Artillery Ammunition Market Size (2024 - 2029)

Artillery Ammunition Market Analysis

The Artillery Ammunition Market size is estimated at USD 4.43 billion in 2024, and is expected to reach USD 5.64 billion by 2029, at a CAGR of 4.95% during the forecast period (2024-2029).

Artillery ammunition represents a significant advancement in military technology, allowing for precise target engagement and a marked reduction in collateral damage. As warfare evolves, the emphasis on precision and the need to minimize civilian harm have become paramount, driving the demand for this advanced ammunition.

The global market landscape is dynamic and influenced by several key trends. One notable trend is the heightened emphasis on integrating advanced targeting systems and enhancing network-centric warfare capabilities. In addition, the industry's growth is driven by a surging demand for munitions tailored for asymmetric warfare environments, marking a shift away from traditional large-scale military operations.

The increase in the military spending of various countries supports 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.

Regulatory challenges constrain market growth, especially concerning international arms treaties and export controls. The complexities of developing and transferring advanced military technologies frequently lead to elevated costs and extended development timelines. Additionally, in contrast to traditional unguided artillery, the steep price of precision-guided munitions may dissuade certain nations, especially those with a constrained defense budget.

Artillery Ammunition Industry Segmentation

Artillery ammunition refers to the type of ammunition that is designed to be fired from artillery canons which have an effect over long distances. There are many different types of artillery ammunition, but these ammunition are usually high-explosive and designed to shatter into fragments on impact to maximize damage. Common types of artillery ammunition include high explosives, smoke, illumination, and practice rounds. Some artillery rounds are designed as cluster munitions.

The artillery ammunition market is segmented based on caliber and geography. By caliber, the market is segmented into below 120mm and 120mm and above. The report also covers the market sizes and forecasts for the artillery ammunition market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).