Weapons And Ammunition Market Size (2024 - 2029)

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 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).