Globally, the ultrasonic pulse velocity tester market is expected to grow with a CAGR of 5.9% during the forecast period from 2019 to 2027, starting from US$ 510.0 Mn in 2018. The ultrasonic velocity test is the augmented testing technology that used to check the strength and quality of concrete. The ultrasonic velocity testers used to transmit ultrasonic pulses through the rock and measure its velocity to define the structure or rock construction.
Ammunition can be defined as the material which is fired, scattered, dropped or detonated by means of any weapon. These ammunitions can be in the form of bombs, rocket, shots, shrapnel, bullets and shells. The human race has a long history of wars and use of ammunition has been one of the key factors which have impacted a great many wars significantly from time to time.
The global ammunition market was valued at USD 22.35 billion in 2021 and is projected to expand at a CAGR of 3.2% between 2023 and 2031. A rise in the number of terrorist activities and conflicts worldwide is projected to raise the buying of military equipment by significant militaries worldwide, hence driving the ammunition market throughout the forecast period. Increasing trends in the use of rifles and pistols for sports and shooting are anticipated to boost the penetration of small-caliber ammunition in the foreseeable future. In addition, technological improvements in the industry have led to the development of bullets made from polymer-based casings, which are expected to contribute to market expansion.
The country's market growth is anticipated to be bolstered by the government's substantial investments in military and armed forces improvements. The purchase of small-caliber ammunition by citizens and the department of homeland security is anticipated to contribute to the expansion of the market as a whole. In addition, the expansion of sales channels, such as internet sales, is likely to contribute to the expansion. It is anticipated that an increase in the use of sophisticated materials for the production of lightweight ammunition would result in fuel-efficient transportation, which will reduce the overall cost of transportation. In addition, it is projected that the aforementioned trend would permit the transfer of more rounds within the same weight restrictions, hence positively impacting the market growth.
Due to the prohibitions on guns in major economies, many ammunition items are not generally available commercially. Yet, defense organizations in large regions have opted to acquire these products in order to strengthen security capabilities. In addition, military improvements by major economies such as China, India, France, and Russia are anticipated to contribute to the market's growth over the forecast period. Long-term collaborations and acquisitions between large firms and the government characterize the worldwide market. Numerous countries around the world, including India, are attempting to strengthen national military forces by acquiring and developing indigenous production facilities from foreign players.
Acute Market Reports is a market research and consultancy firm that specializes in the ammunition and defense industry. Our clients benefit from the futuristic research methodology provided by Acute Market Reports, allowing them to make timely, well-considered business decisions. We collaborate with a wide variety of industry players to provide our global clientele with cutting-edge strategic research solutions.
