Market Size of Artillery Ammunition Industry
| 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
*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.
