Market Size of Weapons and Ammunition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Weapons and Ammunition Market Analysis
The weapons and ammunition market is anticipated to grow at a CAGR of over 3.5% during the forecast period.
- The defense sector was unfazed by the COVID-19 pandemic as increased defense expenditure and rising investment in procuring advanced weapons and ammunition from the defense forces continued to pour in and sustain market growth. However, due to production disruptions due to the imposed lockdowns, the deadlines were not met, which led to a temporary escalation of associated program costs.
- According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure witnessed a 2.6 percent year-on-year growth and reached USD 1,981 billion in 2020. Furthermore, in 2021, SIPRI reported the total global military expenditure for 2021 to be around USD 2,113 billion, an increase of 0.7 percent from 2020. An increase in defense spending indicates the procurement of new weaponry and associated ammunition, signifying the dispersion of new contracts by the global armed forces.
- The increase in terrorism and other insurgent activities on a global level has encouraged defense agencies of several nations to intensify their countermeasure capabilities against various threats. Countries such as the United States, Russia, China, and India have been increasing the number of troops deployed across their national borders and the borders of their respective allies. The increased deployment of troops has led to the rapid procurement of weapons to ensure their safety.
