Global ammunition market set to grow to over $38 billion by 2033, fueled by geopolitical tensions

From GlobeNewswire: 2024-07-22 05:30:00

The Global Ammunition Market is expected to grow from USD 27.83 Billion in 2023 to USD 38.16 Billion by 2033, with a CAGR of 3.21%. The UK government increased the armed forces budget to around USD 45.9 billion in 2022 to boost navy technology and fleet availability. Manufacturers are investing in R&D for cutting-edge ammunition technology due to increasing geopolitical tensions. North America dominates the ammunition market due to increased US purchases. Asia Pacific is expected to grow rapidly due to rising defence budgets. Major vendors include BAE Systems, CCI, and Northrop Grumman Corporation. Nammo AS received USD 95 million to boost ammunition output in January 2024. Market segments include product type, caliber, and application. Contact Spherical Insights & Consulting for more information.



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