DUBLIN, Oct. 10, 2024 (Globe Newswire) — The “155mm Ammunition Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The global 155mm ammunition market is on a steady growth trajectory, expanding from a valuation of $3.54 billion in 2023 to an estimated $3.66 billion in 2024. With a robust CAGR of 3.4%, the market size is further projected to reach $4.25 billion by 2028.
The significant growth in this sector is believed to be due to a combination of factors, including escalating military conflicts, the need to modernize artillery systems, and rising geopolitical tensions around the world. Increasing adoption of precision-guided munitions and innovations in artillery platforms complement the upward trend in market evolution.
Technological innovation drives market expansion
Integrating advanced technology and smart ammunition into modern artillery is a critical factor driving the market forward. These technological advances not only enhance the capabilities of long-range artillery, but also contribute to the adoption of innovative materials and the production of modular and customizable ammunition solutions. Additionally, demand for autonomous and automated artillery systems is rapidly increasing in line with broader trends in defense technology advancements.
Counter-terrorism efforts drive demand
As global terrorist activity intensifies, countries are increasing their investments in powerful weaponry to thwart threats and ensure national security. 155mm ammunition is known for its effectiveness and plays an important role in the arsenal employed by security forces to counter terrorism and reduce risk.
Increase in defense budget stimulates market growth
As defense budgets expand around the world, the 155mm ammunition market stands to benefit greatly. Increased financial resources allocated to strengthening defense capabilities will accelerate the demand for versatile and compatible 155mm ammunition. This trend reflects a growing emphasis on military readiness and the pursuit of advanced defense solutions.
Innovative propellant technology advances
The market is also witnessing the emergence of new propellant technologies aimed at increasing the range and operational efficiency of artillery propellants. Market leaders are investing in research and development to produce cutting-edge propellants that facilitate extended range and compatibility with different temperature profiles.
Strategic acquisitions and investments determine market fate
In a competitive environment, major companies are making strategic acquisitions to enhance their product offerings and manufacturing capabilities. These collaborations and mergers allow companies to tap into a broader customer base and strengthen their market position. At the same time, significant investments in expanding production facilities support expectations of increased demand in the coming years.
Regional prospects and technical aspects
Asia-Pacific is projected to be the prominent market for 155mm ammunition in 2023 and maintain its dominance during the forecast period. The technical side of the market includes both guided and unguided 155 mm ammunition variants, with applications spanning naval and ground forces.
A comprehensive analysis summarizing the growth, trends, and future prospects of the 155mm Ammunition market highlights its strategic importance in the defense sector. The continued development of advanced munitions technology reflects the global commitment to ensuring peace and security against modern threats.
Key attributes:
Report attribute details No. Number of pages 175 Forecast period 2024 – 2028 Estimated market value in 2024 (USD) 3.66 billion USD Predicted market value by 2028 (USD) 4.25 billion USD Average annual growth rate 3.8 % Target area worldwide
Featured companies
Raytheon Technologies Inc.General Dynamics CorporationNorthrop Grumman CorporationBAE Systems PLCChina North Industries CorporationThales GroupLeonardo SpAOlin CorporationRheinmetall AGElbit Systems Ltd.Saab ABNorma Precision ABRemington Arms Company LLCNammo ASDenel SOC Ltd.Nexter GroupFiocchi Munizioni SPAammo Inc.RUAG Holding AGMunitions India Ltd.Savage ArmsHornadyCompany NameMSM Group sroFederal Premium Ammunition Winchester Ammunition Inc.Magtech Ammunition Company Inc.Poongsan CorporationJSC Arsenal AD.
For more information on this report, please visit https://www.researchandmarkets.com/r/ojxjzc.
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Global 155mm ammunition market
