Report : Middle East & Africa Ammunition Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars, and Others), Application (Defense and Commercial), Guidance (Guided and Non-Guided), Lethality (Non-Lethal and Lethal), and Caliber [Small Caliber Ammunition (5.56mm, 7.62mm, 9mm, 12.7mm, 14.5mm, .45ACP, 338LM, 22LR, .223 Rem, and .308 Winchester), Medium Caliber Ammunition (20mm, 30mm, 40mm, and Others), and Large Caliber Ammunition (60mm, 105mm, 120mm, 150mm, and Others)]
At 5.5% CAGR, the Middle East & Africa Ammunition Market is speculated to be worth US$ 5,191.23 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa ammunition market was valued at US$ 3,762.63 million in 2022 and is expected to reach US$ 5,191.23 million by 2028, registering an annual growth rate of 5.5% from 2022 to 2028. Rising demand for guided ammunitions from emerging countries and technological advancements across firearms industry are the critical factors attributed to the market expansion.
The introduction of guided munitions has been boosting the adoption of guided ammunitions in this region. As several countries have been pushing their capabilities to increase their firepower and strengthen their armed forces, the demand for advanced weaponry systems has been on the rise, which is likely to generate huge opportunities for the ammunition market. However, the improvisations in the development of such ammunitions and research are still in the development phase. This is likely to generate new market opportunities for market vendors during the forecast period.
On the contrary, shortage of ammunitions after FY 2022 hurdles the growth of Middle East & Africa ammunition market.
The Middle East & Africa ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2022, the aerial bombs segment dominated market with a share of 25.5%, amassing US$ 958.04 million. It is projected to garner US$ 1,457.85 million by 2028 to expand at 7.2% CAGR during 2022–2028.
- Based on application, the ammunition market sphere is bifurcated into defense and commercial. The former held 91.6% market share in 2022, amassing US$ 3,447.80 million. It is projected to garner US$ 4,823.90 million by 2028 to expand at 5.8% CAGR during 2022–2028.
- Based on guidance, the ammunition market sphere is bifurcated into guided and non-guided. The guided segment held 60.6% market share in 2022, amassing US$ 3,223.10 million. It is projected to garner US$ 2,279.68 million by 2028 to expand at 5.9% CAGR during 2022–2028.
- Based on lethality, the ammunition market sphere is bifurcated into non-lethal and lethal. The former held 87.2% market share in 2022, amassing US$ 3,279.44 million. It is projected to garner US$ 4,584.22 million by 2028 to expand at 5.7% CAGR during 2022–2028.
By caliber, the Middle East & Africa ammunition market is fragmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. With 49.2% share of the domain, the large caliber segment dominated the market in 2022. It accrued US$ 1,850.64 million in 2022 and is estimated to generate US$ 2,648.36 million by 2028 to grow at a CAGR of 6.2% over the forecast period.
Our regional analysis states that Saudi Arabia captured 40.0% market share in 2022. It was assessed at US$ 1,503.90 million in 2022 and is likely to hit US$ 2,059.36 million by 2028, exhibiting a CAGR of 5.4% during the forecast period.
Key players dominating the Middle East & Africa ammunition market are BAE Systems, Elbit Systems Ltd, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, and Thales Group among others.
Below are mentioned a few key market developments by major players:
- In 2022, Rheinmetall announced contracts from unnamed NATO customers to supply 35mm ammunition. The deliveries will take place in 2023 and 2024 and the contract is worth a total of $21.3 million.
- In 2022, General Dynamics Ordnance and Tactical Systems awarded a US$ 50.8 million contract for 120mm. The new Production multi-purpose tank training rounds and 120mm new production kinetic energy rounds.
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