Market Size of Mortar Ammunition Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 87.46 Million |
| Market Size (2029) | USD 111.84 Million |
| CAGR (2024 - 2029) | 5.04 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mortar Ammunition Market Analysis
The Mortar Ammunition Market size is estimated at USD 87.46 million in 2024, and is expected to reach USD 111.84 million by 2029, growing at a CAGR of 5.04% during the forecast period (2024-2029).
Several countries are spending significant resources to augment their military prowess by procuring new weapon systems or modernizing their deployed systems with advanced ammunition rounds. Over the years, the growth in territorial issues has also propelled the land forces to procure mortar systems. The demand for mortar ammunition is driven by the acquisition of new systems and the training initiatives undertaken by various defense forces. This has resulted in the defense procurement agencies awarding several contracts to stockpile both live and training variants of such mortars.
Due to the delays in procurement of new weapon systems, militaries are often forced to operate older weapon systems in smaller quantities due to maintainability issues, which will reduce the demand for related ammunition, as militaries do not stockpile the ammunition for the weapons that are about to be replaced.
Although mortars are now witnessing rejuvenated demand due to new technology integration and enhanced deployment scope by infantry and artillery units of global armed forces, several new mortar development programs are underway to develop lighter but deadlier ammunition with an enhanced range. Investments are being made to create precision-guided mortar ammunition, which may open new prospects for the market in the coming years.
