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Consolidated Region 30MM Ammunition Global Market Report Competitive And Growth Analysis 2033
Consolidated Region 30MM Ammunition Global Market Report 2024
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According to The Business Research Company's, The consolidated region 30mm ammunition market size has grown strongly in recent years. It will grow from $1.88 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to military modernization initiatives, regional security concerns, counterterrorism operations, peacekeeping and stability operations, defense budget allocations.
The consolidated region 30mm ammunition market size is expected to see strong growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to geopolitical dynamics, modernization of armed forces, peacekeeping and conflict resolution, shift in military strategies, collaborative defense initiatives. Major trends in the forecast period include emphasis on environmental sustainability, increased collaboration among manufacturers, focus on cost-effective solutions, adoption of composite materials, rise of smart ammunition.
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Market Drivers and Trends:
Growth in military spending is expected to propel the growth of the consolidated region's 30mm ammunition market going forward. Military spending is the sum of money that a country spends on building and sustaining its armed forces or other defense-related strategies. The military's expenditure on consolidated 30 mm ammunition guarantees that the armed forces have access to ammunition that can engage targets precisely, effectively, and with enough firepower, which enhances soldiers' efficiency on the battlefield. For instance, in June 2022, according to the Office of the Parliamentary Budget Officer, a Canada-based intergovernmental organization, total military spending is expected to increase from $36.3 billion in 2022-2023 to $51.0 billion in 2026-2027. Therefore, growth in military spending is driving the growth of the consolidated region's 30mm ammunition market.
Product developments are a key trend gaining popularity in the consolidated 30mm ammunition market. Major companies operating in the consolidated 30mm ammunition market are developing innovative products to sustain their position in the market. For instance, in January 2023, Economic Explosives Ltd., an India-based chemical company, developed 30mm AK-630-HE ammunition, which the Indian Navy received. This is the first-ever 100% indigenous 30mm ammunition made in India, mainly used in the AK-630 guns installed on warships.
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Major Key Players of the Market:
General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, Thales Group, Olin Corporation, Rheinmetall Electronics GmbH, Elbit Systems Ltd., KMW + Nexter Defense Systems N.V., Poongsan Corporation, IMI Systems, Remington Arms Company LLC, Nammo AS, Denel SOC Ltd., Nexter Systems, Fiocchi Munizioni SpA, Economic Explosives Ltd., RUAG Holding AG, Arsenal JSCo., Nammo Lapua Oy, Rheinmetall Denel Munition (Pty) Ltd., Hornady Manufacturing Company, MSM GROUP s.r.o., Mesko SA, Speer Ammunition, Norma Precision AB, CBC Global Ammunition, CCI Ammunition, PMC Ammunition Inc., Magtech Ammunition Company Inc., RWS GmbH.
Consolidated Region 30MM Ammunition Market 2024 Key Insights:
• The consolidated region 30mm ammunition market size is expected to see strong growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Military Expenditure Fuels Growth In Consolidated Region's 30Mm Ammunition Market
• Economic Explosives Introduces Indigenous 30Mm Ak-630-He Ammunition For Indian Navy
• North America was the largest region in the consolidated region 30mm ammunition market in 2023
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