Technology is shaping how battles are fought, borders are shielded, and criminals are caught. Increasing adoption of progressive military concepts, technology, and methods in the traditional domains of sea, land, and air emphasize how combatants must modernize to reserve their battlefield worthiness. Contemporary warfare integrates armed forces with advanced munitions to enhance their lethality and survivability on the battlefield.
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Governments across the world are splurging a significant volume of their gross domestic product (GDP) in modernizing their armed forces. Modernizing militaries has been the prime objective for nations as it directly impacts national security. As tensions are rising between nations, governments are procuring modern military products to enhance their defensive and offensive capabilities. Ammunition is one of the most traded products as it acts as a fuel to all military entities. Munition readiness is one of the top priorities in ensuring the military is prepared for the next conflict. Hence, military forces are increasing their investments in all types of ammunition to enhance their combat capabilities. Over the years, both developed and emerging nations are allotting a significant volume of their GDP for defense spending. Rising defense budgets is one of the major drivers for the defense agencies to procure and modernize the military arsenal.
The global slowdown that began due to the outbreak of the novel COVID-19 had a deep impact on all industries. The governments are forced to freeze all operations that involve transport and mass gathering to counter the COVID-19 pandemic. The restriction impacted the flow of the supply chain in all industries, and the defense industry is no exception. But the impact of COVID-19 on the defense industry is significantly low due to the heavy funding by the governments as it directly concerns national security. It is to be assumed that since governments are focusing more on boosting the healthcare industry for future pandemic readiness, every other industry has to experience slight cutbacks in orders to compensate for extra investments in the healthcare industry. However, this is not the case for every country.
Hence, it can be observed that COVID-19 might impact defense spending in a few countries. The military ammunition market is less affected when compared to other markets, as the funding has already been allocated to all major contracts for munition modernization and procurements. However, there might be a delay in the delivery of these contracts due to the various restrictions imposed by the governments.
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Rising tensions due to geopolitical issues and increasing demand for advanced munitions in military are the major drivers of the global military ammunition market in the forecast period. Increasing defense budgets in emerging countries is expected to create an ample opportunity for the major defense players to expand their presence in these countries.
Armed forces use different types of munitions as per the operation and requirement. Global military ammunition includes seven major sub-divisions: bullets, aerial bombs, grenades, artillery shells, rockets, missiles, and mortar ammunition. The following table illustrates the market value of the global military ammunition market by product type. The global military ammunition market is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share. The competitive landscape of the global military ammunition market exhibits an inclination toward emerging strategies and developments by market players.
