Global Military Ammunition Market to Be Driven by Military Modernization
This report, now available on ASDReports, the global market for military ammunition is valued at US$10.3 billion in 2016, which is anticipated to register a CAGR of 1.52% to reach US$12.0 billion in 2026 and in the process, account for a cumulative market of US$116.4 billion over the forecast period. Global expenditure on military ammunition is expected to increase over the forecast period, primarily due to the sustained procurement anticipated to be carried out by major defense spending countries that are currently involved in conflicts, and emerging economies involved in territorial disputes and countering insurgencies. The market is expected to be dominated by North America, occupying 48% of the market share, followed by Asia-Pacific (23%), and Europe (18%). Middle East, Latin America and Africa are expected to account for the remaining 11% of the overall market.
In addition, the need to maintain a sufficient inventory of ammunition for militaries worldwide and the increasing demand for training ammunition are also anticipated to have a positive impact on the demand for military ammunition.
The Global Military Ammunition Market 2016-2026
Furthermore, the impact of military modernization on the ammunition market is most likely to be witnessed in emerging economies such as India, China, Brazil, and Russia, which are spending significantly on enhancing the capabilities of their ground forces by inducting state-of-the-art small arms, howitzers, and mortars. However, as Western-led troops moved out of conflict zones in Afghanistan and troop reduction initiatives began by major European defense spenders, the market for military ammunition is not expected to register similar growth to what was observed in the last decade
Source : ASDReports - Market Research - view original press release
Jun 26 - 28, 2017 - Washington, United States