Global ammunition market is expected to grow on account of increasing military expenditure for the implementation of stockpiling and modernization programs by U.S., China, Israel and India. Increasing importance of up gradation of military weapons in numerous countries is likely to have a positive impact on the market. Technological advancements in developed economies for developing smart weapons for police force are expected to have favorable impact on market growth. Increasing R&D expenditure for the development of non lethal ammunition such as plastic bullets, wax bullets, rubber bullets and beanbag rounds is expected to fuel market demand in near future. Growing demand for non lethal ammunition in personal security and riot control units is likely to augment ammunition market demand over the forecast period. Increasing importance of shooting events in sports games such as Summer Olympics is expected to favorably impact the ammunition market growth.
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Growing popularity of hunting as a sport activity is expected to increase the demand for ammunition in the near future. Shifting of trend towards reduction of military expenditure coupled with over capacity of ammunition in Russia, Israel and U.S. is expected to have a negative impact on market. Increasing expenditure pertaining to the development of smart weapons such as direct energy weapons, electromagnetic pulse weapons, and smart bombs is expected to pose a credible threat for market in the near future. Stringent regulations of European Commission intended for controlling environmental pollution is expected to have a negative impact on market demand as a chemical over the forecast period.
Growing concerns over animal protection rights has resulted in the implementation of norms against hunting of wild animals which is anticipated to hinder market growth. Asia Pacific is likely to be major ammunition market in light of increasing military expenditures by India and China. In June 2012, the Government of India announced an investment of USD 1 million for acquiring artillery shells, anti-tank missiles and other weapons from Russia based Rosboronexport. Increment in military expenditure by countries in Middle East such as Iran, Iraq, Saudi Arabia and UAE is likely to be driving factor for the market. In Feb 2015, UAE Government announced a USD 420 million deal to acquire ultra precision ammunition from Tawazun Dynamics. Major market players include Barnaul Cartridge, BAE Systems, Nammo and Raytheon.
Information Source: Grand View Research