A newÂ Research and MarketsÂ report forecasts that the worldwide market for military ammunition products will grow at a 2.21 percent annual compound growth rate to reach $16.6 billion in value by 2027.
The companyÂ said TuesdayÂ the projected ammo demand over the next 10 years will be driven by military modernization initiatives; regional conflicts and instability challenges; and military-led counterterrorism and anti-insurgency operations.
Rockets, artillery, and small caliber weapons are projected to account for the biggest shares of the market during the forecast period.
The report predicts North AmericaÂ will spend $69.3 billion on military ammo through 2027.
Asia PacificÂ is forecast to hold the 25.8 percent market share driven by purchases from Australia, China, India and South Korea.
Companies featuredÂ in the report are:
- BAE Systems
- General Dynamics
- Nexter Munitions
- Olin Corporation
- Orbital ATK
- RUAG Ammotec
- Rheinmetall Defence
- Tactical Systems