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Small Caliber Ammunition Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Small Caliber Ammunition Market Size
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According to The Business Research Company's, The small caliber ammunition market size has grown steadily in recent years. It will grow from $9.99 billion in 2023 to $10.36 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to military modernization programs, global conflicts and defense spending, law enforcement demand, civilian firearm ownership, sport shooting and recreational activities.
The small caliber ammunition market size is expected to see steady growth in the next few years. It will grow to $11.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to global security concerns, counterterrorism operations, civilian firearms market trends, increasing participation in shooting sports, military and law enforcement training needs. Major trends in the forecast period include focus on training and simulation ammunition, global increase in defense budgets, strategic partnerships, emphasis on reduced environmental impact, customization and modular ammunition systems.
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Market Drivers and Trends:
Rising military spending is expected to propel the growth of the small-caliber ammunition market going forward. Military expenditure is the sum of money a country spends to build and sustain its armed forces or other defense-related strategies. The military's expenditure on small-caliber 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, rising military spending drives the growth of the small-caliber ammunition market.
Investments in small-caliber ammunition are a key trend gaining popularity in the small-caliber ammunition market. Major companies operating in small-caliber ammunition were awarded few contracts with huge investments for producing small-caliber ammunition. For instance, in June 2022, the U.S. Department of Defense (DOD), a US-based government agency awarded $51.8 million for modifying the existing contract and manufacturing 5.56 mm, 7.62 mm, and .50 caliber ammunition. Furthermore, in November 2020, the UK Ministry of Defense (MOD), a UK-based government department awarded US$3.2 billion(£2.4bn) for the supply of munitions to the UK Ministry of Defense (MOD). This contract is named Next Generation Munitions Solution' (NGMS), which includes manufacturing small-arms ammunition, mortars, medium caliber gun rounds, and heavy artillery rounds.
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Major Key Players of the Market:
General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems PLC, Olin Corporation, Elbit Systems Ltd., Norma Precision AB, Remington Arms Company LLC, FN Herstal SA, Nammo AS, Denel SOC Ltd., Fiocchi Munizioni SPA, RUAG Holding AG, Savage Arms, Hornady Manufacturing Company, Nosler Inc., ARSENAL JSCO, Armscor Precision, Sellier & Bellot, Sierra Bullets LLC, Black Hills Ammunition, Barnes Bullets LLC, CBC Global Ammunition, Winchester Ammunition Inc., Liberty Ammunition Inc., PMC Ammunition, Estate Cartridge Inc., Wolf Performance Ammunition, Magtech Ammunition Company Inc., Aguila Ammunition, Prvi Partizan A.D.
Small Caliber Ammunition Market 2024 Key Insights:
• The small caliber ammunition market size is expected to see steady growth in the next few years. It will grow to $11.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Small Caliber Ammunition Market Growth Fueled By Escalating Military Expenditure
• Investments Propel Growth In The Small Caliber Ammunition Sector
• North America was the largest region in the small caliber ammunition market in 2023
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