Global spending on military ammunition is set to remain relatively constant over the next ten years, according to this report which forecasts market growth at a CAGR of 2.24%, primarily driven by the sustained demand of existing conflicts, territorial disputes, and insurgencies.
The largest portion of this spending will, despite high fiscal deficits and the planned pullout from Afghanistan, be accounted for by North America; the limitations on US spending brought about by the decreasing strategic relevance of direct infantry conflicts will see the gap between the North American and Asia-Pacific ammunition markets close however, with India, China, Australia and South Korea all predicted to spend significantly on ammunition in the next decade.
This will take the market’s value from US$6.1 billion in 2013 to US$7.6 billion by 2023.
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To capitalize on the opportunities presented by market growth, organizations with a vested interest in the global ammunition market must remain sensitive to the key drivers of the market, thereby facilitating informed business decisions that maximize profits with minimized risk.
Persistent upgrades to weapon systems of militaries across the globe is a powerful driver of the ammunition market, primarily driven by the notion that ‘a strong offense is the best defense’. To this end, countries such as India, China, Russia and Brazil are spending significantly to bolster the capabilities of their ground forces through the procurement of modern small arms, howitzers, mortars and more. This is expected to sustain the demand for newer ammunition throughout the forecast period.
Regional Conflicts & Instability
Numerous countries worldwide are currently involved in conflicts with neighboring nations as a result of territorial disputes and terrorism. This situation is most commonly evident in the Asia-Pacific region due to the rapid economic and military development of countries such as China, India, Japan, South and North Korea, among others. These nations are making decisive efforts to strengthen their military forces in order to be battle-ready, and can therefore be characterized as being embroiled in an arms race.
This military tension is not limited to the Asia-Pacific region however, with the increasing instances of political instability, public outcry and military coups in the Middle East and Africa expected to drive the national governments of the region to take steps to equip their militaries with and national security forces with arms and ammunition. As conflicts continue, international intervention in war-stricken nations – such as the NATO peacekeeping forces in Afghanistan and Iraq – are expected to increase. Thus, it can be seen that rising geopolitical instability will drive the global ammunition market over the next decade.
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