Ammunition Market By Manufacturers, Regions, Type And Application, Forecast 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. The base year considered for the study is 2015, and the forecast period is from 2016 to 2021.
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Based on application, the global ammunition market has been segmented into defense and civil & commercial. The defense application segment is projected to lead the global ammunition market during the forecast period, 2016 to 2021. There has been a rise in number of armed conflicts among various countries in the recent years due to growing political instabilities, economic inequalities, and geopolitical tensions. Territorial conflicts, wherein two or more countries fight over a limited territory, are also responsible for ceasefire violations, wars, and terrorism across borders. These factors are expected to lead towards the growth of the defense application segment of the global ammunition market.
Based on caliber, the global ammunition market has been segmented into small caliber ammunition, medium caliber ammunition, large caliber ammunition, artillery ammunition, and mortar ammunition. The small caliber ammunition segment is projected to lead the global ammunition market during the forecast period, owing to increased procurement of small caliber ammunition by the defense and homeland security sectors to curb rising number of armed conflicts as well as enormous efforts made by market players to carry out technical improvements in these types of ammunition.
Based on type, the global ammunition market has been segmented into cartridge-based and non-cartridge based. The non-cartridge based segment of the global ammunition market is projected to grow at the highest CAGR during the forecast period due to introduction of various technologies, such as advanced navigation equipment and unconventional guided artillery that offer accurate target location and flexibility in operations during adverse weather conditions.
Based on region, the global ammunition market has been segmented into North America, Europe, Asia-Pacific, Middle East, and rest of the world. The Middle East ammunition market is projected to grow at the highest CAGR from 2016 to 2021, owing to factors such as geopolitical tensions, territorial conflicts, and military modernization progra