense, Civil & Commercial), Caliber (Small, Medium, Large), Product (Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars), Component, Guidance, Lethality, Region - Global Forecast to 2025", published by MarketsandMarkets™, the Ammunition Market is projected to grow from USD 25.9 billion in 2019 to USD 32.3 billion by 2025, at a CAGR of 3.73% from 2019 to 2025.
Rising demand for ammunition due to increasing military spending, ongoing military modernization programs, and increasing instances of cross-border conflicts and terrorist activities across the globe are major factors driving the growth of the ammunition market.
"The defense segment is projected to lead the ammunition market during the forecast period."
Based on application, the ammunition market has been segmented into defense and civil & commercial. The civil & commercial segment is projected to grow at a higher CAGR as compared to the civil & commercial segment from 2019 to 2025. The increasing use of ammunition for sports and hunting activities in the North American and European regions is fueling the growth of this segment of the market.
"The small segment of the ammunition market is projected to grow at the highest CAGR as from 2019 to 2025."
Based on caliber, the market has been segmented into small, medium, large, and others. The small segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for small arms from armed forces and law enforcement agencies of various countries is fueling the growth of this segment of the market.
"The Asia Pacific ammunition market is projected to grow at the highest CAGR during the forecast period."
The Asia Pacific ammunition market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies of the region on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced ammunition for their armed forces. This, in turn, is leading to the growth of the Asia Pacific ammunition market during the forecast period.
Major players profiled in the report on the ammunition market include Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany), among others.
The report segments and analyzes the ammunition market based on application (defense and civil & commercial), caliber (small, medium, large, and others), product (bullets, aerial bombs, grenades, artillery shells, mortars, and others), component (fuze & primer, propellant, base, projectile and warhead, and others), guidance (guided, non-guided), and lethality (lethal, less-lethal). It maps these segments and subsegments across 5 major regions, namely, North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW).
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