New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global ammunition market is estimated to garner a revenue of $19,882.4 million by 2028, and rise at a CAGR of 3.7% in the forecast period from 2021 to 2028. The all-inclusive report on ammunition market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
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Ammunition Market Dynamics
Analysts at Research Dive states that the increasing threat of terrorist activities along with the rising need for implementation of ammunition measures across the globe are the major factors anticipated to propel the growth of the global ammunition market. In addition, the continuous development and utilization of lightweight ammunition in order to reduce the weight of the bullets without affecting the accuracy and performance is expected to boost the market growth in the coming years. Conversely, the high regulatory restrictions in ammunition production may restrict the ammunition market growth in the forecast period.
Impact of COVID-19 on the Ammunition Market
The outbreak of COVID-19 has moderately impacted the global ammunition market growth. The focus of countries across the globe turned from counter-terrorism operations towards addressing the public health crisis. In addition, the shortage of critical components and materials for manufacturing & assembly of ammunition owing to lockdown restrictions has negatively impacted the market growth during the crisis. However, growing need for implementation of technologies in businesses, such as industrial internet of things (IIOT) that helps in enabling real-time monitoring of ammunition manufacturing process and virtual control of production have positively impacted the global market growth in the pandemic period.
Check out How COVID-19 impacts the Global Ammunition Market: https://www.researchdive.com/connect-to-analyst/3619
Rimfire Sub-segment to be Most Lucrative
Based on product, the rimfire sub-segment valued for $5,279.7 million in 2020 and is predicted to witness the fastest growth over the forecast period. This is majorly owing to the less cost of manufacturing for rimfire ammunition compared to the centerfire ammunition. Besides, the rimfire ammunition is lighter and produces low noise as compared to centerfire ammunition. All these factors are expected to boost the sub-segment growth of the market.
Defense Sub-segment to Hold the Largest Market Share
Based on application, the defense sub-segment is predicted to hold the dominating market share and garner a revenue of $13,569.2 million by 2028. This is mainly due to the rising threat of terrorist activities across the globe. Besides, the modernization programs in the defense forces to strengthen the armed forces, counter terrorism, and deal with border issues are other factors expected to drive the sub-segment growth of the global ammunition market.
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Small Sub-segment to be Most Profitable
Based on caliber, the small sub-segment is projected to generate a revenue of $7,821.4 million by 2028 and observe the most profitable growth during the analysis period. This is majorly owing to the diverse application of small caliber ammunitions in assault rifles, shotgun pistols, revolvers, and rifles by homeland and military security personnel across the globe, due to less lethality of this ammunition to counter armed conflicts.
North America Region to be Most Dominant
By region, the North America ammunition market is expected to garner a revenue of $7,114.8 million by 2028 and hold the dominant position in the global industry during the analysis period. This is majorly because North America region is the hub of most established and developed framework of security in the public and commercial sectors. In addition, the major countries in the North America region, such as Canada and the US have a high expenditure for the internal security of their countries, which is another factor predicted to boost the market growth by 2028.
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Prominent Ammunition Market Players
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.
For instance, in March 2020, BAE Systems, a British multinational arms, security, & aerospace company, received a contract from the US Army to supply advanced BONUS munitions, which is a 155-millimeter munition especially designed for destroying armored targets.
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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