A new Research and Markets report projects the global military ammunition market to hit a compound annual growth rate of 1.52 percent from 2016 through 2026, buoyed by sustained procurement in defense spending countries.
Research and Markets said Thursday that countries involved in conflicts and emerging economies involved in territorial disputes will drive the demand for military ammunition over the next decade.
The report also expects the demand for military ammunition to increase as militaries worldwide seek to maintain enough inventory of ammunition, with rockets, artillery and small caliber ammunition accounting for the largest market shares.
The market comprises six categories such as small caliber ammunition, medium caliber ammunition, large caliber ammunition, artillery ammunition, mortar ammunition and rockets, with rockets as the dominant segment.
North America will represent 48 percent of the market during the forecast period, followed by the Asia-Pacific market.
The report includes profile of tier-one companies such as BAE Systems, General Dynamics' ordnance and tactical systems, Maxam, Nammo, Nexter Munitions, Olin Corp., Orbital ATK, Poongsan Corp., RUAG Ammotec and Rheinmetall Defense.