What is the future of Ammunition Handling System Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Ammunition Handling System Market.
It was estimated prior to this unanticipated outbreak that the Ammunition Handling System Market was likely to witness an impressive CAGR of 7.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Ammunition Handling System Market Share: By Platform Type
Based on the platform type, the ammunition handling system market is segmented as land, naval, and airborne. The land segment dominatedthe market in 2019, and isexpected to remain the fastest-growing platform type during the forecast period. The increasing demand for main battle tanks and armored fighting vehicles across the globe is driving the growth of this segment.
Ammunition Handling System Market Share: By Weapon Type
Based on the weapon type, the market is segmented as cannons, gatling guns, main guns, machine guns, and launcher. The machine guns segment dominatesthe market, whereasgatling gun is expected to remain the fastest-growing segment during the forecast period. The major factor that is attributing to the growth of the segment is the increased adoption of gatling guns by military forces, globally to carry out anti-air operations.
Ammunition Handling System Market Share: By Feeding Mechanism Type
Based on the feeding mechanism type, the ammunition handling system market is segmented as linked and linkless. The linkless segment dominates the market, as it allows loading of ammunition in weapons through conveyor systems. Further, this mechanism also helps to download the used cases and unfired rounds. The growth of this mechanism is contributing to the need to enhance firepower of gun systems, increase in military modernization programs, and procurement of new military equipment.
Ammunition Handling System Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing ammunition handling system marketduring the forecast period, with China, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is driven by the increase in the defense spending of emerging countries, which is generating huge demand for ammunition handling systems and the presence of a large number of ammunition handling system manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the foreseen duration.