Weapons and Ammunition Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Weapons and Ammunition Market Analysis and it is segmented by Weapon Type (Small Arms, Rifles, Machine Guns, Portable Explosives, and Other Weapon Types), Caliber (Small Caliber, Medium Caliber, and Large Caliber), Platform (Aerial, Terrestrial, and Naval), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The report offers the market size and forecasts by value (USD billion) for all the above segments.

Weapons and Ammunition Market Size

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Weapons And Ammunition Market Summary
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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

Weapons And Ammunition Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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.

Weapons and Ammunition Market Trends

An Increase in Demand for Newer Generation Portable Explosive Weapon Systems Drive the Market Growth

  • An increasing defense expenditure worldwide and increasing procurement of next-generation weapons from the defense forces drive the market's growth. In 2021, global defense spending reached over USD 2 trillion. The evolution of the battlefield environment has necessitated the subsequent upgrade and customization of armament.
  • Currently, the US Army is focusing on improving its brigade combat teams' short-range air defense capabilities. The emergence of unmanned aerial systems (UASs), cruise missiles, and long-range rockets (LRRs) threatens ground infantry troops. Hence, the US Army prioritized short-range air defense (SHORAD) and started reactivating units to this core competency. In addition to upgrading the M72 shoulder-fired rocket launcher to reduce its overall weight and develop a variety of warheads, the US Army and the US Marine Corps intend to adopt the weapon primarily as a lightweight anti-tank weapon.
  • Also, European countries are increasing their defense expenditures due to the ongoing war between Russia-Ukraine, cross-border conflicts, and increasing terrorism across the region. The German government had decided to supply EUR 100 billion for military investments from its 2022 budget. The need for high-precision, lightweight, and compact weapon systems has led innovators to invest considerable resources in developing sophisticated weapon systems.
  • The evolution of technology has led to the development of guided weapons with a high target-hit ratio, supported by a range of accessories, such as weapon sights, night vision devices, aiming lasers, laser rangefinders, and fire control systems. Such developments are expected to drive the portable explosives segment of the weapons and ammunition market during the forecast period.
Weapons And Ammunition Market: Top 5 Defense Spenders in the World (USD Billion), 2021

North America is Projected to Show Remarkable Growth During the Forecast Period

  • North America has dominated the market and continues its domination during the forecast period. The growth is attributed to the increasing defense expenditure and growing procurement of advanced weapons and ammunition from the US and Canada. The US was the largest defense spender in the world, with a defense budget of USD 801 billion in 2021. In 2023, the US government allocated a budget of USD 4.7 billion for weapons procurement.
  • Furthermore, the US has been the pioneer of light weaponry and has positioned itself at the apex of military dominance through a steady growth rate in the procurement of advanced weapon systems. 
  • The changing nature of warfare is one of the prime reasons for the US Department of Defense's (DoD's) increased spending on equipping its armed forces with better weapons. Weapons are subjected to extensive testing to ensure reliable operations and estimate the level of performance enhancement with a new integrated design change.
  • For instance, in February 2023, the United States signed a contract worth USD 522 million with Northrop Grumman Corporation and Global Military Products to produce artillery ammunition for Ukraine. 
  • Also, in September 2022, the US Army awarded a five-year contract worth USD 114 million to supply the 5.56 mm NATO training ammo. The AA40 5.56 mm NATO frangible ammunition is used by the US military branches in rifles and carbines chambered for training.
Weapons and Ammunition Market - Growth Rate by Region, (2023-2028)

Weapons and Ammunition Industry Overview

The global weapons and ammunition market is highly fragmented, with only select vendors possessing the technological expertise to manufacture and supply military-grade weapons on a regional level. However, on a global scale, dominant players such as BAE Systems plc, General Dynamics Corporation, MBDA, Raytheon Technologies Corporation, and Kalashnikov Concern JSC (Rostec State Corporation) hold a significant share of the market.

In the last decade, multi-featured systems or dual-capability weapons have emerged, significantly enhancing the lethality of shoulder-fired weapons. One such example is the next-generation light anti-tank weapon (NLAW), which is a shoulder-launched, overfly top attack (OTA) anti-tank missile system that acts as a true tank killer for light forces. The NLAW can operate in various environments, including built-up areas, and features a Predicted Line of Sight (PLOS) guidance system and selectable OTA, providing accuracy, easy handling, and a high kill probability. Additionally, the NLAW provides effective armor penetration against a main battle tank (MBT) equipped with explosive reactive armor (ERA).

Another exciting development in the weapons industry is the Magneto Hydrodynamic Explosive Munition (MAHEM), which is currently being developed by the Defense Advanced Research Projects Industry (DARPA). Unlike conventional explosive chemical energy used for making Explosively Formed Jets and Self Forging Penetrators, MAHEM uses a magnetic flux generation system to fire a projectile. MAHEM is capable of producing high projectile velocity and range and uses molten metal to penetrate armored vehicles, making it a potent force on the battlefield.

Weapons and Ammunition Market Leaders

  1. BAE Systems plc

  2. General Dynamics Corporation

  3. Kalashnikov Concern JSC (Rostec State Corporation)

  4. MBDA

  5. Raytheon Technologies Corporation

*Disclaimer: Major Players sorted in no particular order

Weapons And Ammunition Market Concentration
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Weapons and Ammunition Market News

  • January 2023: The Australian government announced the acquisition of new weapon systems to boost the country's defense capabilities. The government awarded USD 675.80 million in contracts to CEA and Kongsberg Gruppen ASA for the supply of advanced weapon systems. Under the contract, CEA will deliver High Mobility Artillery Rocket Systems (HIMARS) for Army, and Kongsberg will deliver naval strike missiles for Royal Australian Navy.
  • April 2022: The US Army signed a 10-year production contract with Sig Sauer, Inc. for the manufacturing and delivery of two Next Generation Squad Weapon variations (the XM250 Automatic Rifle and the XM5 Rifle) and the 6.8 Common Cartridge Family of Ammunition.

Weapons and Ammunition Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Weapon Type

      1. 5.1.1 Small Arms

      2. 5.1.2 Rifles

      3. 5.1.3 Machine Guns

      4. 5.1.4 Portable Explosives

      5. 5.1.5 Other Weapon Types

    2. 5.2 Caliber

      1. 5.2.1 Small Caliber

      2. 5.2.2 Medium Caliber

      3. 5.2.3 Large Caliber

    3. 5.3 Platform

      1. 5.3.1 Aerial

      2. 5.3.2 Terrestrial

      3. 5.3.3 Naval

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 France

        3. 5.4.2.3 Germany

        4. 5.4.2.4 Russia

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Latin America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Mexico

        3. 5.4.4.3 Rest of Latin America

      5. 5.4.5 Middle East and Africa

        1. 5.4.5.1 United Arab Emirates

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Egypt

        4. 5.4.5.4 Israel

        5. 5.4.5.5 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 BAE Systems plc

      2. 6.2.2 Colt Manufacturing Company LLC

      3. 6.2.3 Denel SOC Ltd.

      4. 6.2.4 Diehl Defence GmbH & Co. KG

      5. 6.2.5 FN Herstal

      6. 6.2.6 General Dynamics Corporation

      7. 6.2.7 Heckler and Koch GmbH

      8. 6.2.8 Kalashnikov Concern JSC (Rostec State Corportation)

      9. 6.2.9 MBDA

      10. 6.2.10 Nammo AS

      11. 6.2.11 Rafael Advanced Defense Systems Ltd.

      12. 6.2.12 Raytheon Technologies Corporation

      13. 6.2.13 Saab AB

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Weapons and Ammunition Industry Segmentation

A weapon is an object used to kill or hurt people in a fight or a war. Ammunition is the projectiles with fuses, propelling charges, or primers fired from guns and other weapons. The scope includes different weapon types and ammunition used in different platforms on a global level. The portable explosives subsegment includes grenades, shoulder-fired weapons, and anti-personnel and anti-vehicle mines. The other weapon types of the segment include anti-aircraft guns, artillery, and mortars.

The weapons and ammunition market is segmented by weapon type, caliber, platform, and geography. by weapon type. The market is segmented into small arms, rifles, machine guns, portable explosives, and other weapons. By caliber, the market is segmented into small, medium, and large. By platform, the market is classified into aerial, terrestrial, and naval. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

The market sizing and forecasts have been provided in value (USD billion) for all the above segments.

Weapon Type
Small Arms
Rifles
Machine Guns
Portable Explosives
Other Weapon Types
Caliber
Small Caliber
Medium Caliber
Large Caliber
Platform
Aerial
Terrestrial
Naval
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
United Arab Emirates
Saudi Arabia
Egypt
Israel
Rest of Middle East and Africa
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Weapons and Ammunition Market Research FAQs

The Weapons and Ammunition Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)

BAE Systems plc, General Dynamics Corporation, Kalashnikov Concern JSC (Rostec State Corporation) , MBDA and Raytheon Technologies Corporation are the major companies operating in the Weapons and Ammunition Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Weapons and Ammunition Market.

The report covers the Weapons and Ammunition Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Weapons and Ammunition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Weapons and Ammunition Industry Report

Statistics for the 2024 Weapons and Ammunition market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Weapons and Ammunition analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Weapons and Ammunition Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)