Weapons And Ammunition Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 64.51 Billion |
| Market Size (2029) | USD 92.66 Billion |
| CAGR (2024 - 2029) | 7.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Weapons And Ammunition Market Analysis
The Weapons And Ammunition Market size is estimated at USD 64.51 billion in 2024, and is expected to reach USD 92.66 billion by 2029, growing at a CAGR of 7.51% during the forecast period (2024-2029).
The rise in global terrorism and insurgent activities has prompted defense agencies across the world to bolster their countermeasure capabilities. Nations like the United States, Russia, China, and India are not only increasing troop numbers along their borders and those of their allies but also swiftly procuring weapons to ensure security. Technological advancements have birthed guided weapons with enhanced accuracy, complemented by accessories like weapon sights, night vision gear, aiming lasers, rangefinders, and fire control systems. These innovations are expected to propel the portable explosives segment in the weapons and ammunition market in the coming years.
There's a surging demand for advanced weaponry that enhances defense capabilities and safeguards soldiers. While small-caliber ammunition finds broad civilian use in activities like hunting and sports shooting, medium and large calibers are predominantly for defense purposes. Moreover, localizing arms and ammunition production is gaining momentum globally, promising further market expansion. Munitions India Limited, a key Indian defense manufacturer, recorded ammunition and explosives exports worth INR 1,726 crore (USD 210 million) in the FY2023-2024.
Despite the uptick in defense spending globally, the growth in arms and ammunition production has been somewhat restrained. This is attributed to technological constraints, inadequate infrastructure, and manufacturing capabilities.
Weapons And Ammunition Market Trends
The Small Caliber Segment Held the Highest Share in the Market
Countries like India, China, and the United States are significantly boosting their ground forces by introducing cutting-edge small arms, reflecting the impact of military modernization on the ammunition market. Military and law enforcement training needs consistently fuel the demand for small ammunition. Additionally, factors such as border disputes, threats from militants and terrorists, and civil unrest are bolstering the global market for small-caliber ammunition.
While the growth of the small-caliber ammunition market hinges on factors like fund allocation for new equipment, the rapid obsolescence of technology could pose challenges. Furthermore, as nations ramp up defense investments for modernization, there's a heightened demand for small-caliber ammunition to replace and upgrade existing arsenals. The introduction of technologically advanced handguns further drives the market. For instance, in August 2023, India unveiled its Prabal, a long-range revolver with a firing range of 50 meters, surpassing its counterparts. Similarly, in February 2023, CARACAL, the biggest small arms manufacturer in the Middle East, announced that it expects its business to witness significant growth in the next five years, and the company is also looking to boost its exports to the global market.
However, despite these growth drivers, increasing emphasis on gun control measures aimed at curbing accidents, domestic violence, and suicides might pose hurdles, potentially hindering the market's growth during the forecast period.
North America is Projected to Show Remarkable Growth During the Forecast Period
North America maintains its market dominance, driven by rising defense spending and heightened procurement of advanced weaponry by the United States and Canada. In 2023, the United States earmarked a substantial USD 4.7 billion for weapon acquisitions. Notably, the United States leads in light weaponry, solidifying its military supremacy with a consistent uptick in advanced system procurements. In April 2022, the US Army signed a decade-long deal with Sig Sauer Inc. commissioning the production and delivery of two Next Generation Squad Weapon variants, the XM250 Automatic Rifle and the XM5 Rifle, alongside the 6.8 Common Cartridge Family of Ammunition.
The evolving face of warfare propels the US Department of Defense (DoD) to bolster its armed forces with superior armaments. Rigorous testing ensures operational reliability and gauges performance enhancements from new integrated designs. For instance, in February 2023, the United States sealed a USD 522 million deal with Northrop Grumman Corporation and Global Military Products, focusing on artillery ammunition for Ukraine. Additionally, in September 2022, the US Army awarded a USD 114 million five-year contract for supplying 5.56 mm NATO training ammo, specifically the AA40 5.56 mm NATO frangible rounds utilized in training by various US military branches. Such developments are expected to drive the market's growth in the region.
Weapons And Ammunition Industry Overview
The global market for weapons and ammunition exhibits a high degree of fragmentation, with only a few vendors possessing the requisite technological prowess to produce and distribute military-grade weapons at a regional level. However, on a global scale, key players like BAE Systems PLC, General Dynamics Corporation, MBDA, RTX Corporation, and Kalashnikov Concern JSC collectively command a substantial market share.
The weapons landscape is witnessing the development of the Magneto Hydrodynamic Explosive Munition (MAHEM), which was spearheaded by the Defense Advanced Research Projects Agency (DARPA). Diverging from traditional chemical energy explosives used in crafting explosively formed jets and self-forging pens, MAHEM leverages a magnetic flux system to propel its projectile. This innovative approach equips MAHEM with achieving high projectile velocities and extended ranges, utilizing molten metal for enhanced penetration of armored vehicles, solidifying its battlefield prowess. Also, RTX Corporation is eyeing a significant shift, as it anticipates that by 2025, a third of its weapon sales will come from international buyers, up from 25% in the previous year. In 2022, the top five US weapons contractors collectively generated USD 196 billion in military revenue. RTX alone accounted for around USD 40 billion of this total.
Weapons And Ammunition Market Leaders
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BAE Systems plc
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General Dynamics Corporation
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MBDA
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RTX Corporation
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Kalashnikov Concern JSC
*Disclaimer: Major Players sorted in no particular order
Weapons And Ammunition Market News
February 2024: South Korea is set to mass-produce a new 155 mm ammunition variant tailored for its self-propelled artillery unit, the K9. In 2023, South Korea's Defense Acquisition Program Administration (DAPA) ordered 2,000 155-mm projectiles designed for an extended flight range, with delivery slated by the close of 2024. Additionally, DAPA is finalizing another agreement with Poongsan to procure further ammunition, which is scheduled for production in 2025.
January 2023: The Australian government unveiled plans to bolster the nation's defense prowess by acquiring cutting-edge weapon systems. The government signed contracts worth USD 675.80 million, entrusting CEA and Kongsberg Gruppen ASA to supply these advanced systems. Specifically, CEA is set to provide the Army with High Mobility Artillery Rocket Systems (HIMARS), while Kongsberg will equip the Royal Australian Navy with naval strike missiles.
Weapons and Ammunition Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Weapon Type
- 5.1.1 Small Arms
- 5.1.2 Rifles
- 5.1.3 Machine Guns
- 5.1.4 Portable Explosives
- 5.1.5 Other Weapon Types
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5.2 Caliber
- 5.2.1 Small Caliber
- 5.2.2 Medium Caliber
- 5.2.3 Large Caliber
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5.3 Platform
- 5.3.1 Aerial
- 5.3.2 Terrestrial
- 5.3.3 Naval
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 France
- 5.4.2.3 Germany
- 5.4.2.4 Russia
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 India
- 5.4.3.3 Japan
- 5.4.3.4 South Korea
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 Latin America
- 5.4.4.1 Brazil
- 5.4.4.2 Rest of Latin America
- 5.4.5 Middle East and Africa
- 5.4.5.1 United Arab Emirates
- 5.4.5.2 Saudi Arabia
- 5.4.5.3 Israel
- 5.4.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 BAE Systems PLC
- 6.2.2 Colt’s Manufacturing Company LLC
- 6.2.3 Denel SOC Ltd
- 6.2.4 Diehl Stiftung & Co. KG
- 6.2.5 FN Herstal
- 6.2.6 General Dynamics Corporation
- 6.2.7 Heckler & Koch GmbH
- 6.2.8 Kalashnikov Concern JSC
- 6.2.9 MBDA
- 6.2.10 Nammo AS
- 6.2.11 Rafael Advanced Defense Systems Ltd
- 6.2.12 RTX Corporation
- 6.2.13 Saab AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityWeapons And Ammunition Industry Segmentation
A weapon is a tool designed to harm or kill in combat or warfare. Ammunition refers to the projectiles, including fuses, propelling charges, or primers, fired from firearms and other armaments. This study encompasses various weapon types and ammunition, highlighting their global usage. Within the portable explosive subcategory, there are grenades, shoulder-fired weapons, and both anti-personnel and anti-vehicle mines. Additionally, the segment covers other weapon types, such as anti-aircraft guns, artillery, and mortars.
The weapons and ammunition market is segmented by weapon type, caliber, platform, and geography. By weapon type, the market is segmented into small arms, rifles, machine guns, portable explosives, and other weapons (grenade launchers, rocket launchers, etc.). By caliber, the market is segmented into small, medium, and large. By platform, the market is segmented into aerial, terrestrial, and naval. The report also covers the market sizes and forecasts for the weapons and ammunition market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Weapon Type | Small Arms | |
| Rifles | ||
| Machine Guns | ||
| Portable Explosives | ||
| Other Weapon Types | ||
| Caliber | Small Caliber | |
| Medium Caliber | ||
| Large Caliber | ||
| Platform | Aerial | |
| Terrestrial | ||
| Naval | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Rest of Latin America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| Israel | ||
| Rest of Middle East and Africa |
Weapons and Ammunition Market Research FAQs
How big is the Weapons And Ammunition Market?
The Weapons And Ammunition Market size is expected to reach USD 64.51 billion in 2024 and grow at a CAGR of 7.51% to reach USD 92.66 billion by 2029.
What is the current Weapons And Ammunition Market size?
In 2024, the Weapons And Ammunition Market size is expected to reach USD 64.51 billion.
Who are the key players in Weapons And Ammunition Market?
BAE Systems plc, General Dynamics Corporation, MBDA, RTX Corporation and Kalashnikov Concern JSC are the major companies operating in the Weapons And Ammunition Market.
Which is the fastest growing region in Weapons And Ammunition Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Weapons And Ammunition Market?
In 2024, the North America accounts for the largest market share in Weapons And Ammunition Market.
What years does this Weapons And Ammunition Market cover, and what was the market size in 2023?
In 2023, the Weapons And Ammunition Market size was estimated at USD 59.67 billion. The report covers the Weapons And Ammunition Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Weapons And Ammunition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Weapons and Ammunition Industry Report
Statistics for the 2024 Weapons and Ammunition market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Weapons and Ammunition analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
