The market has been segmented into different products that primarily consist of rockets, bullets, mortars and others. Civil & defense are the two end-use segments included in the study. Political differences along with the rising tension across borders is resulting in the rise in stacking of armories.
According to the latest statistics published by Stockholm International Peace Research Institute (SIPRI), China, Saudi Arabia, Russia, and the U.S were the foremost nations having highest expenditure on armories. The majority of the share was captured by the U.S with 36%, followed by China with a share of 13% in 2015.
The major product segment in 2015 was bullets which accounted for 53.9% of the total market share. Bullets are mostly utilized by the civilians and criminal organizations. Small caliber bullets utilized in domestic end-use is a key contributor in the segment.
Domestic end-use utilizes numerous armories which comprises of rifles, handguns, pistols and shotguns. The demand is also fueled by the growth in personal end-use for security from developing economies. Other segments are mostly consumed by the defense and military departments. Upsurge in procurement of armories can be attributed to the upswing in terrorist activities or terrorism.
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Civil or domestic was the most noticeable segment which accounted for 74.5% of the total revenue share. The domestic segment is expected to observe a substantial rise as a result of high growth from hunting & sports activities in the near future. The domestic segment comprises of sports & hunting, self-defense and law enforcement.
Asia Pacific, which is projected to grow at a CAGR of 4.5%, also accounted for the highest share in 2015 and is projected to continue the trend over the forecast period. The upsurge of terrorism activities in developing economies such as India is resulting in the strengthening of the overall defense system of the country. India signed several contracts valued at USD 15 billion to buy armories in March, 2016.
Major businesses in the market include General Dynamics Corporation, Remington Arms Company, Inc., BAE Systems, Ruag Ammotec, Federal Premium Ammunition and Maxam and Poongsan Corporation.
With a view of safeguarding a solid position in the market and minimize competitiveness, the international weapons and armories industry has constantly experienced mergers and acquisitions by the key participants. BAE systems merged with General dynamics ordnance and tactical systems in the year 2012 to produce RCGM i.e. an 81mm Roll Controlled Guided Mortar.
Browse reports of similar category available with Million Insights:
Product Outlook (Revenue, USD Million, 2013 – 2024)
End-Use Outlook (Revenue, USD Million, 2013 – 2024)
• Law Enforcement
• Sports and Hunting
Regional Outlook (Revenue, USD Million, 2013 – 2024)
• North America
• Asia Pacific
• Latin America
• Saudi Arabia
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