Artillery Ammunition Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Artillery Ammunition Market is Segmented by Caliber (Below 120 Mm and 120 Mm & Above) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Report Offers Market Size and Forecast for all the Above Segments in Value (USD).

Artillery Ammunition Market Size

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Artillery Ammunition Market Summary
Study Period 2024 - 2029
Market Size (2024) USD 1.75 Billion
Market Size (2029) USD 2.21 Billion
CAGR (2024 - 2029) 4.82 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Artillery Ammunition Market

*Disclaimer: Major Players sorted in no particular order

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Artillery Ammunition Market Analysis

The Artillery Ammunition Market size is estimated at USD 1.75 billion in 2024, and is expected to reach USD 2.21 billion by 2029, growing at a CAGR of 4.82% during the forecast period (2024-2029).

  • The artillery ammunition market witnessed precedented challenges due to the COVID-19 pandemic. The reduced amount of labor force during the pandemic meant that there was a decline in the production of artillery ammunition for the military. Although the manufacturing of artillery ammunition for military applications was of prime importance, disruptions in the supply chain owing to strict lockdown measures led to a setback in terms of manufacturing artillery ammunition.
  • On the other hand, the market showed a strong recovery post covid due to the increasing defense expenditure by various countries as well as the increasing demand for artillery ammunition by various defense personnel worldwide.
  • The increase in the military spending of various countries is supporting the various military initiatives to update military weapons and ammunition, which is expected to generate demand for artillery ammunition. The development of new and advanced artillery ammunition by the ammunition manufacturing companies with extended range, increased lethality, and integrated sensors to increase accuracy is anticipated to attract the armies of various countries for their future procurement, thereby leading the market to witness significant growth during the forecast period.

Artillery Ammunition Market Trends

120MM And Above Segment is Anticipated to Grow with the Highest CAGR During the Forecast Period

  • The 120 mm and above segment is expected to show significant growth during the forecast period. The main factors which are attributable to such growth include an increase in defense expenditure by various countries, the need for the development of advanced and better capable artillery ammunition, and the increasing need by various countries to improve their defense capabilities. Moreover, the development of advanced ammunition with the integration of advanced technology will help in increasing the range, lethality, and accuracy of artillery ammunition in the near future.
  • There have been various ongoing developments in the 120 mm and above segment, with various major market players investing hugely in the research and development of advanced artillery ammunition. For instance, in April 2023, Switzerland announced plans to acquire an additional batch of 120 mm mortar systems based on the General Dynamics European Land Systems Piranha IV 8x8 armored vehicle. Moreover, the Swiss Federal Office for Armaments announced that they had signed a contract with GDELS-Mowag for a further 16 Mörser 16 120mm mortar systems. 
  • Moreover, in February 2023, the state of arms company of Ukraine announced that it had launched joint production of artillery shells with a central European country in North Atlantic Treaty Organization (NATO) and that it plans to develop and produce other arms and military hardware with allies. Moreover, Ukroboronprom started producing 120-mm mortar rounds in Ukraine as the battle between Russia and Ukraine intensified.
  • Thus, the advancements in terms of research and development and production of advanced 120 mm and above artillery ammunition by various key players in the market will lead to the 120 mm and above segment witnessing significant growth in the market during the forecast period.
Artillery Ammunition Market - Worldwide Military Expenditure (USD Billion), by Country, 2022

Asia-Pacific Will Showcase Remarkable Growth During the Forecast Period

  • Asia-Pacific is projected to show the highest growth during the forecast period. The increase in the number of border conflicts in the region, coupled with an increase in defense expenditures and countries in the Asia-Pacific region looking to upgrade their defense capabilities are some of the factors which will lead to the growth of the market in the Asia-Pacific region.
  • Moreover, increasing border conflicts have led to various countries in the Asia-Pacific region making use of advanced artillery ammunition for border protection, and this, in turn, will result in the increased demand for advanced artillery ammunition by various countries in the Asia-Pacific in the near future.
  • Currently, India is planning to procure Excalibur-guided long-range artillery ammunition from the United States under the emergency procurement procedures to deploy at the Line of Control. Also, Hanwha Land Systems, based in South Korea, is expected to continue production of the K9 Thunder 155 mm/52 caliber self-propelled artillery system and associated K10 Ammunition Resupply Vehicle (ARV) till at least 2021 for the domestic and international markets. Further, China has been working on artificial intelligence (AI) to increase the accuracy of its artillery attacks. In April 2023, China announced that they are in plans and will soon start testing 203-millimeter artillery cannons, which are bigger and more powerful than anything in the American arsenal.
  • The increasing development of new-generation artillery ammunition by various key players will have a positive outlook and will lead to the growth of artillery ammunition in Asia-Pacific during the forecast period.
Artillery Ammunition Market - Growth Rate by Region (2023 - 2028)

Artillery Ammunition Industry Overview

The artillery ammunition market is semi-consolidated in nature, with various players holding significant shares in the market. Some prominent market players are General Dynamics Corporation, Rheinmetall AG, BAE Systems plc, THALES, and Saab AB.

The key players in the market are focusing on the development of advanced artillery ammunition systems, which will be used by various defense personnel globally. Moreover, growing expenditure on research and development towards manufacturing advanced artillery ammunition systems will lead to creating better opportunities in the near future. Moreover, various manufacturers are now integrating technologies, like extended-range cannon artillery platforms, and this is expected to support the growth of the artillery ammunition market during the forecast period.

Artillery Ammunition Market Leaders

  1. Rheinmetall AG

  2. Saab AB

  3. THALES

  4. General Dynamics Corporation

  5. BAE Systems plc

*Disclaimer: Major Players sorted in no particular order

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Artillery Ammunition Market News

  • April 2023: BAE System plc announced carrying out demonstration firings with its next-generation 155mm artillery rounds and is targeting British Army requirements, including the Mobile Fires Platform and Lightweight Fires Platform.
  • February 2023: India announced that it would become the prime manufacturing hub for advanced 155mm artillery ammunition for all types of [155mm] artillery guns, which are operated by over 75 armies worldwide. Moreover, the Ministry of Defense announced that they have recently selected five domestic ammunition manufacturers to supply around two thousand 155mm terminally guided munitions (TGMs) for the Army's in-service 155mm guns of 39/45/52 caliber artillery guns. The 155mm TGM is the most advanced artillery ammunition.

Artillery Ammunition Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Caliber

      1. 5.1.1 Below 120 mm

      2. 5.1.2 120 mm & Above

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 France

        3. 5.2.2.3 Germany

        4. 5.2.2.4 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 South Korea

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Mexico

        3. 5.2.4.3 Rest of Latin America

      5. 5.2.5 Middle East and Africa

        1. 5.2.5.1 United Arab Emirates

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 South Africa

        4. 5.2.5.4 Israel

        5. 5.2.5.5 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 General Dynamics Corporation

      2. 6.2.2 Rheinmetall AG

      3. 6.2.3 BAE Systems plc

      4. 6.2.4 Saab AB

      5. 6.2.5 Nammo AS

      6. 6.2.6 MESKO S.A.

      7. 6.2.7 MAXAM

      8. 6.2.8 THALES

      9. 6.2.9 The Indian Ordnance Factories

      10. 6.2.10 Singapore Technologies Engineering Ltd

      11. 6.2.11 MSM Legal

      12. 6.2.12 Elbit Systems Ltd.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Artillery Ammunition Industry Segmentation

Artillery ammunition refers to the type of ammunition that is designed to be fired from artillery canons which have an effect over long distances. There are many different types of artillery ammunition, but these ammunition are usually high-explosive and designed to shatter into fragments on impact to maximize damage. Common types of artillery ammunition include high explosives, smoke, illumination, and practice rounds. Some artillery rounds are designed as cluster munitions.

The artillery ammunition market is segmented based on caliber and geography. By caliber, the market is segmented into below 120mm and 120mm and above. The report also covers the market sizes and forecasts for the artillery ammunition market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).

Caliber
Below 120 mm
120 mm & Above
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Israel
Rest of Middle East and Africa
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Artillery Ammunition Market Research FAQs

The Artillery Ammunition Market size is expected to reach USD 1.75 billion in 2024 and grow at a CAGR of 4.82% to reach USD 2.21 billion by 2029.

In 2024, the Artillery Ammunition Market size is expected to reach USD 1.75 billion.

Rheinmetall AG, Saab AB, THALES, General Dynamics Corporation and BAE Systems plc are the major companies operating in the Artillery Ammunition Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Artillery Ammunition Market.

In 2023, the Artillery Ammunition Market size was estimated at USD 1.67 billion. The report covers the Artillery Ammunition Market historical market size for years: . The report also forecasts the Artillery Ammunition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Future trends that are expected to influence the Artillery Ammunition Market are a) Use of AI and machine learning in targeting systems b) Development of hypersonic projectiles c) Focus on sustainability and reduced environmental impact in munitions manufacturing

Major challenges faced by the Artillery Ammunition Industry are a) Regulatory restrictions b) High cost of advanced ammunition c) Need for continuous R&D to keep pace with evolving military requirements

Artillery Ammunition Industry Report

The global artillery ammunition market is witnessing significant growth, fueled by the rising demand for advanced military weaponry for defense applications worldwide. This market, segmented by caliber size, caters to various regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The growth is propelled by ongoing research and development efforts by artillery ammunition manufacturers to improve shell range, lethality, and accuracy. This has led to an increase in artillery shell production by country, with manufacturers, especially in the USA, focusing on integrating cutting-edge technologies to meet evolving defense strategies. The competitive landscape shows a strategic emphasis on innovation among artillery shell manufacturers in the USA and globally, aiming for market dominance. With the market set for further expansion, the focus on developing advanced systems presents lucrative opportunities for manufacturers, shaping future sector trends. For detailed market insights, Mordor Intelligence™ offers a comprehensive analysis, including forecasts, market share, size, and revenue growth rates, available as a free report PDF download.

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Artillery Ammunition Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)