Press release
Consolidated Region 30MM Ammunition Market Analysis Demand & Top Player Worth USD 2.51 Billion by 2029, With a CAGR of 4.87%
The global consolidated region 30MM ammunition market size was valued at USD 1.72 billion in 2021. It is expected to grow from USD 1.87 billion in 2022 to USD 2.51 billion by 2029, exhibiting a CAGR of 4.87% during 2022-2029. Increasing terrorism, Air-Bursting Munitions (ABM) development and adoption, and escalating border tensions may bolster this industry's growth prospects. Fortune Business Insights™ presents this information in its report titled "Consolidated Region 30MM Ammunition Market, 2022-2029."Get a Sample Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/consolidated-region-30mm-ammunition-market-107196
Drivers and Restraints:
Increasing Armed International and National Conflicts to Foster Market Growth
30MM autocannon ammunition is used in numerous ground vehicles, aircraft, and ships. Increasing armed international and national conflicts may foster the adoption of 30MM ammunition. Moreover, increasing investment in military modernization programs is likely to boost the market's progress. Moreover, robust demand for ammunition with precision, range, and lethality is expected to foster the adoption of 30MM ammunition. Additionally, strong demand for conventional ammunition systems is likely to drive the consolidated region 30MM ammunition market growth.
However, the advent of technologically advanced contemporary weapon systems with infinite magazine sizes may hamper market growth.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments:
Autocanon Segment to Lead Attributable to Rising Demand for Fighter Aircraft and Vehicles
By weapon type, the market is segmented into autocannon, rotary cannon, naval gun, anti-material gun, anti-aircraft gun, and others. The autocannon segment is likely to dominate due to its increasing adoption in fighter vehicles and aircraft.
HEI to Be the Fastest with Increasing Number of Upgrades
Based on ammunition type, the market is classified into High Explosive Incendiary (HEI), High Explosive Incendiary - Tracer (HEI-T), High Explosive Incendiary/Tracer - Self Destruct (HEI/T - S.D.), Semi-Armor Piercing High Explosive Incendiary - Tracer/Self Destruct, and others. Further, the high explosive incendiary segment is the fastest growing in the ammunition type segment due to increasing number of upgrades and modernization of ammunization.
Airborne Segment to Lead Due to Increasing Number of Border Conflicts
According to the platform, the market is segmented into airborne, naval, and land. Airborne segment is the leading the market due to multiple border conflicts and international terrorism. Developing countries have been increasing their budgets for the acquisition of new upgraded fleet of platforms such as armed land, air, and naval forces.
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Regional Insights:
Rising Adoption of Next-generation Weapon Systems to Propel Market Progress in North America
North America is projected to lead the consolidated region 30MM ammunition market share due to rising demand for next-generation weapon systems. The market in North America stood at USD 1.13 billion in 2021 and is likely to gain a huge portion of the global market share in the upcoming years. Further, rising federal investments in procuring high-quality defense systems for the military sector are likely to foster industry growth.
In Europe, increasing demand for weapon systems for infantry fighting vehicles is likely to enhance 30MM ammunition adoption. These factors are likely to facilitate this industry's progress.
Competitive Landscape:
Major Companies Introduce New Products to Boost their Offerings
Prominent companies operating in the market announce novel product offerings to enhance their product offerings. For example, Thales announced the novel Bushmaster MR6 (Multi Role 6) armored vehicle variants in February 2018. Bushmaster MR6 is an enhanced and upgraded version of the Bushmaster infantry mobility vehicle and offers improved performance, lethality, and range. This launch may enable the company to enhance its offerings and boost its brand image. Further, major players devise research and development, innovations, partnerships, and industrial automation to boost their market position.
Key Industry Development:
July 2019 - Lithuanian Armed Force awarded a joint venture to KMW and Rhinmetall to manufacture IFVs according to Lithuanian army standards. Further, the IFVs is mounted with ATK Armament Systems' MK44 30MM cannons and Spike LR anti-tank missiles installed in Rafale Samson Mk II remote weapon stations.
List of Key Players Profiled in the Report:
BAE Systems Plc (U.K.)
CBC - COMPANHIA BRASILEIRA DE CARTUCHOS (Brazil)
Denel SOC Ltd. (South Africa)
Elbit Systems Ltd. (Israel)
General Dynamics Corporation (U.S.)
KNDS N.V. (Krauss-Maffei Wegmann + Nexter Defense Systems N.V.) (Netherlands)
MSM Group s.r.o. (Slovak Republic)
Nammo A.S. (Norway)
Northrop Grumman Corporation (U.S.)
Poongsan Corporation (Korea)
Rheinmetall AG (Germany)
Thales Group (France)
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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