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A new Research and Markets report forecasts a 4.2 percent compound annual growth rate for the global ammunition market by 2020 due to modernization programs and ongoing conflicts in some parts of the world.
The market research firm said Tuesday that ATK, BAE Systems, General Dynamics, Nammo and Raytheon could lead the market as it shifts focus from the west to Asia-Pacific and the Middle East.
The report also analyzes the market segments based on five ammunition types, seven geographical regions and specific countries.
Research and Markets said it also identified the drivers and restraints to market growth amid a decline in defense budgets in the Western Hemisphere.
