Military ammunition market generated $57.89 billion in 2019 and is estimated to grow at a CAGR of 5.40%, during 2020-2025. Military ammunition Industry is growing due to the increasing procurement for enhancing the offensive and defensive strength of the armed forces. Visit: https://bisresearch.com/industry-report/military-ammunition-market.html

1. Global Military
Ammunition Market
Focus on Platform (Land Force, Navy and
Air Force), Product (Missile, Rocket, Artillery
Shell, Bomb, Mortar Ammunition, Bullet,
and Grenade), and Guidance
Analysis and Forecast: 2020-2025
September 2020
TOC

2. Global Military Ammunition Market
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3. Global Military Ammunition Market
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Table of Contents
Executive Summary……………………………………………...……………. 27
1. Market Dynamics................................................................................................41
1.1 Market Snapshot .......................................................................................... 41
1.2 Market Drivers .............................................................................................. 41
1.2.1 Growing Global Defense Spending.................................................. 41
1.2.2 Increasing Military Modernization Programs .................................. 43
1.2.3 Upsurge in Terrorist Activities in Asia-Pacific and Middle
East..................................................................................................... 44
1.3 Market Restraints ......................................................................................... 45
1.3.1 Environmental Contamination by Military Munitions..................... 45
1.3.2 Regulatory Restrictions by Ammunition Control Regimes ........... 46
1.4 Market Opportunities ................................................................................... 48
1.4.1 Escalating Demand for Military Ammunition in Emerging
Economies ......................................................................................... 48
1.4.2 Inclination toward Lightweight Ammunition................................... 49
1.4.3 Miniaturizing of Munitions ................................................................ 49
2. Competitive Insights ..........................................................................................51
2.1 Key Strategies and Developments ............................................................. 51
2.1.1 New Product Launches..................................................................... 54
2.1.2 Acquisitions, Joint Ventures, Collaborations, and Mergers.......... 55
2.1.3 Contracts............................................................................................ 56
2.1.4 Other Developments ......................................................................... 58
2.2 Market Share Analysis................................................................................. 59
2.3 Competitive Benchmarking......................................................................... 60
3. Industry Analysis................................................................................................62
3.1 Patent Analysis ............................................................................................ 62
3.1.1 Patents (by Country), 2016-2020 ...................................................... 67
3.2 Supply Chain Analysis................................................................................. 67
3.2.1 Illustrating Supply Chain Analysis................................................... 68

4. Global Military Ammunition Market
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3.2.1.1 Research and Development ................................................................ 68
3.2.1.2 Component Sourcing........................................................................... 68
3.2.1.3 Manufacturing and Assembly .............................................................. 68
3.2.1.4 Testing................................................................................................. 68
3.2.1.5 Distribution and End User.................................................................... 69
3.3 Industrial Trends.......................................................................................... 69
3.3.1 Inclination toward Advanced Guided-Weapons Technology ........ 69
3.3.2 Development of Hypersonic Missiles .............................................. 69
3.3.3 3D-Printed Components for Missiles............................................... 71
3.3.4 Reduced Ammunition Sizes ............................................................. 71
3.4 Technological Developments...................................................................... 72
3.4.1 Magneto Hydrodynamic Explosive Munition (MAHEM) ................. 72
3.4.2 Personnel Halting and Stimulation Response (PHASR) Rifle ....... 72
3.4.3 Grenade-Launching Assault Rifle.................................................... 72
3.4.4 Corner Shot Pistols........................................................................... 73
3.4.5 ADS Underwater Rifle ....................................................................... 73
3.5 Major Military Programs .............................................................................. 73
3.6 Industry Attractiveness: Porter’s Five Forces Analysis ........................... 75
4. Global Military Ammunition Market ..................................................................86
4.1 Assumptions and Limitations..................................................................... 86
4.2 Market Overview........................................................................................... 86
5. Global Military Ammunition Market (by Platform) ...........................................88
5.1 Market Overview........................................................................................... 88
5.2 Land Force.................................................................................................... 89
5.2.1 Artillery Unit Ammunition ................................................................. 90
5.2.2 Armored Unit Ammunition................................................................ 91
5.2.3 Infantry Unit Ammunition ................................................................. 92
5.3 Navy .............................................................................................................. 94
5.3.1 Naval Missile...................................................................................... 94
5.3.2 Naval Artillery .................................................................................... 96
5.3.3 Naval Mine.......................................................................................... 97

5. Global Military Ammunition Market
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5.4 Air Force ....................................................................................................... 98
5.4.1 Aerial Missile ................................................................................... 100
5.4.2 Aerial Bomb ..................................................................................... 102
6. Global Military Ammunition Market (by Product) ..........................................105
6.1 Market Overview......................................................................................... 105
6.2 Missile ......................................................................................................... 106
6.2.1 Cruise Missile .................................................................................. 108
6.2.1.1 Short Range Cruise Missiles ............................................................. 110
6.2.1.2 Medium Range Cruise Missiles ......................................................... 115
6.2.1.3 Long-Range Cruise Missiles.............................................................. 118
6.2.2 Ballistic Missile................................................................................ 121
6.2.2.1 Short-Range Ballistic Missile ............................................................. 123
6.2.2.2 Medium-Range Ballistic Missile......................................................... 127
6.2.2.3 Intermediate-Range Ballistic Missile.................................................. 130
6.2.2.4 Intercontinental Ballistic Missile......................................................... 131
6.2.2.5 Others................................................................................................ 134
6.3 Rocket ......................................................................................................... 141
6.3.1 Artillery Rocket................................................................................ 142
6.3.2 Air-Launched Rocket ...................................................................... 143
6.3.3 Portable Rocket ............................................................................... 144
6.4 Artillery Shell.............................................................................................. 145
6.4.1 Guided Shell .................................................................................... 146
6.4.2 Armor-Piercing Shell....................................................................... 147
6.4.3 High-Explosive Shell....................................................................... 148
6.4.4 Non-Lethal Shell .............................................................................. 149
6.4.4.1 Smoke Shell ...................................................................................... 150
6.4.4.2 Illuminating Shell ............................................................................... 150
6.5 Bomb........................................................................................................... 150
6.5.1 Guided Bomb................................................................................... 151
6.5.2 General-Purpose Bomb .................................................................. 152
6.5.3 Gravity Bomb................................................................................... 153

6. Global Military Ammunition Market
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6.5.4 Naval Mine........................................................................................ 154
6.6 Mortar Ammunition .................................................................................... 155
6.6.1 Large-Caliber Mortar Ammunition ................................................. 156
6.6.2 Medium-Caliber Mortar Ammunition.............................................. 157
6.6.2.1 81mm ................................................................................................ 158
6.6.2.2 82mm ................................................................................................ 159
6.6.3 Small-Caliber Mortar Ammunition.................................................. 160
6.6.3.1 60mm ................................................................................................ 161
6.6.3.2 51mm ................................................................................................ 162
6.7 Bullet ........................................................................................................... 162
6.7.1 Medium-Caliber Ammunition.......................................................... 163
6.7.1.1 20mm ................................................................................................ 164
6.7.1.2 30mm ................................................................................................ 166
6.7.1.3 25mm ................................................................................................ 171
6.7.1.4 40mm ................................................................................................ 171
6.7.1.5 Others................................................................................................ 172
6.7.2 Small-Caliber Ammunition.............................................................. 173
6.7.2.1 5.56mm ............................................................................................. 174
6.7.2.2 7.62mm ............................................................................................. 177
6.7.2.3 9mm .................................................................................................. 180
6.7.2.4 12.7mm ............................................................................................. 181
6.7.2.5 Others................................................................................................ 181
6.8 Grenade....................................................................................................... 183
6.8.1 Explosive Grenade .......................................................................... 183
6.8.1.1 Fragmentation Grenade .................................................................... 184
6.8.1.2 High Explosive Grenade.................................................................... 185
6.8.2 Non-Explosive Grenade .................................................................. 186
6.8.2.1 Smoke Grenade ................................................................................ 187
6.8.2.2 Stun Grenade .................................................................................... 188
6.8.2.3 Sting Grenade ................................................................................... 189
6.8.2.4 Incendiary Grenade........................................................................... 190

7. Global Military Ammunition Market
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7. Global Military Ammunition Market (by Guidance)........................................192
7.1 Market Overview......................................................................................... 192
7.2 Guided Ammunition................................................................................... 192
7.3 Non-Guided Ammunition........................................................................... 196
8. Global Military Ammunition Market (by Region)............................................199
8.1 Market Overview......................................................................................... 199
8.2 North America ............................................................................................ 201
8.2.1 Market Overview.............................................................................. 201
8.2.2 North America Military Ammunition Market (by Platform)........... 201
8.2.3 North America Military Ammunition Market (by Product)............ 202
8.2.4 North America Military Ammunition Market (by Country)............ 203
8.2.4.1 U.S. ................................................................................................... 204
8.2.5 U.S. Military Ammunition Market (by Platform)............................. 207
8.2.6 U.S. Military Ammunition Market (by Product).............................. 207
8.2.6.1 Canada.............................................................................................. 208
8.2.7 Canada Military Ammunition Market (by Platform)....................... 209
8.2.8 Canada Military Ammunition Market (by Product)........................ 210
8.3 Europe......................................................................................................... 211
8.3.1 Market Overview.............................................................................. 211
8.3.2 Europe Military Ammunition Market (by Platform) ....................... 212
8.3.3 Europe Military Ammunition Market (by Product) ........................ 212
8.3.4 Europe Military Ammunition Market (by Country)........................ 213
8.3.4.1 Russia ............................................................................................... 215
8.3.5 Russia Military Ammunition Market (by Platform)........................ 216
8.3.6 Russia Military Ammunition Market (by Product)......................... 216
8.3.6.1 U.K. ................................................................................................... 217
8.3.7 U.K. Military Ammunition Market (by Platform) ............................ 218
8.3.8 U.K. Military Ammunition Market (by Product) ............................. 219
8.3.8.1 France ............................................................................................... 220
8.3.9 France Military Ammunition Market (by Platform)........................ 221
8.3.10 France Military Ammunition Market (by Product)......................... 222

8. Global Military Ammunition Market
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8.3.10.1 Germany............................................................................................ 222
8.3.11 Germany Military Ammunition Market (by Platform).................... 224
8.3.12 Germany Military Ammunition Market (by Product)..................... 224
8.3.12.1 Italy.................................................................................................... 225
8.3.13 Italy Military Ammunition Market (by Platform) ............................ 226
8.3.14 Italy Military Ammunition Market (by Product) ............................. 227
8.3.14.1 Rest-of-Europe .................................................................................. 228
8.3.15 Rest-of-Europe Military Ammunition Market (by Platform).......... 229
8.3.16 Rest-of-Europe Military Ammunition Market (by Product)........... 230
8.4 Asia-Pacific................................................................................................. 231
8.4.1 Market Overview.............................................................................. 231
8.4.2 Asia-Pacific Military Ammunition Market (by Platform) ............... 232
8.4.3 Asia-Pacific Military Ammunition Market (by Product) ................ 232
8.4.4 Asia-Pacific Military Ammunition Market (by Country)................ 233
8.4.4.1 China................................................................................................. 235
8.4.5 China Military Ammunition Market (by Platform).......................... 236
8.4.6 China Military Ammunition Market (by Product)........................... 236
8.4.6.1 India................................................................................................... 237
8.4.7 India Military Ammunition Market (by Platform) ........................... 238
8.4.8 India Military Ammunition Market (by Product) ............................ 239
8.4.8.1 South Korea ...................................................................................... 240
8.4.9 South Korea Military Ammunition Market (by Platform) .............. 241
8.4.10 South Korea Military Ammunition Market (by Product) ............... 242
8.4.10.1 Japan................................................................................................. 242
8.4.11 Japan Military Ammunition Market (by Platform) ......................... 244
8.4.12 Japan Military Ammunition Market (by Product) .......................... 244
8.4.12.1 Australia ............................................................................................ 245
8.4.13 Australia Military Ammunition Market (by Platform) .................... 246
8.4.14 Australia Military Ammunition Market (by Product) ..................... 247
8.4.14.1 Rest-of-Asia-Pacific........................................................................... 248
8.4.15 Rest-of-Asia-Pacific Military Ammunition Market (by
Platform)........................................................................................... 249

9. Global Military Ammunition Market
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8.4.16 Rest-of-Asia-Pacific Military Ammunition Market (by
Product)............................................................................................ 250
8.5 Rest-of-the-World....................................................................................... 251
8.5.1 Market Overview.............................................................................. 251
8.5.2 Rest-of-the-World Military Ammunition Market (by Platform) ..... 252
8.5.3 Rest-of-the-World Military Ammunition Market (by Product) ...... 252
8.5.4 Rest-of-the-World Military Ammunition Market (by Country) ...... 253
8.5.4.1 Middle East........................................................................................ 255
8.5.5 Middle East Military Ammunition Market (by Platform)................ 256
8.5.6 Middle East Military Ammunition Market (by Product)................. 257
8.5.6.1 Latin America .................................................................................... 258
8.5.7 Latin America Military Ammunition Market (by Platform)............ 259
8.5.8 Latin America Military Ammunition Market (by Product)............. 260
8.5.8.1 Africa ................................................................................................. 260
8.5.9 Africa Military Ammunition Market (by Platform) ......................... 262
8.5.10 Africa Military Ammunition Market (by Product) .......................... 262
9. Company Profiles.............................................................................................264
9.1 Overview ..................................................................................................... 264
9.2 BAE Systems.............................................................................................. 265
9.2.1 Company Overview ......................................................................... 265
9.2.2 Role of BAE Systems in the Global Military Ammunition
Market............................................................................................... 265
9.2.3 Financials......................................................................................... 267
9.2.3.1 Financial Summary............................................................................ 269
9.2.4 SWOT Analysis................................................................................ 270
9.3 CBC Ammo ................................................................................................. 271
9.3.1 Company Overview ......................................................................... 271
9.3.2 Role of CBC Ammo in the Global Military Ammunition
Market............................................................................................... 271
9.3.3 SWOT Analysis................................................................................ 273
9.4 Chemring Group PLC................................................................................. 274
9.4.1 Company Overview ......................................................................... 274

10. Global Military Ammunition Market
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9.4.2 Role of Chemring Group PLC in the Global Military
Ammunition Market......................................................................... 274
9.4.3 Financials......................................................................................... 276
9.4.3.1 Financial Summary............................................................................ 278
9.4.4 SWOT Analysis................................................................................ 279
9.5 Denel SOC Ltd............................................................................................ 280
9.5.1 Company Overview ......................................................................... 280
9.5.2 Role of Denel SOC Ltd in the Global Military Ammunition
Market............................................................................................... 280
9.5.3 Financials......................................................................................... 282
9.5.3.1 Financial Summary............................................................................ 284
9.5.4 SWOT Analysis................................................................................ 285
9.6 Elbit Systems Ltd....................................................................................... 286
9.6.1 Company Overview ......................................................................... 286
9.6.2 Role of Elbit System Ltd. in the Global Military Ammunition
Market............................................................................................... 286
9.6.3 Financials......................................................................................... 288
9.6.4 Financial Summary.......................................................................... 290
9.6.5 SWOT Analysis................................................................................ 291
9.7 FN HERSTAL .............................................................................................. 292
9.7.1 Company Overview ......................................................................... 292
9.7.2 Role of FN HERSTAL in Global Military Ammunition Market....... 292
9.7.3 SWOT Analysis................................................................................ 294
9.8 General Dynamics Corporation ................................................................ 295
9.8.1 Company Overview ......................................................................... 295
9.8.2 Role of General Dynamics Corporation in the Global Military
Ammunition Market......................................................................... 295
9.8.3 Financials......................................................................................... 297
9.8.3.1 Financial Summary............................................................................ 299
9.8.4 SWOT Analysis................................................................................ 300
9.9 EXPAL Systems ......................................................................................... 301
9.9.1 Company Overview ......................................................................... 301

11. Global Military Ammunition Market
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9.9.2 Role of EXPAL Systems in the Global Military Ammunition
Market............................................................................................... 301
9.9.3 SWOT Analysis................................................................................ 303
9.10 Lockheed Martin Corporation ................................................................... 304
9.10.1 Company Overview ......................................................................... 304
9.10.2 Role of Lockheed Martin Corporation in the Global Military
Ammunition Market......................................................................... 304
9.10.3 Financials......................................................................................... 305
9.10.4 Financial Summary.......................................................................... 307
9.10.5 SWOT Analysis................................................................................ 308
9.11 Nammo AS.................................................................................................. 309
9.11.1 Company Overview ......................................................................... 309
9.11.2 Role of Nammo AS in the Global Military Ammunition Market.... 309
9.11.3 Financials......................................................................................... 311
9.11.3.1 Financial Summary............................................................................ 312
9.11.4 SWOT Analysis................................................................................ 313
9.12 Nexter KNDS group.................................................................................... 314
9.12.1 Company Overview ......................................................................... 314
9.12.2 Role of Nexter KNDS group in the Global Military
Ammunition Market......................................................................... 314
9.12.3 SWOT Analysis................................................................................ 316
9.13 Northrop Grumman Corporation .............................................................. 317
9.13.1 Company Overview ......................................................................... 317
9.13.2 Role of Northrop Grumman Corporation in the Global
Military Ammunition Market ........................................................... 317
9.13.3 Financials......................................................................................... 318
9.13.3.1 Financial Summary............................................................................ 320
9.13.4 SWOT Analysis................................................................................ 321
9.14 Olin Corporation......................................................................................... 322
9.14.1 Company Overview ......................................................................... 322
9.14.2 Role of Olin Corporation in the Global Military Ammunition
Market............................................................................................... 322
9.14.3 Financials......................................................................................... 323

12. Global Military Ammunition Market
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9.14.3.1 Financial Summary............................................................................ 325
9.14.4 SWOT Analysis................................................................................ 326
9.15 Poongsan Corporation .............................................................................. 327
9.15.1 Company Overview ......................................................................... 327
9.15.2 Role of Poongsan Corporation in Global Military
Ammunition Market......................................................................... 327
9.15.3 Financials......................................................................................... 328
9.15.3.1 Financial Summary............................................................................ 330
9.15.4 SWOT Analysis................................................................................ 331
9.16 Raytheon Technologies Corporation ....................................................... 332
9.16.1 Company Overview ......................................................................... 332
9.16.2 Role of Raytheon Technologies Corporation in the Global
Military Ammunition Market ........................................................... 332
9.16.3 Financials......................................................................................... 334
9.16.3.1 Financial Summary............................................................................ 336
9.16.4 SWOT Analysis................................................................................ 337
9.17 Rheinmetall AG .......................................................................................... 338
9.17.1 Company Overview ......................................................................... 338
9.17.2 Role of Rheinmetall AG in the Global Military Ammunition
Market............................................................................................... 338
9.17.3 Financials......................................................................................... 339
9.17.3.1 Financial Summary............................................................................ 341
9.17.4 SWOT Analysis................................................................................ 342
9.18 Rosoboronexport ....................................................................................... 343
9.18.1 Company Overview ......................................................................... 343
9.18.2 Role of Rosoboronexport in the Global Military Ammunition
Market............................................................................................... 343
9.18.3 SWOT Analysis................................................................................ 345
9.19 RUAG Group (RUAG Ammotec AG) ......................................................... 346
9.19.1 Company Overview ......................................................................... 346
9.19.2 Role of RUAG Group (RUAG Ammotec AG) in the Global
Military Ammunition Market ........................................................... 346
9.19.3 Financials......................................................................................... 348

13. Global Military Ammunition Market
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9.19.3.1 Financial Summary............................................................................ 350
9.19.4 SWOT Analysis................................................................................ 351
9.20 Singapore Technologies Engineering Ltd. .............................................. 352
9.20.1 Company Overview ......................................................................... 352
9.20.2 Role of Singapore Technologies Engineering Ltd. in the
Global Military Ammunition Market ............................................... 352
9.20.3 Financials......................................................................................... 354
9.20.3.1 Financial Summary............................................................................ 356
9.20.4 SWOT Analysis................................................................................ 357
9.21 Thales Group.............................................................................................. 358
9.21.1 Company Overview ......................................................................... 358
9.21.2 Role of Thales Group in the Global Military Ammunition
Market............................................................................................... 358
9.21.3 Financials......................................................................................... 360
9.21.3.1 Financial Summary............................................................................ 362
9.21.4 SWOT Analysis................................................................................ 363
9.22 Vista Outdoor Operations LLC.................................................................. 364
9.22.1 Company Overview ......................................................................... 364
9.22.2 Role of Vista Outdoor Operations LLC in the Global Military
Ammunition Market......................................................................... 364
9.22.3 Financials......................................................................................... 365
9.22.3.1 Financial Summary............................................................................ 367
9.22.4 SWOT Analysis................................................................................ 368
10. Research Scope & BIS Methodology..............................................................369
10.1 Scope of the Report ................................................................................... 369
10.2 Global Military Ammunition Market Research Methodology.................. 369
11. Appendix ...........................................................................................................375
11.1 Related Reports.......................................................................................... 375

14. Global Military Ammunition Market
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List of Tables
Table 1: COVID-19 Impact on Defense Budgets .............................................................................33
Table 2: Global Military Ammunition Market, $Billion, 2019 and 2025 .............................................34
Table 3: Global Military Ammunition Market (by Product), $Billion, 2019-2025................................36
Table 4: Global Military Ammunition Market (by Guidance), $Billion, 2019-2025.............................37
Table 5: Key Companies in the Global Military Ammunition Market, Revenue, 2019.......................39
Table 1.1: Members of Missile Technology Control Regium (MTCR) ..............................................46
Table 1.2: Impact Analysis of Market Drivers...................................................................................50
Table 3.1: Key Patents Published, 2016-2020.................................................................................62
Table 3.2: Analyzing Threat from New Entrants in the Global Military Ammunition Market..............77
Table 3.3: Analyzing Threat from Substitute Products in the Global Military
Ammunition Market..............................................................................................................79
Table 3.4: Analyzing the Bargaining Power of Suppliers in the Global Military
Ammunition Market..............................................................................................................80
Table 3.5: Analyzing the Bargaining Power of Buyers in the Global Military
Ammunition Market..............................................................................................................82
Table 3.6: Analyzing the Intensity of Competitive Rivalry in the Global Military
Ammunition Market..............................................................................................................84
Table 5.1: Global Military Ammunition Market (by Platform), $Billion, 2019-2025............................89
Table 5.2: Global Land Force Ammunition Market, $Billion, 2019-2025 ..........................................90
Table 5.3: Global Navy Ammunition Market, $Billion, 2019-2025 ....................................................94
Table 5.4: Major Guided Munition Programs ...................................................................................99
Table 5.5: Global Air Force Ammunition Market, $Billion, 2019-2025..............................................99
Table 5.6: Short-Range Air-to-Air Missiles.....................................................................................100
Table 5.7: Aerial Bombs (by Country)............................................................................................102
Table 6.1: Global Military Ammunition Market (by Product), $Billion, 2019-2025...........................105
Table 6.2: Key Differences between Cruise and Ballistic Missiles .................................................107
Table 6.3: Global Military Missiles Market, $Billion, 2019-2025 .....................................................108
Table 6.4: Key Cruise Missile Contracts ........................................................................................109
Table 6.5: Global Military Cruise Missiles Market, $Billion, 2019-2025..........................................110

15. Global Military Ammunition Market
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Table 6.6: Key Short-Range Cruise Missiles..................................................................................111
Table 6.7: Key Medium-Range Cruise Missiles .............................................................................115
Table 6.8: Key Long-Range Cruise Missiles..................................................................................118
Table 6.9: Key Ballistic Missile Contracts.......................................................................................121
Table 6.10: Global Military Ballistic Missiles Market, $Billion, 2019-2025 ......................................122
Table 6.11: Key Short-Range Ballistic Missiles..............................................................................123
Table 6.12: Key Medium-Range Ballistic Missiles..........................................................................128
Table 6.13: Key Intermediate-Range Ballistic Missiles...................................................................130
Table 6.14: Key Intercontinental Range Ballistic Missiles ..............................................................132
Table 6.15: Key Other Ballistic Missiles .........................................................................................135
Table 6.16: Global Military Rockets Market, $Billion, 2019-2025...................................................142
Table 6.17: Global Military Artillery Shells Market, $Billion, 2019-2025..........................................146
Table 6.18: Global Military Bombs Market, $Billion, 2019-2025.....................................................151
Table 6.19: Global Military Mortar Ammunition Market, $Billion, 2019-2025..................................156
Table 6.20: Global Military Medium-Caliber Mortar Ammunition Market, $Billion, 2019-2025.......158
Table 6.21: Global Military Small-Caliber Mortar Ammunition Market, $Billion, 2019-2025............160
Table 6.22: Global Military Bullets Market, $Billion, 2019-2025 .....................................................163
Table 6.23: Global Military Medium Caliber Ammunition Market, $Billion, 2019-2025 ...................164
Table 6.24: Countries and their 20mm Caliber Weapons ..............................................................165
Table 6.25: Countries and their 20mm Caliber Weapons ..............................................................167
Table 6.26: Global Military Small-Caliber Ammunition Market, $Billion, 2019-2025.......................174
Table 6.27: Countries and their 5.56mm Caliber Rifles..................................................................175
Table 6.28: Countries and their 7.62mm Caliber Rifles..................................................................178
Table 6.29: Global Military Grenades Market, $Billion, 2019-2025 ................................................183
Table 6.30: Global Military Explosive Grenades Market, $Billion, 2019-2025................................184
Table 6.31: Global Military Non-Explosives Grenades Market, $Billion, 2019-2025.......................187
Table 7.1: Global Military Ammunition Market (by Guidance), $Billion, 2019-2025........................192
Table 7.2: Major Guided Munition Programs .................................................................................194
Table 7.3: Key Strategic Developments.........................................................................................197
Table 8.1: Global Military Ammunition Market (by Region), $Billion, 2019-2025............................200
Table 8.2: North America Military Ammunition Market (by Platform), $Billion, 2019-2025 ............202

16. Global Military Ammunition Market
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Table 8.3: North America Military Ammunition Market (by Product), $Billion, 2019-2025 ..............202
Table 8.4: North America Military Ammunition Market (by Country), $Billion, 2019-2025 ..............203
Table 8.5: U.S. Military Ammunition Market (by Platform), $Billion, 2019-2025 .............................207
Table 8.6: U.S. Military Ammunition Market (by Product), $Billion, 2019-2025 ..............................208
Table 8.7: Canada Military Ammunition Market (by Platform), $Billion, 2019-2025........................209
Table 8.8: Canada Military Ammunition Market (by Product), $Billion, 2019-2025.........................210
Table 8.9: Europe Military Ammunition Market (by Platform), $Billion, 2019-2025.........................212
Table 8.10: Europe Military Ammunition Market (by Product), $Billion, 2019-2025........................213
Table 8.11: Europe Military Ammunition Market (by Country), $Billion, 2019-2025 .......................214
Table 8.12: Russia Military Ammunition Market (by Platform), $Billion, 2019-2025 .......................216
Table 8.13: Russia Military Ammunition Market (by Product), $Billion, 2019-2025 ........................217
Table 8.14: U.K. Military Ammunition Market (by Platform), $Billion, 2019-2025 ...........................219
Table 8.15: U.K. Military Ammunition Market (by Product), $Billion, 2019-2025 ............................219
Table 8.16: France Military Ammunition Market (by Platform), $Billion, 2019-2025.......................221
Table 8.17: France Military Ammunition Market (by Product), $Billion, 2019-2025........................222
Table 8.18: Germany Military Ammunition Market (by Platform), $Billion, 2019-2025 ...................224
Table 8.19: Germany Military Ammunition Market (by Product), $Billion, 2019-2025 ....................225
Table 8.20: Italy Military Ammunition Market (by Platform), $Billion, 2019-2025............................227
Table 8.21: Italy Military Ammunition Market (by Product), $Billion, 2019-2025.............................227
Table 8.22: Major Rest-of-Europe Countries .................................................................................228
Table 8.23: Rest-of-Europe Military Ammunition Market (by Platform), $Billion, 2019-2025.........229
Table 8.24: Rest-of-Europe Military Ammunition Market (by Product), $Billion, 2019-2025...........230
Table 8.25: Asia-Pacific Military Ammunition Market (by Platform), $Billion, 2019-2025................232
Table 8.26: Asia-Pacific Military Ammunition Market (by Product), $Billion, 2019-2025.................233
Table 8.27: Asia-Pacific Military Ammunition Market (by Country), $Billion, 2019-2025 ................234
Table 8.28: China Military Ammunition Market (by Platform), $Billion, 2019-2025.........................236
Table 8.29: China Military Ammunition Market (by Product), $Billion, 2019-2025..........................237
Table 8.30: India Military Ammunition Market (by Platform), $Billion, 2019-2025...........................239
Table 8.31: India Military Ammunition Market (by Product), $Billion, 2019-2025 ...........................239
Table 8.32: South Korea Military Ammunition Market (by Platform), $Billion, 2019-2025 ..............241
Table 8.33: South Korea Military Ammunition Market (by Product), $Billion, 2019-2025 ...............242

17. Global Military Ammunition Market
All rights reserved at BIS Research 17
Table 8.34: Japan Military Ammunition Market (by Platform), $Billion, 2019-2025 ........................244
Table 8.35: Japan Military Ammunition Market (by Product), $Billion, 2019-2025 .........................245
Table 8.36: Australia Military Ammunition Market (by Platform), $Billion, 2019-2025 ....................247
Table 8.37: Australia Military Ammunition Market (by Product), $Billion, 2019-2025 .....................247
Table 8.38: Major Rest-of-Asia-Pacific Countries ..........................................................................248
Table 8.39: Rest-of-Asia-Pacific Military Ammunition Market (by Platform), $Billion,
2019-2025 .........................................................................................................................249
Table 8.40: Rest-of-Asia-Pacific Military Ammunition Market (by Product), $Billion,
2019-2025 .........................................................................................................................250
Table 8.41: Rest-of-the-World Military Ammunition Market (by Platform), $Billion, 2019-2025 .....252
Table 8.42: Rest-of-the-World Military Ammunition Market (by Product), $Billion, 2019-2025.......253
Table 8.43: Rest-of-the-World Military Ammunition Market (by Country), $Billion, 2019-2025......254
Table 8.44: Middle East Military Ammunition Market (by Platform), $Billion, 2019-2025................257
Table 8.45: Middle East Military Ammunition Market (by Product), $Billion, 2019-2025.................257
Table 8.46: Latin America Military Ammunition Market (by Platform), $Billion, 2019-2025 ............259
Table 8.47: Latin America Military Ammunition Market (by Product), $Billion, 2019-2025 .............260
Table 8.48: Africa Military Ammunition Market (by Platform), $Billion, 2019-2025.........................262
Table 8.49: Africa Military Ammunition Market (by Product), $Billion, 2019-2025..........................262

18. Global Military Ammunition Market
All rights reserved at BIS Research 18
List of Figures
Figure 1: Top 10 Countries Defense Budget, 2017-2019.................................................................32
Figure 2: Global Military Ammunition Market, $Billion, 2019-2025...................................................34
Figure 3: Global Military Ammunition Market (by Platform), $Billion, 2019-2025..............................35
Figure 4: Global Small Arms Market (by Region), $Million, 2019.....................................................38
Figure 1.1: Market Dynamics Snapshot...........................................................................................41
Figure 1.2: Defense Spending (by Country), 2017, 2018, and 2019................................................42
Figure 1.3: China’s Projected War Heads........................................................................................44
Figure 2.1: Key Strategies Adopted by Market Players....................................................................51
Figure 2.2: Percentage Share of Strategies Adopted by the Market Players, January 2017-
June 2020............................................................................................................................54
Figure 2.3: Product Launches by the Key Market Players, January 2017-June 2020......................55
Figure 2.4: Acquisitions, Joint Ventures, Collaborations, and Mergers by Key Market
Players, January 2017-June 2020 .......................................................................................56
Figure 2.5: Contracts by Key Market Players, January 2017 - June 2020 .......................................57
Figure 2.6: Other Developments......................................................................................................58
Figure 2.7: Market Share Analysis, 2019.........................................................................................59
Figure 2.8: Competitive Benchmarking, 2019..................................................................................60
Figure 3.1: Porter’s Five Forces Analysis of the Global Military Ammunition Market........................76
Figure 3.2: Threat from New Entrants..............................................................................................78
Figure 3.3: Threat from Substitute Products ....................................................................................79
Figure 3.4: Bargaining Power of Suppliers.......................................................................................81
Figure 3.5: Bargaining Power of Buyers ..........................................................................................83
Figure 3.6: Intensity of Competitive Rivalry......................................................................................85
Figure 4.1: Global Military Ammunition Market, $Billion, 2019-2025................................................87
Figure 5.1: U.S. Defense Budget Shares (by Platform)....................................................................88
Figure 5.2: Global Artillery Unit Ammunition Market, $Billion, 2019-2025 ........................................91
Figure 5.3: Global Armored Unit Ammunition Market, $Billion, 2019-2025 ......................................92
Figure 5.4: Global Infantry Unit Ammunition Market, $Billion, 2019-2025........................................93
Figure 5.5: Global Naval Missiles Market, $Billion, 2019-2025 ........................................................95

19. Global Military Ammunition Market
All rights reserved at BIS Research 19
Figure 5.6: Global Naval Artillery Market, $Billion, 2019-2025 .........................................................97
Figure 5.7: Global Naval Mines Market, $Million, 2019-2025...........................................................98
Figure 5.8: Global Aerial Missiles Market, $Billion, 2019-2025 ......................................................101
Figure 5.9: Global Aerial Bombs Market, $Billion, 2019-2025........................................................104
Figure 6.1: Global Short Range Cruise Missiles Market, $Billion, 2019-2025................................115
Figure 6.2: Global Medium Range Missiles Market, $Billion, 2019-2025 .......................................117
Figure 6.3: Global Long-Range Cruise Missiles Market, $Billion, 2019-2025 ................................120
Figure 6.4: Global Short-Range Ballistic Missiles Market, $Billion, 2019-2025 ..............................127
Figure 6.5: Global Medium Range Ballistic Missiles Market, $Billion, 2019-2025 ..........................130
Figure 6.6: Global Intermediate Range Ballistic Missiles Market, $Billion, 2019-2025 ...................131
Figure 6.7: Global Intercontinental Ballistic Missiles Market, $Billion, 2019-2025 ..........................134
Figure 6.8: Global Other Ballistic Missiles Market Market, $Million, 2019-2025.............................141
Figure 6.9: Global Artillery Rockets Market, $Billion, 2019-2025 ...................................................143
Figure 6.10: Global Air-Launched Rockets Market, $Billion, 2019-2025........................................144
Figure 6.11: Global Military Portable Rockets Market, $Billion, 2019-2025....................................145
Figure 6.12: Global Military Guided Shells Market, $Billion, 2019-2025.........................................147
Figure 6.13: Global Military Armor-Piercing Shells Market, $Billion, 2019-2025 ............................148
Figure 6.14: Global Military High-Explosive Shells Market, $Billion, 2019-2025 ............................149
Figure 6.15: Global Military Non-lethal Shells Market, $Billion, 2019-2025....................................149
Figure 6.16: Global Military Guided Bombs Market, $Billion, 2019-2025 .......................................152
Figure 6.17: Global Military General-Purpose Bombs Market, $Billion, 2019-2025........................153
Figure 6.18: Global Military Gravity Bomb Market, $Billion, 2019-2025 .........................................154
Figure 6.19: Global Military Naval Mines Market, $Million, 2019-2025...........................................155
Figure 6.20: Global Large Caliber Mortar Ammunition Market, $Billion, 2019-2025.......................157
Figure 6.21: Global Military 81mm Ammunition Market, $Million, 2019-2025 ................................159
Figure 6.22: Global Military 82mm Ammunition Market, $Million, 2019-2025 ................................160
Figure 6.23: Global Military 60mm Ammunition Market, $Billion, 2019-2025.................................161
Figure 6.24: Global Military 51mm Ammunition Market, $Million, 2019-2025 ................................162
Figure 6.25: Global Military 20mm Ammunition Market, $Million, 2019-2025 ................................166
Figure 6.26: Global Military 30mm Ammunition Market, $Million, 2019-2025 ................................170
Figure 6.27: Global Military 25mm Ammunition Market, $Million, 2019-2025 ................................171

20. Global Military Ammunition Market
All rights reserved at BIS Research 20
Figure 6.28: Global Military 40mm Ammunition Market, $Million, 2019-2025 ................................172
Figure 6.29: Global Other Military Medium Caliber Ammunition Market, $Million, 2019-2025........173
Figure 6.30: Global Military 5.56mm Ammunition Market, $Million, 2019-2025 .............................177
Figure 6.31: Global Military 7.62mm Ammunition Market, $Million, 2019-2025 .............................178
Figure 6.32: Global Military 9mm Ammunition Market, $Million, 2019-2025 ..................................180
Figure 6.33: Global Military 12.7mm Ammunition Market, $Million, 2019-2025 .............................181
Figure 6.34: Global Other Military Small-Caliber Ammunition Market, $Million, 2019-2025 ...........182
Figure 6.35: Global Military Fragmentation Grenade Market, $Million, 2019-2025 ........................185
Figure 6.36: Global Military High Explosive Grenade Market, $Million, 2019-2025........................186
Figure 6.37: Global Military Smoke Grenade Market, $Million, 2019-2025 ....................................188
Figure 6.38: Global Military Stun Grenade Market, $Million, 2019-2025........................................189
Figure 6.39: Global Military Sting Grenade Market, $Million, 2019-2025 .......................................190
Figure 6.40: Global Military Incendiary Grenade Market, $Million, 2019-2025...............................191
Figure 7.1: The U.S. DoD Budget Amount for Guided Weapons, 2015-2025................................193
Figure 7.2: The U.S. DoD Procurement of Guided Weapons, 2015-2025 .....................................194
Figure 7.3: Global Military Guided Ammunition Market, $Billion, 2019-2025..................................196
Figure 7.4: Global Military Non-Guided Ammunition Market, $Billion, 2019-2025..........................198
Figure 8.1: North America Military Ammunition Market, $Billlion, 2019-2025.................................201
Figure 8.2: North America Military Ammunition Market Share, 2019..............................................204
Figure 8.3: U.S. Military Aid, $Billion, 2014-2018...........................................................................205
Figure 8.4: U.S. Military Ammunition Market, $Billlion, 2019-2025.................................................206
Figure 8.5: Canada Military Ammunition Market, $Billlion, 2019-2025...........................................209
Figure 8.6: Europe Military Ammunition Market, $Billlion, 2019-2025............................................211
Figure 8.7: Europe Military Ammunition Market Share, 2019.........................................................214
Figure 8.8: Russia Military Ammunition Market, $Billlion, 2019-2025.............................................215
Figure 8.9: U.K. Military Ammunition Market, $Billlion, 2019-2025.................................................218
Figure 8.10: France Military Ammunition Market, $Billlion, 2019-2025 ..........................................221
Figure 8.11: Germany Military Ammunition Market, $Billlion, 2019-2025.......................................223
Figure 8.12: Italy Military Ammunition Market, $Billlion, 2019-2025...............................................226
Figure 8.13: Rest-of-Europe Military Ammunition Market, $Billlion, 2019-2025 .............................229
Figure 8.14: Asia-Pacific Military Ammunition Market, $Billlion, 2019-2025...................................231

21. Global Military Ammunition Market
All rights reserved at BIS Research 21
Figure 8.15: Asia-Pacific Military Ammunition Market Share, 2019................................................234
Figure 8.16: China Military Ammunition Market, $Billlion, 2019-2025 ............................................235
Figure 8.17: India Military Ammunition Market, $Billlion, 2019-2025..............................................238
Figure 8.18: South Korea Military Ammunition Market, $Billlion, 2019-2025..................................241
Figure 8.19: Japan Military Ammunition Market, $Billlion, 2019-2025............................................243
Figure 8.20: Australia Military Ammunition Market, $Billlion, 2019-2025........................................246
Figure 8.21: Rest-of-Asia-Pacific Military Ammunition Market, $Billlion, 2019-2025 ......................249
Figure 8.22: Rest-of-the-World Military Ammunition Market, $Billlion, 2019-2025 .........................251
Figure 8.23: Rest-of-the-World Military Ammunition Market Share, 2019 ......................................254
Figure 8.24: Middle East Military Ammunition Market, $Billlion, 2019-2025...................................256
Figure 8.25: Latin America Military Ammunition Market, $Billlion, 2019-2025................................259
Figure 8.26: Africa Military Ammunition Market, $Billlion, 2019-2025 ............................................261
Figure 9.1: Share of Key Company Profiles...................................................................................264
Figure 9.2: BAE Systems – Product Offerings...............................................................................266
Figure 9.3: BAE Systems - Financials, 2017-2019.........................................................................267
Figure 9.4: BAE Systems - Business Revenue Mix, 2017-2019 ....................................................267
Figure 9.5: BAE Systems - Region Revenue Mix, 2017-2019 .......................................................268
Figure 9.6: BAE Systems – Research and Development Expenditure, 2017-2019 .......................268
Figure 9.7: SWOT Analysis – BAE Systems..................................................................................270
Figure 9.8: CBC Ammo – Product Offerings..................................................................................272
Figure 9.9: SWOT Analysis – CBC Ammo.....................................................................................273
Figure 9.10: Chemring Group PLC – Product Offerings.................................................................275
Figure 9.11: Chemring Group PLC - Financials, 2017-2019..........................................................276
Figure 9.12: Chemring Group PLC - Business Revenue Mix, 2017-2019......................................276
Figure 9.13: Chemring Group PLC - Region Revenue Mix, 2017-2019.........................................277
Figure 9.14: Chemring Group PLC – Research and Development Expenditure, 2017-2019.........277
Figure 9.15: SWOT Analysis – Chemring Group PLC ...................................................................279
Figure 9.16: Denel SOC Ltd – Product Offerings...........................................................................281
Figure 9.17: Denel SOC Ltd - Financials, 2017-2019 ....................................................................282
Figure 9.18: Denel SOC Ltd - Business Revenue Mix, 2017-2019 ................................................282
Figure 9.19: Denel SOC Ltd - Region Revenue Mix, 2017-2019 ...................................................283

22. Global Military Ammunition Market
All rights reserved at BIS Research 22
Figure 9.20: Denel SOC Ltd – Research and Development Expenditure, 2017-2019 ...................283
Figure 9.21: SWOT Analysis – Denel SOC Ltd..............................................................................285
Figure 9.22: Elbit System Ltd. – Product Offerings ........................................................................287
Figure 9.23: Elbit Systems Ltd.- Financials, 2017-2019.................................................................288
Figure 9.24: Elbit Systems - Business Revenue Mix, 2017-2019...................................................288
Figure 9.25: Elbit Systems Ltd. - Region Revenue Mix, 2017-2019...............................................289
Figure 9.26: Elbit Systems Ltd. – Research and Development Expenditure, 2017-2019...............289
Figure 9.27: SWOT Analysis – Elbit Systems Ltd. .........................................................................291
Figure 9.28: FN HERSTAL – Product Offerings.............................................................................293
Figure 9.29: SWOT Analysis – FN HERSTAL ...............................................................................294
Figure 9.30: General Dynamics Corporation – Product Offerings..................................................296
Figure 9.31: General Dynamics Corporation - Financials, 2017-2019............................................297
Figure 9.32: General Dynamics Corporation - Business Revenue Mix, 2017-2019 .......................297
Figure 9.33: General Dynamics Corporation – Combat System Revenue Mix, 2017-2019 ...........298
Figure 9.34: General Dynamics Corporation - Region Revenue Mix, 2017-2019 ..........................298
Figure 9.35: General Dynamics Corporation - Research and Development Expenditure,
2017-2019 .........................................................................................................................299
Figure 9.36: SWOT Analysis – General Dynamics Corporation.....................................................300
Figure 9.37: EXPAL Systems– Product Offerings..........................................................................302
Figure 9.38: SWOT Analysis – EXPAL Systems ...........................................................................303
Figure 9.39: Lockheed Martin Corporation – Product Offerings.....................................................305
Figure 9.40: Lockheed Martin Corporation - Financials, 2017-2019...............................................305
Figure 9.41: Lockheed Martin Corporation - Business Revenue Mix, 2017-2019 ..........................306
Figure 9.42: Lockheed Martin Corporation - Region Revenue Mix, 2017-2019 .............................306
Figure 9.43: Lockheed Martin Corporation - Research and Development Expenditure,
2017-2019 .........................................................................................................................307
Figure 9.44: SWOT Analysis – Lockheed Martin Corporation........................................................308
Figure 9.45: Nammo AS – Product Offerings.................................................................................310
Figure 9.46: Nammo AS - Financials, 2017-2019..........................................................................311
Figure 9.47: Nammo AS - Region Revenue Mix, 2017-2019.........................................................311
Figure 9.48: Nammo AS – Research and Development Expenditure, 2017-2019.........................312

23. Global Military Ammunition Market
All rights reserved at BIS Research 23
Figure 9.49: SWOT Analysis – Nammo AS ...................................................................................313
Figure 9.50: Nexter KNDS group– Product Offerings ....................................................................315
Figure 9.51: SWOT Analysis – Nexter KNDS group......................................................................316
Figure 9.52: Northrop Grumman Corporation – Product Offerings.................................................318
Figure 9.53: Northrop Grumman Corporation - Financials, 2017-2019..........................................318
Figure 9.54: Northrop Grumman Corporation - Business Revenue Mix, 2017-2019......................319
Figure 9.55: Northrop Grumman Corporation - Region Revenue Mix, 2017-2019.........................319
Figure 9.56: Northrop Grumman Corporation – Research and Development Expenditure,
2017-2019 .........................................................................................................................320
Figure 9.57: SWOT Analysis – Northrop Grumman Corporation ...................................................321
Figure 9.58: Olin Corporation – Product Offerings.........................................................................323
Figure 9.59: Olin Corporation - Financials, 2017-2019...................................................................323
Figure 9.60: Olin Corporation - Business Revenue Mix, 2017-2019 ..............................................324
Figure 9.61: Olin Corporation - Region Revenue Mix, 2017-2019 .................................................324
Figure 9.62: Olin Corporation – Research and Development Expenditure, 2017-2019 .................325
Figure 9.63: SWOT Analysis – Olin Corporation............................................................................326
Figure 9.64: Poongsan Corporation– Product Offerings ................................................................328
Figure 9.65: Poongsan Corporation - Financials, 2017-2019.........................................................328
Figure 9.66: Poongsan Corporation - Business Revenue Mix, 2017-2019 ....................................329
Figure 9.67: Poongsan Corporation - Region Revenue Mix, 2017-2019........................................329
Figure 9.68: Poongsan Corporation– Research and Development Expenditure, 2017-2019.........330
Figure 9.69: SWOT Analysis – Poongsan Corporation..................................................................331
Figure 9.70: Raytheon Technologies Corporation – Product Offerings..........................................333
Figure 9.71: Raytheon Technologies Corporation - Financials, 2017-2019 ...................................334
Figure 9.72: Raytheon Technologies Corporation - Business Revenue Mix, 2017-2019...............334
Figure 9.73: Raytheon Technologies Corporation - Region Revenue Mix, 2017-2019 ..................335
Figure 9.74: Raytheon Technologies Corporation – Research and Development
Expenditure, 2017-2019 ....................................................................................................335
Figure 9.75: SWOT Analysis – Raytheon Technologies Corporation.............................................337
Figure 9.76: Rheinmetall AG – Product Offerings..........................................................................339
Figure 9.77: Rheinmetall - Financials, 2017-2019..........................................................................339

24. Global Military Ammunition Market
All rights reserved at BIS Research 24
Figure 9.78: Rheinmetall AG Group - Business Revenue Mix, 2017-2019 ....................................340
Figure 9.79: Rheinmetall AG Group - Region Revenue Mix, 2017-2019 .......................................340
Figure 9.80: SWOT Analysis – Rheinmetall AG Group..................................................................342
Figure 9.81: Rosoboronexport– Product Offerings.........................................................................344
Figure 9.82: SWOT Analysis – Rosoboronexport ..........................................................................345
Figure 9.83: RUAG Group (RUAG Ammotec AG) – Product Offerings..........................................347
Figure 9.84: RUAG Group (RUAG Ammotec AG) - Financials, 2017-2019 ...................................348
Figure 9.85: RUAG Group (RUAG Ammotec AG) - Business Revenue Mix, 2017-2019...............348
Figure 9.86: RUAG Group (RUAG Ammotec AG) - Region Revenue Mix, 2017-2019..................349
Figure 9.87: RUAG Group (RUAG Ammotec AG) – Research and Development
Expenditure, 2017-2019 ....................................................................................................349
Figure 9.88: SWOT Analysis – RUAG Group (RUAG Ammotec AG) ............................................351
Figure 9.89: Singapore Technologies Engineering Ltd.– Product Offerings...................................353
Figure 9.90: Singapore Technologies Engineering Ltd. - Financials, 2017-2019...........................354
Figure 9.91: Singapore Technologies Engineering Ltd. - Business Revenue Mix, 2017-2019......354
Figure 9.92: Singapore Technologies Engineering Ltd. - Region Revenue Mix, 2017-2019..........355
Figure 9.93: Singapore Technologies Engineering Ltd. – Research and Development,
2017-2019 .........................................................................................................................355
Figure 9.94: SWOT Analysis – Singapore Technologies Engineering Ltd. ....................................357
Figure 9.95: Thales Group – Product Offerings .............................................................................359
Figure 9.96: Thales Group - Financials, 2017-2019.......................................................................360
Figure 9.97: Thales Group - Business Revenue Mix, 2017-2019...................................................360
Figure 9.98: Thales Group - Region Revenue Mix, 2017-2019......................................................361
Figure 9.99: Thales Group – Research and Development Expenditure, 2017-2019......................361
Figure 9.100: SWOT Analysis – Thales Group..............................................................................363
Figure 9.101: Vista Outdoor Operations LLC– Product Offerings ..................................................365
Figure 9.102: Vista Outdoor Operations LLC - Financials, 2017-2019...........................................365
Figure 9.103: Vista Outdoor Operations LLC - Business Revenue Mix, 2017-2019 ......................366
Figure 9.104: Vista Outdoor Operations LLC - Region Revenue Mix, 2017-2019..........................366
Figure 9.105: Vista Outdoor Operations LLC– Research and Development Expenditure,
2017-2019 .........................................................................................................................367

25. Global Military Ammunition Market
All rights reserved at BIS Research 25
Figure 9.106: SWOT Analysis – Vista Outdoor Operations LLC....................................................368
Figure 10.1: Research Design and Flow........................................................................................370
Figure 10.2: Secondary Data Sources...........................................................................................372
Figure 10.3: Top-Down and Bottom-up Approach .........................................................................373
Figure 10.4: Military Ammunition Market: Influencing Factors........................................................374
Figure 10.5: Assumptions and Limitations .....................................................................................374

26. Global Military Ammunition Market
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