The Asia Pacific medium caliber ammunition market is anticipated to garner a CAGR of 1.76% during the estimated period, 2020-2028. The market standards of ammunition manufacturers in the region, along with the presence of major countries, are among the important factors propelling the market growth in the region. India is projected to grow the fastest with regard to the medium-caliber ammunition industry. The region presents ample growth opportunities for new entrants, since there is a high demand for medium-caliber ammunition with the growing number of military applications.
The Asia Pacific medium caliber ammunition market growth analysis entails the market assessment of Indonesia, India, Japan, China, Thailand, Australia & New Zealand, South Korea, Vietnam, and the rest of Asia Pacific. The defense sector in India, over the last decade, has witnessed modest growth, owing to initiatives like Make in India. The initiative has propelled the stakeholders to engage in the new phase of self-reliance through prioritizing the manufacture of technologically advanced equipment in the country. There is a rising demand for arms and ammunition in India, due to border rifts between its neighboring states. The procurement of equipment includes modern weapons like Light Machine Gun, Sub Machine Gun with Ammunition, Anti-Tank Guided Missile (ATGMs), Close Quarter Battle (CQB) Carbines, and Assault Rifles & Under Barrel Grenade Launcher (UBGL). The government is earnestly creating and sustaining a proper stockpile of ammunition for emergencies. Many envisioned projects would thus lead to increased demands for medium caliber ammunition, which will further impact market growth. In Japan, the regional geopolitical tension is encouraging the government to modernize its armed forces. The Ministry of Defense sought a considerable amount for acquiring defense procurements. The ministry also plans to acquire eight multi-role frigates, known as 30FFM, by 2021. The country is considering the replacement of the aging Type-96 APCs that were commissioned in 1996. Also, as part of its strategy of enhancing aerial prowess, Japan is planning to buy F-35s. Such developments are set to influence the demand for medium-caliber weapon systems, thereby driving the market growth.
Some of the renowned companies operating in the market include, Asia Pacific Ordnance, Singapore Technologies Engineering Ltd, Poongsan Corporation, Thales Group, Multinational Defense Services Llc, etc.
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