155mm Ammunition Market Growth, Future Trends, Demands, Emerging Technology, Regional Forecast by 2029
The global 155mm ammunition market size is anticipated to hit USD 4.33 billion by 2029 and exhibit a CAGR of 3.33% during the forecast period. The escalating cross-border disputes and international security threats are expected to fuel the product demand, thereby fostering the market growth. Fortune Business InsightsTM has presented this information in its report titled, “155mm Ammunition Market, 2022-2029”. The market size stood at USD 3.37 billion in 2021 and USD 3.44 billion in 2022.
Additionally, the growing developments in utility of precision guidance components to improve current artillery munitions with higher range and lethality are anticipated to be a key trend bolstering the market growth.
The market experienced a limited impact of the coronavirus pandemic. The increased terrorism and cross-border issues observed during the pandemic led to a rise in military and defense expenditures across various countries. The soaring demand for programmable, precise, and long-range munitions has augmented the research and development activities, which is positively influencing the market growth. An increased procurement of 155mm ammunitions has been witnessed during the pandemic.
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List of Key Market Players-
- BAE Systems Plc. (U.K.)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (U.S.)
- MSM Group s.r.o. (Slovakia)
- Nammo A.S. (Norway)
- KNDS N.V. (KMW+NEXTER Defense System N.V.) (Netherlands)
- Northrop Grumman Corporation (U.S.)
On the basis of technology, the market is bifurcated into unguided and guided. On the basis of component, the market is fragmented into fuse, propellants, primers, and projectiles. Geographically, the market is classified into Latin America, North America, the Middle East & Africa, Asia Pacific, and Europe.
- It analyses the individual segments, such as technology, components, and regions.
- It showcases the latest industry developments.
- It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
- It offers a SWOT Analysis of key players in the market.
- It highlights various strategies adopted by major market players to acquire growth.
Drivers & Restraints-
Growing Cross-Border Disputes and International Security Threats to Fuel Market Growth
The growing cross-border issues amongst neighboring nations, increasing terrorist activities, and escalating international security threats have boosted the demand for 155 ammunitions and other advanced ammunitions to fortify national security. The rising demand and development of howitzer and other modern ammunitions is likely to aid the 155mm ammunition market growth. Additionally, the increased expenditure on research and development activities for developing extended range, highly precise, cost-effective, and technologically advanced ammunitions is anticipated to favor the market growth.
The increasing defense expenditures by nations around the world to fortify their national security and defense capabilities are expected to complement the market growth.
However, the differences in political and legal regulations across various government agencies may restrain the market growth.
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Asia Pacific to Hold the Lion’s Share
Asia Pacific held the largest 155mm ammunition market share in 2021 and is projected to dominate the market in the forthcoming years. The swelling military budgets and extensive demand for precise, programmable, next-generation, 155mm ammunitions, and ammo kits are expected to boost the growth in Asia Pacific. Additionally, the presence of key market players, such as China North Industries Corporation, ST Engineering Ltd., Solar Group, Munitions India Ltd., and others, is expected to foster the region’s market growth.
The Middle East & Africa is anticipated to register substantial growth in the coming years due to rising military spending on modern extended range ammunition procurements. Moreover, the presence of key players, such as Israel Aerospace Industries Ltd., Elbit System Ltd., and others, is predicted to favor the region’s market growth.
The heavy military expenditure on precision 155mm ammunition projectile kits and growing modernization and development programs are projected to boost growth in Europe.
North America is likely to exhibit moderate growth due to rising adoption of modern technological components.
Key Players Emphasize Contracts to Attract Growth
The major market players focus on expanding business by contracts with defense companies and government, partnerships, and new product launches. For instance, BAE Systems received a contract worth USD 16 million in March 2021 to facilitate continuous technological developments and demonstration to increase lethality of hypervelocity projectile against ground-based targets at a range of up to 50 kms.
Key Industry Development-
October 2021: BAE Systems unveiled its Archer 155mm full automated, wheeled, mobile howitzer system that is compatible with BAE 155mm munitions such as L15, BONUS, and EXCALIBUR munitions.
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