DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Ammunition Market by Caliber (Small, Medium, Large, Artillery, Mortar), Application (Defense, Civil & Commercial), Type (Cartridge-Based, Non-Cartridge Based), Cartridge Type (Rimfire, Centerfire) - Global Forecast to 2021" report to their offering.
"Growing geopolitical tensions across the globe are expected to fuel the growth of the global ammunition market during the forecast period, 2016 to 2021."
The global ammunition market is projected to grow from USD 18.08 billion in 2016 to USD 21.98 billion by 2021, at a CAGR of 3.98% from 2016 to 2021.
This growth can be attributed mainly to factors such as territorial conflicts, military modernization programs being carried out across the globe, and need of ammunition for personal safety and shooting sports. However, formulation and implementation of stringent gun control legislations and the difference in economic, legal, and political regulations pertaining to procurement of ammunition across the globe may restrain the growth of the global ammunition market during the forecast period.
Among applications, the civil & commercial segment of the global ammunition market is projected to grow at the highest CAGR during the forecast period. The growth of the civil & commercial application segment of the global ammunition market is attributed to use of small caliber ammunition in sporting and hunting activities. Shooting sports are growing in popularity across all ages and genders, with an increasing number of new firearm and shotgun certificates being granted to enthusiasts. Terror incidences, such as mass shootings in schools and clubs in various countries across the globe, have resulted in a growing demand for guns for self defense.
The small caliber ammunition segment is projected to lead the global ammunition market during the forecast period, owing to increased procurement of small ammunition by the defense and homeland security sectors to curb rising armed conflicts as well as by the civilian population for personal safety. In addition, there is increased usage of small caliber ammunition by civilians and homeland security personnel, owing to their less lethality.
"The North American region led the global ammunition market in 2016, while the Middle East ammunition market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021."
Major companies profiled in the report include Orbital ATK Inc. (U.S.), Olin Corporation (U.S.), General Dynamics Corporation (U.S.), BAE Systems (U.K.), Remington Arms Company, LLC (U.S.), and Nammo AS (Norway), among others.
- Geopolitical Tensions, Territorial Conflicts, and Political Unrest in Various Countries of the Middle East and Asia-Pacific Regions
- Upsurge in Terrorist Attacks in Developed Economies (OECD Countries)
- Modernization Programs Being Carried Out By Military Forces in Major Economies Across the Globe
- Use of Guns for Personal Safety and Shooting Sports
- Formulation and Implementation of Stringent Gun Control Legislations
- Difference in Economic, Legal, and Political Regulations Affecting Procurement of Ammunition
- Advancements in Ammunition Due to Increased R&D Expenditure
- Increasing Demand for Advanced Medium and Large Caliber Ammunition From Emerging Economies
- Stockpiling of Ammunition
- Reduction in Weight of Ammunition
- Proliferation of Illicit Ammunition Manufacturers
- International Measures Such as Arms Trade Treaty (ATT) to Control Use of Ammunition
For more information about this report visit http://www.researchandmarkets.com/research/sbjbmf/ammunition_market.