New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global 155mm Ammunition Market Size to Grow from USD 4.6 Billion in 2023 to USD 5.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.35% during the forecast period.
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The 155mm ammunition industry is expanding rapidly due to rising defence budgets and geopolitical concerns. This calibre, which is necessary for artillery systems, is popular due to its balance of range, power, and versatility in a variety of combat circumstances. Precision-guided munitions are being developed in response to technological improvements, which aim to improve effectiveness while minimising collateral damage. Key players are spending in R&D to innovate and improve current munitions capabilities. The necessity for interoperability across NATO troops, as well as ongoing military modernization programmes, are driving the demand.
Browse key industry insights spread across 220 pages with 121 Market data tables and figures & charts from the report on the "Global 155mm Ammunition Market Size, Share, and COVID-19 Impact Analysis, By Technology (Guided and Unguided), By Component (Projectiles, Primers, Propellants, and Fuze), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Technology
The unguided segment accounted for the largest market share over the forecast period 2023 to 2033. The unguided portion of the 155mm ammunition market is growing, owing to its low cost and broad use in traditional artillery operations. These weapons are still used by many military units because of their simplicity, dependability, and convenience of mass manufacture. While guided munitions provide precision, the high development and deployment costs make unguided shells a more viable option for long-term, high-volume fire support. Ongoing conflicts and the necessity for effective area saturation drive demand for unguided 155mm ammunition. Advances in manufacturing processes are also enhancing the accuracy and effectiveness of these conventional weapons. As a result, despite the growing prevalence of precision-guided choices, unguided weapons continue to play an important part in military arsenals around the world.
Insights by Component
The propellant segment dominates the market and has the largest market share over the forecast period 2023 to 2033. Advances in propellant technology and rising demand for improved artillery performance are driving the growth. Modern military operations necessitate weapons with greater range, consistency, and reliability, which drives propellant formulation research and development. Innovations such as insensitive munitions, which lessen the possibility of unintentional explosions, and eco-friendly propellants address both safety and environmental concerns, resulting in market growth. Furthermore, the integration of smart and modular propellant systems enables customisable performance, which aligns with the requirements of varied combat scenarios.
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Insights by Region
North America is anticipated to dominate the 155mm Ammunition Market from 2023 to 2033. The United States, as a prominent player, makes a considerable contribution to market growth through large-scale procurement and development of modern artillery systems. Initiatives to improve precision and lethality in long-range fire support drive rising demand for advanced 155mm bombs. Collaboration between defence contractors and government organisations promotes innovation and technological improvement. Furthermore, the existence of important producers and a well-established defence infrastructure bolsters market dynamics. Canada's defence modernization programmes and NATO membership enhance regional demand. Overall, North America's strategic emphasis on preserving military superiority guarantees a robust and expanding market for 155mm ammunition.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Countries such as China, India, and South Korea are investing considerably in modernising their artillery capabilities, resulting in increased demand for superior 155mm ammunition. Geopolitical tensions and border disputes need increased military preparation, which fuels market expansion. Technological improvements and indigenous production activities in these countries are increasing local manufacturing capabilities and decreasing reliance on imports. Collaborations with global defence industries, as well as participation in international military exercises, improve interoperability and readiness.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Vendor in Global 155mm Ammunition Market
Raytheon Technologies Inc., General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems PLC, China North Industries Corporation, Thales Group, Leonardo S.p.A., Olin Corporation, Rheinmetall AG, Elbit Systems Ltd., Saab AB, Norma Precision AB, Remington Arms Company LLC, Nammo AS, Denel SOC Ltd., Nexter Group, Fiocchi Munizioni SPA, Ammo Inc., RUAG Holding AG, Munitions India Ltd., Savage Arms, Hornady Manufacturing Company, MSM Group s.r.o., Federal Premium Ammunition, Winchester Ammunition Inc., Magtech Ammunition Company Inc., Poongsan Corporation, JSC Arsenal AD, and other key vendors.
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Recent Market Developments
- In January 2022, Elbit Systems has stated that its SIGMA next-generation 155mm fully automated self-propelled wheeled howitzer would replace the Israeli Armed Forces' existing M109 crawler howitzers. SIGMA is compatible with IDF ammo depots.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
155mm Ammunition Market, Technology Analysis
- Guided
- Unguided
155mm Ammunition Market, Component Analysis
- Projectiles
- Primers
- Propellants
- Fuze
155mm Ammunition Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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