PUBLISHER: The Business Research Company | PRODUCT CODE: 1428272
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428272
155mm ammunition, characterized by its larger size, is designed for deployment in howitzer systems and contains explosive material tailored for armor penetration. Widely adopted across various countries, this caliber is a staple in artillery systems, utilized for warfare across diverse terrains to effectively engage targets over extended distances, resulting in substantial damage.
The primary technologies associated with 155mm ammunition encompass guided and unguided variants. Guided ammunition denotes projectiles or munitions equipped with advanced guidance systems, significantly enhancing their accuracy and precision in reaching predetermined targets. These guided variants find application in projectiles, propellants, tanks, and various other contexts, catering to end users such as naval forces and ground forces.
The 155mm ammunition market research report is one of a series of new reports from The Business Research Company that provides 155mm ammunition market statistics, including 155mm ammunition industry global market size, regional shares, competitors with a 155mm ammunition market share, detailed 155mm ammunition market segments, market trends and opportunities, and any further data you may need to thrive in the 155mm ammunition industry. This 155mm ammunition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historical period can be ascribed to factors such as military conflicts and wars, the modernization and upgrading of artillery systems, heightened geopolitical tensions and security concerns, the adoption of precision-guided munitions, the evolution of artillery platforms and firing systems, and the impact of dynamics within arms races.
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 anticipated growth in the forecast period can be attributed to factors such as the integration of smart and guided ammunition technologies, an increased demand for long-range artillery capabilities, the adoption of advanced materials in ammunition manufacturing, a rise in counter-battery and anti-access capabilities, the adoption of modular and customizable ammunition solutions, and a surge in demand for autonomous and automated artillery systems. Major trends expected in the forecast period include technological advancements in projectile design, progress in propellant and explosives technology, innovations in fuzing and detonation systems, and the development of next-generation propellants, along with the utilization of 3D printing for custom ammunition components.
The anticipated growth of the 155mm ammunition market is expected to be propelled by the increasing incidents of terrorist activities worldwide. Terrorism activities involve actions perpetrated by individuals, groups, or organizations to instill fear, panic, and harm for political, ideological, religious, or social motives. The surge in terrorist activities underscores the necessity for enhanced and potent weaponry, empowering security forces to combat terrorism effectively and destroy terrorist sites. For instance, as reported by ReliefWeb in March 2022, the global total of terrorist attacks rose by 17% to 5,226 in 2021 compared to 2020. Myanmar experienced the most significant increase, with fatalities surging from 24 to 521, followed by Niger, which saw fatalities rise from 202 to 588 in 2021. Thus, the escalation of terrorist activities is a driving force for the growth of the 155mm ammunition market.
The growth of the 155mm ammunition market is also expected to be fueled by the increasing defense budgets globally. Military spending refers to the financial resources allocated by a country for building and sustaining its armed forces or other defense-related activities. The versatility, compatibility with various artillery systems, and effectiveness of 155mm ammunition make it a crucial allocation within defense budgets. According to the Stockholm International Peace Research Institute (SIPRI) April 2022 report, the global military spending is projected to increase by 0.7% from $1,981 billion in 2020 to $2,113 billion in 2021. China, in particular, increased its military spending by 4.7% in 2021, reaching an estimated $293 billion. Consequently, the surge in defense budgets is a driving factor for the growth of the 155mm ammunition market.
The emergence of new propellants stands out as a prominent trend gaining traction in the 155mm ammunition market. Leading companies in the 155mm ammunition sector are introducing innovative propellant designs to maintain their competitive positions. For example, in September 2022, Rheinmetall, a Germany-based arms manufacturer, unveiled its latest L58 extended-range artillery propellant charge technology. This cutting-edge technology enhances firing range by 10% compared to previous artillery propellants, expanding operational capabilities across diverse temperature profiles, including ambient scenarios. The development of this technology resulted from extensive research and development conducted on the L39 and L52 versions of the 155mm extended range charge.
Prominent players in the 155mm ammunition market are directing their efforts towards substantial research and development investments to align with evolving operational needs and technological advancements. Research and development investments involve financial commitments aimed at fostering innovation, creating novel products, and enhancing existing processes. In October 2023, as reported by DefenseNews, Australia is investing AU$220 million ($139 million) to augment munitions production at two Thales-managed factories in Mulwala, New South Wales, and Benalla, Victoria. This investment is geared towards boosting production capacity for 155mm artillery ammunition and 500-pound aerial bombs.
In November 2022, Rheinmetall AG, a Germany-based arms manufacturer, completed the acquisition of Expal Systems for $1.31 billion (€1.2 billion). This strategic acquisition strengthened Rheinmetall's core operations in weapons, ammunition, and propellants, enhancing its production and distribution capabilities to cater to an expanded customer base. Expal Systems SA, based in Spain, is a manufacturer specializing in 105 mm and 155 mm field artillery ammunition.
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.
Asia-Pacific was the largest region in the 155mm ammunition market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the 155mm ammunition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the 155mm ammunition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The 155 mm ammunition market consists of sales of bursting 155 mm projectiles, cargo-carrying 155mm projectiles, cargo-carrying 155mm projectiles, and smart/guided 155mm projectiles. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
155mm Ammunition Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on 155mm ammunition market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for 155mm ammunition ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 155mm ammunition market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.