Market Research Report
Ammunition Market Size, Share & Trends Analysis Report By Caliber (Small, Medium), By Product (Centerfire, Rimfire), By Application (Civil & Commercial, Defense), By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||989693|
|Published||Content info||140 Pages
Delivery time: 2-3 business days
|Ammunition Market Size, Share & Trends Analysis Report By Caliber (Small, Medium), By Product (Centerfire, Rimfire), By Application (Civil & Commercial, Defense), By Region, And Segment Forecasts, 2021 - 2028|
|Published: February 4, 2021||Content info: 140 Pages||
The global ammunition market size is expected to reach USD 28.37 billion by 2028 registering a CAGR of 3.6%, according to a new report by Grand View Research, Inc. Increasing investments in defense equipment by militaries on account of the rise in geopolitical tension across the globe are anticipated to drive the product demand. Increasing procurement of artillery and mortar platforms by the Indian Army through several development platforms are expected to raise the number of ammunition over the forecast period. Also, the rise in hostilities is expected to boost the product demand in the Middle Eastern countries during the projected period.
Technological innovations for the replacement of brass-based bullet cases with polymer-based bullet cases are expected to offer growth prospects to the market. Application of polymer materials in bullets reduces the ammunition weight by over 40%, wherein the impact of the same is unaffected, thereby making it lighter and accurate as compared to conventional bullets. Rising geopolitical issues, warlike situations, and increasing terrorist activities across the globe are leading to the rise in product stockpiling by the prominent militaries and armed forces. This strategy is likely to offer cost savings as the products are purchased in high volume at cheap prices, which, in turn, also supports market growth.