New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global ammunition market is registered a revenue of $19,882.4 million during the forecast period, increasing from $15,077.5 million in 2020, at a CAGR of 3.7%.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Impact Analysis of COVID-19 on the Global Ammunition Market
The coronavirus pandemic has impacted the ammunition market in a reasonable way. Because of the public health crisis, countries have shifted their focus from defense and operations related to terrorism. The raw materials needed for ammunition making fell short because of the lockdown and other supply chain restrictions.
During the pandemic, the companies across the world have taken leverage of the digital management to perform their operations. In the post-pandemic period, industries are going to implement emerging technologies such as IoT (Internet of Things) which will enable real-time monitoring and supervision during the manufacturing process.
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Dynamics of the Global Ammunition Market
Drivers: The rising terrorist activities and threats across the world has increased the demand of defense ammunitions in recent years. The terrorism has impacted the global economy and population in an adverse way. This is one of the main factors enhancing the growth of the market during forecast period.
Restraint: High-level regulatory restrictions in the manufacturing of ammunition from initial steps to designing the final production is the main factor hindering the growth of the market during the forecast period.
Opportunity: The increasing rate of application of lightweight ammunition is expected to create many opportunities for the global ammunition market in upcoming years.
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Key Segments of the Global Ammunition Market
The report has divided the global ammunitions market into different segments based on product, application, and regional analysis.
Product: Center Fire Sub-Segment Expected to be the Most Lucrative
The centerfire sub-segment is expected to generate a revenue of $12,738.6 million in 2028, increasing from $9,797.8 million in 2020 during the analysis period. Center fire ammunition comes with many advantages such as these ammunitions are reloadable and comes in more powerful cartridges.
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Application: Defense Sub-Segment Predicted to be the Most Profitable
The defense sub-segment is predicted to dominate the market by registering a revenue of $13,569.2 million during the forecast period. The main reason enhancing the growth of segment is the threats of many terrorist groups across the world.
Caliber: Small Sub-Segment Expected to be the Most Lucrative
The small sub-segment is predicted to dominate the global ammunition market by generating a revenue of $7,821.4 million by 2028, increasing from $5,654.8 million in 2020. The main attributor of this growth is the extensive application of small caliber ammunition in assault rifles, shotgun pistols, revolvers, and rifles by the departments of military and homeland security personnel.
Regional Insights: North America to Dominate the Market
Key Players & Strategies
1. General Dynamics Corporation
2. BAE Systems.
3. Thales Group
4. Elbit Systems Ltd.
5. Sierra Bullets
6. Hornady Manufacturing
7. Nexter KNDS group
8. Rheinmetall AG
9. Vista Outdoor Inc
10. Ammo, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In April 2021, Elbit Systems of America, LLC, a subsidiary of Elbit Systems Ltd., an Israel-based international defense electronics company, completed the acquisition of Sparton Corporation, an aerospace and defense company, from an affiliate of Cerberus Capital Management, L.P. This acquisition is expected to enhance the long-term strategy of Elbit Systems Ltd. by addition of technological strength of Sparton.
The report also summarizes many significant aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments in the market. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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