Mortar Ammunition Market Size
| 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 |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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.
Mortar Ammunition Market Trends
The Heavy Caliber Segment is Expected to Witness the Highest Growth During the Forecast Period
The heavy-caliber segment of the market is expected to witness the highest growth during the forecast period. Mortar ammunition caliber sizes of 100 mm and above are classified as heavy-caliber mortars. Conventional heavy-caliber mortars range from 7,200 m to 9,500 m and can carry an explosive payload of 1.2 kg to 4.2 kg, depending on the size of the mortar. Heavy mortars are generally used to level enemy strongholds and decommission armored vehicles. Several nations across the globe have procurement programs underway as part of their extensive weaponry modernization program.
There has been a growing demand for advanced arms and ammunition to cope with the ever-changing battlefield. Moreover, the increase in the defense budget, border unrest, and the growing need for upgrading defense capabilities will also drive the growth of ammunition in the future. For instance, in September 2022, the US Army granted Elbit Systems a USD 49 million contract to acquire 120 mm Mortar Systems.
Similarly, in January 2022, the German Bundeswehr contracted Rheinmetall to supply 120 mm mortar ammunition and improve its existing mortar systems. The total value of the contract amounts to approximately EUR 27 million. Such developments and procurement orders of advanced munitions are expected to accelerate the growth of this segment during the forecast period.
Asia-Pacific to Dominate the Market Share During the Forecast Period
In recent years, Asian countries like China, India, South Korea, and Japan have invested heavily in defense. Increasing focus on enhancing defense capabilities due to political disputes, cross-border conflicts, and rising terrorism across the region leads to growing demand for advanced defense equipment and ammunition.
According to the Stockholm International Peace Research Institute (SIPRI) report published in 2022, China was the second largest defense spender in the world and most significant in Asia-Pacific, with a defense budget of USD 292 billion, while India was the fourth largest defense spender in the world, with a defense expenditure of USD 81.4 billion.
With such a growth in defense expenditure, these countries have invested in developing and procuring newer-generation mortar systems and related ammunition. Along with procuring advanced mortar systems, countries are acquiring advanced ammunition for the mortar systems. In January 2023, South Korea's Defense Acquisition Program Administration (DAPA) announced its strategic plan to deploy 120 mm self-propelled mortars (SPMs) within the Republic of Korea (RoK) Army by 2025. The country primarily operates K-181 60 mm mortars and KM30 107 mm mortars. Apart from these, the government, in recent years, has placed orders for mortars to defend its borders. Such investments and procurement of advanced precision-guided mortar ammunition are anticipated to boost the market's growth in Asia-Pacific during the forecast period.
Mortar Ammunition Industry Segmentation
The mortar ammunition market is semi-consolidated. Elbit Systems Ltd, BAE Systems PLC, Nammo AS, General Dynamics Corporation, and Saab AB are some leading market players. Companies are collaborating to develop new ammunition and explore new market opportunities. For instance, companies like Singapore Technologies Engineering Ltd, SAMI, and Hanwha Defense collaborated to produce different kinds of ammunition, including mortars. Such collaborations are expected to help them increase their market presence and share in global markets during the forecast period.
Advancements in mortar ammunition capabilities, like range, precision, and lethality, are significant for manufacturers to attract new customers. On the other hand, partnerships with other manufacturers to locally produce munitions will allow them to enter new markets during the forecast period. Local players from several countries are expected to enter the market in the coming years, driven by the growing push for the localization of military equipment. This factor is expected to increase the competition in the market in the coming years.
Mortar Ammunition Market Leaders
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Saab AB
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Nammo AS
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General Dynamics Corporation
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BAE Systems plc
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Elbit Systems Ltd.
*Disclaimer: Major Players sorted in no particular order
Mortar Ammunition Market News
- April 2024: Rheinmetall was awarded a contract by the Spanish authorities to supply 104,000 mortar projectiles in various caliber sizes, including 60 mm, 81 mm, and 120 mm, by the end of 2025.
- November 2023: Rheinmetall received an order from the German government to supply Ukraine with around 100,000 rounds of 120 mm mortar ammunition. The deal is part of a EUR 400 million military aid package for the Armed Forces of Ukraine.
Mortar Ammunition Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Caliber Type
5.1.1 Light
5.1.2 Medium
5.1.3 Heavy
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Mexico
5.2.4.2 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 United Arab Emirates
5.2.5.3 South Africa
5.2.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Elbit Systems Ltd
6.2.2 General Dynamics Corporation
6.2.3 Nexter Systems SA
6.2.4 BAE Systems PLC
6.2.5 Rheinmetall AG
6.2.6 Saab AB
6.2.7 Nammo AS
6.2.8 Denel SOC Ltd.
6.2.9 Hirtenberger Defence Systems GmbH & Co. KG
6.2.10 Singapore Technologies Engineering Ltd
6.2.11 Mechanical and Chemical Industry Company (MKEK)
6.2.12 ARSENAL JSCo.
6.2.13 Hanwha Corporation
7. MARKET OPPORTUNITIES
Mortar Ammunition Industry Segmentation
A mortar is an artillery weapon that fires explosive shells in high-arching ballistic trajectories. In typical engagement scenarios, mortars are generally seen as indirect fire weapons for close fire support.
The mortar ammunition market is segmented by caliber type and geography. By caliber type, the mortar ammunition market is segmented into light, medium, and heavy caliber. The report also covers the market sizes and forecasts for the mortar ammunition market in major countries across different regions. The market size is provided for each segment in terms of value (USD).
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Mortar Ammunition Market Research FAQs
How big is the Mortar Ammunition Market?
The Mortar Ammunition Market size is expected to reach USD 87.46 million in 2024 and grow at a CAGR of 5.04% to reach USD 111.84 million by 2029.
What is the current Mortar Ammunition Market size?
In 2024, the Mortar Ammunition Market size is expected to reach USD 87.46 million.
Who are the key players in Mortar Ammunition Market?
Saab AB, Nammo AS, General Dynamics Corporation, BAE Systems plc and Elbit Systems Ltd. are the major companies operating in the Mortar Ammunition Market.
Which is the fastest growing region in Mortar Ammunition Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Mortar Ammunition Market?
In 2024, the Asia Pacific accounts for the largest market share in Mortar Ammunition Market.
What years does this Mortar Ammunition Market cover, and what was the market size in 2023?
In 2023, the Mortar Ammunition Market size was estimated at USD 83.05 million. The report covers the Mortar Ammunition Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mortar Ammunition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mortar Ammunition Industry Report
Statistics for the 2024 Mortar Ammunition market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mortar Ammunition analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
