Global Military Ammunition market, valued at US$12.8 billion in 2018, is projected to grow at a CAGR of 2.98% over the forecast period, to reach US$17.1 billion by 2028 and cumulatively value US$159.5 billion.
The market is anticipated to be dominated by the Rockets and Others segment, which will account for 45.1% of the market, followed by Artillery Ammunition, Small Caliber Ammunition and Mortar Ammunition segments with shares of 22.3%, 14.8% and 7.4% respectively. North America is forecasted to dominate among the regions in the sector with a share of 44.2%, followed by Asia Pacific and Europe, with shares of 26.3% and 18.5% respectively.
According to Saurabh Daga, analyst at Publisher Aerospace, Defense and Security;
“Military expenditures by major countries have been witnessing an uptick since the past few years, leading to increasing procurement of armaments and conventional weapon systems by major powers in North America, Asia-Pacific, Europe and Middle East. We are likely to see significant investment on ammunition for these newly acquired weapons in coming years. Moreover, it is anticipated that technologies like additive manufacturing will fundamentally change the way ammunition is produced and sourced.”