Global 155mm Ammunition Market projected to grow to USD 5.8 billion by 2033

From GlobeNewswire: 2024-07-04 03:00:00

The global 155mm Ammunition Market is projected to grow from USD 4.6 billion in 2023 to USD 5.8 billion by 2033, with a CAGR of 2.35%. The industry is expanding due to rising defence budgets and geopolitical concerns, leading to the development of precision-guided munitions to enhance effectiveness while minimizing collateral damage.

The unguided segment is driving market growth due to its low cost and broad use in traditional artillery operations, despite the prevalence of precision-guided options. Propellants dominate the market, with innovations in propellant technology meeting the demand for improved artillery performance. North America is expected to lead the market, with the US contributing significantly to demand for advanced 155mm bombs.

Asia Pacific is experiencing the fastest market growth, driven by investments in modernising artillery capabilities in countries like China, India, and South Korea. Geopolitical tensions and border disputes are fueling demand for superior 155mm ammunition. Major vendors in the global market include Raytheon Technologies Inc., General Dynamics Corporation, and BAE Systems PLC.

Recent market developments include Elbit Systems introducing its SIGMA next-generation 155mm self-propelled wheeled howitzer for the Israeli Armed Forces. Market segmentation forecasts revenue at global, regional, and country levels, with component analysis covering projectiles, primers, propellants, and fuze. Spherical Insights & Consulting offers actionable market research for decision makers across industries.



Read more at GlobeNewswire: Global 155mm Ammunition Market Size To Worth USD 5.8