Press release
155mm Ammunition Global Market Report 2024 - By Size, Share, Trends, Growth, Forecast To 2033
The Business Research Company offers in-depth market insights through 155mm Ammunition Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The 155mm ammunition market size has grown steadily in recent years. It will grow from $3.54 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to military conflicts and wars, modernization and upgrades of artillery systems, geopolitical tensions and security concerns, adoption of precision-guided munitions, evolution of artillery platforms and firing systems, influence of arms race dynamics.
The 155mm ammunition market size is expected to see steady growth in the next few years. It will grow to $4.25 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to integration of smart and guided ammunition technologies, growth in demand for long-range artillery capabilities, adoption of advanced materials in ammunition manufacturing, rise in counter-battery and anti-access capabilities, adoption of modular and customizable ammunition solutions, surge in demand for autonomous and automated artillery systems. Major trends in the forecast period include technological advancements in projectile design, advancements in propellant and explosives technology, technological innovations in fuzing and detonation systems, development of next-generation propellants, 3d printing for custom ammunition components.
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Market Segmentation:
The 155mm ammunition market covered in this report is segmented -
1) By Technology: Guided, Unguided
2) By Application: Projectiles, Propellants, Tanks, Other Applications
3) By End User: Naval Forces, Ground Forces
Major Driver - Surge In Terrorist Activities Drives Growth In The 155Mm Ammunition Market
Rising terrorist activities around the world is expected to propel the growth of the 155mm ammunition market going forward. Terrorist activity refers to actions carried out by individuals, groups, or organizations to cause fear, panic, and harm to civilians, governments, or societies for political, ideological, religious, or social purposes. Increasing terrorist activities increase the need for better, lethal weapons and stronger forces, where 155mm ammunition can be useful for security forces to combat terrorism and cause the destruction of terrorist sites. For instance, in March 2022, according to ReliefWeb, a US-based humanitarian information portal of the United Nations, the total number of terrorist attacks in 2021 increased by 17% to reach 5,226 as compared to 2020 globally. The country with the biggest increase in terrorist attacks was Myanmar, where the number of fatalities increased by a factor of 23 from 24 to 521. Niger followed, with a rise in fatalities of 257 from 2020 to 588 in 2021. Therefore, rising terrorist activities is driving the growth of the 155 mm ammunition market.
Competitive Landscape:
Major companies operating in the 155mm ammunition market report are 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.
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Top Trend - Advancements In Technology Propel Innovation In The 155Mm Ammunition Market
The development of new propellants is a key trend gaining popularity in the 155mm ammunition market. Major companies in the 155mm ammunition market are introducing innovative propellant designs to sustain their position in the market. For instance, in September 2022, Rheinmetall, a Germany-based arms manufacturer, launched its latest L58 extended-range artillery propellant charge technology. The new technology increases the firing range by 10% as compared to previous artillery propellants previously used by armies and is capable of increasing the entirety of the operational temperature profile, including in ambient scenarios. It was developed by conducting R&D on the L39 and L52 versions of the 155mm extended range charge.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. 155mm Ammunition Market Characteristics
3. 155mm Ammunition Market Trends And Strategies
4. 155mm Ammunition Market - Macro Economic Scenario
5. 155mm Ammunition Market Size And Growth
…..
27. 155mm Ammunition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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