155mm Ammunition Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the 155mm Ammunition Market for the Period 2024 to 2033?
Over the past few years, the 155mm ammunition market has seen a consistent expansion. The market’s projected growth is expected to rise from $3.54 billion in 2023 to $3.66 billion in 2024, with a compound annual growth rate (CAGR) of 3.4%. The historical period’s expansion can be attributed to numerous factors. Military conflicts and wars, modernization and enhancement of artillery systems, geopolitical friction and security worries, the adoption of precision-guided munitions, the evolution of artillery platforms and firing systems, and the impact of the arms race dynamics.
In the coming years, the 155mm ammunition market is projected to steadily expand. The forecast shows that by 2028, the market will inflate to $4.25 billion, with a 3.8% compound annual growth rate (CAGR). This expected growth during the projected period is brought about by factors such as the incorporation of smart and guided ammunition technologies, increasing need for long-range artillery abilities, use of sophisticated materials in ammunition development, growing counter-battery and anti-access abilities, embracing of modular and adjustable ammunition solutions, and a rise in demand for autonomous and mechanized artillery systems. The forecast period is also expected to see significant trends including advancements in projectile design, propellant and explosive technology, technological breakthroughs in fuzing and detonation systems, development of next-gen propellants, and the use of 3D printing for custom ammunition parts.
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What Factors Are Responsible for the Growth of the 155mm ammunition Market?
The surge in global terrorist actions is anticipated to spur the growth of the 155mm ammunition market. These activities can be defined as acts performed by individuals, groups or organizations aiming to instill fear, create havoc, and inflict harm on civilians, governments or societies for political, ideological, religious or societal reasons. An uptick in such activities underscores the necessity for more potent weaponry and robust forces, where 155mm ammunition could aid security forces to tackle terrorism and obliterate terrorist strongholds. As an example, ReliefWeb, a United Nations-affiliated humanitarian information platform based in the U.S, noted that the overall count of terrorist attacks in 2021 surged by 17% to 5,226, contrasting to the figures of 2020. Myanmar witnessed the steepest surge in terrorist activities, with casualty numbers soaring by a multiplier of 23 from 24 to 521. Niger was close behind, with casualty figures escalating from 202 in 2020 to 588 in 2021. Hence, the proliferation of terrorist activities is bolstering the growth of the 155 mm ammunition market.
Which Segments Are Important for Insight into the 155mm Ammunition Market?
1) By Technology: Guided, Unguided
2) By Application: Projectiles, Propellants, Tanks, Other Applications
3) By End User: Naval Forces, Ground Forces
What Are the Significant Trends Reshaping the 155mm Ammunition Sector?
The burgeoning tendency in the 155mm ammunition market is the creation of novel propellants. To hold their ground in this competitive environment, top enterprises in the 155mm ammunition market are continuously developing unique propellant formulations. One such instance is the launch of the cutting-edge L58 extended-range artillery propellant charge technology by Rheinmetall, a leading arms manufacturer based in Germany, in September of 2022. This innovative technology enhances the firing range by 10% relative to the artillery propellants previously utilized by military forces and has the ability to escalate the entire operational temperature profile, even in ambient conditions. The technology resulted from extensive research and development on the L39 and L52 variants of the 155mm extended range charge.
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Which Regions Are Essential for the Growth of the 155mm Ammunition Market?
Asia-Pacific was the largest region in the 155mm ammunition market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the 155mm ammunition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The 155mm Ammunition Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the 155mm ammunition market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The 155mm Ammunition Market Include
1. 155mm Ammunition Market Executive Summary
2. 155mm Ammunition Market Segments
3. 155mm Ammunition Market Size And Template Market Growth Rate
4. Key 155mm Ammunition Market Trends
5. Major 155mm Ammunition Market Drivers
……
25. Key Mergers And Acquisitions In The 155mm Ammunition Market
26. Top 155mm Ammunition Companies
27. 155mm Ammunition Market Opportunities And Strategies
28. 155mm Ammunition Market, Conclusions And Recommendations
29. Appendix
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