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The global ammunition industry is anticipated to rise significantly in the forecast period owing to the increasing international conflicts, hike in defence spending by the governments of developed as well as developing countries, increasing military expenditure, and growing technological advancements. The growing demand for ammunition in the defence sector, owing to the rising need to protect the security of sovereign nations from external threats, is likely to aid the market further.
The growing technological advancements, particularly in developing nations, to bolster military capabilities are expected to further propel the market growth in the forecast period. The key industry players are continuously upgrading their existing models and are focusing on collaborations to enhance their global reach. In July 2020, Northrop Grumman Corporation (NYSE: NOC) was awarded a contract by the U.S Army to deliver the next-generation airburst cartridge for the 30mm XM813 Bushmaster Chain Gun. Meanwhile, the BAE Systems (LON:BA), in March 2020, signed a contract to enhance the army fleet of the United States by supplying advanced BONUS munitions.
North America accounts for a significant share in the market as the region is the world's largest military spender. The United States, with the highest military spending all over the world, is the major demand driver for the product. The country has been bolstering its army, navy, and air force capabilities rigorously.
Market Breakup by Calibre, Product Type, Application, and Region:
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The major players in the global ammunition market are Ammo, Inc., BAE Systems, General Dynamics Corp, Northrop Grumman Corporation, and Hanwha Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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