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The global ammunition market size is projected to reach USD 29.96 billion by 2027. It is anticipated to gain traction from the emergence of self-guided smart bullets. These are capable of changing their paths on their own. They also aid in overcoming harsh climatic conditions, as well as enhancing accuracy of the sniper. Fortune Business Insights™ published this information in a new report, titled, “Ammunition Market Size, Share & COVID-19 Impact Analysis; by Application (Military & Homeland Security, and Civil & Commercial) By Caliber (Small, Medium, and Large) By Product (Bullets, Aerial Bombs, Grenades, Mortars, Artillery Shells, and Others), By Component (Fuses& Primers, Gun Powder, Projectile, Cases, and Others) By Guidance (Guided, and Non-Guided) By Lethality (Lethal, and Less-Lethal) and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 25.46 billion in 2019. However, it is set to exhibit a CAGR of 1.71% during the forecast period from 2020 – 2027.
Elbit Systems Wins Contract Worth $144 Million from IMOD
In January 2020, Elbit Systems, an international defense electronics company headquartered in Israel, received a contract worth USD 144 million from the Israeli Ministry of Defense (IMOD). This five-year contract would enable the company to provide its in-house small caliber ammunition to the Israeli Defense Forces (IDF). It would begin in the year 2021. As per the company officials, the Defense Ministry is persistently striving to fulfil numerous multi-year agreements with the support of IDF amidst the complex budgetary reality. It is helping in the protection of quality and crucial production lines of the defense sectors.
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Rising Cases of Geopolitical Tension to Accelerate Growth
The countries located in Asia Pacific and the Middle East are experiencing high cross border conflicts, political unrest, and rising cases of geopolitical tensions. It is further increasing the need to strengthen the military forces in these regions. The surging adoption of small caliber ammunition, coupled with the expansion of the military forces worldwide would contribute to the ammunition market growth during the forthcoming years. Numerous manufacturers are also spending hefty amounts of money to conduct research and development activities for creating state-of-the-art ammunition. It would also give rise to more sales. However, in various countries, backed by the outbreak of the Covid-19 pandemic, the sales of ammunition are banned by the regulatory bodies. It may hinder the market growth.
Key Manufacturers Engage in Unique Product Development to Compete in Market
The market houses many companies that are adopting the strategies of novel product launches and acquisitions to strengthen their positions. They are also striving to unveil unique munition technologies to increase sales. Persistent research and development activities, as well as a diversified product portfolio are aiding them in competing in the market.
Fortune Business Insights™ lists out the names of all the companies operating in this market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion)