Market Size of Mortar Ammunition Industry
| 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 |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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 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 Size Summary
The mortar ammunition market is poised for significant growth over the forecast period, driven by increased military spending and the modernization of defense capabilities worldwide. Countries are investing heavily in new weapon systems and advanced ammunition to enhance their military strength, responding to territorial disputes and the need for improved defense readiness. This demand is further fueled by the acquisition of new mortar systems and the necessity for training initiatives by various defense forces. The market is witnessing a resurgence due to technological advancements and the expanded deployment of mortars by infantry and artillery units. The development of precision-guided mortar ammunition is expected to open new avenues for market expansion, with heavy-caliber mortars anticipated to experience the highest growth.
In regions like Asia-Pacific, countries such as China, India, South Korea, and Japan are significantly increasing their defense budgets, leading to a surge in demand for advanced mortar systems and ammunition. These nations are actively procuring and developing newer-generation mortar systems to address political tensions and cross-border conflicts. The market is semi-consolidated, with key players like Elbit Systems Ltd, BAE Systems PLC, and General Dynamics Corporation leading the charge. Collaborations among companies to produce various types of ammunition, including mortars, are expected to enhance market presence and share. As advancements in range, precision, and lethality continue, manufacturers are likely to attract new customers and enter new markets, increasing competition and driving further growth in the mortar ammunition sector.
Mortar Ammunition Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Caliber Type
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2.1.1 Light
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2.1.2 Medium
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2.1.3 Heavy
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 France
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2.2.2.3 Germany
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2.2.2.4 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Mexico
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2.2.4.2 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 United Arab Emirates
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2.2.5.3 South Africa
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2.2.5.4 Rest of Middle East and Africa
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Mortar Ammunition Market Size 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.
