155mm Ammunition Market Opportunities and Strategies to 2033

This report describes and explains the 155mm ammunition market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global 155mm ammunition market reached a value of nearly $3.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.6% since 2018. The market is expected to grow from $3.8 billion in 2023 to $5.6 billion in 2028 at a rate of 8%. The market is then expected to grow at a CAGR of 5% from 2028 and reach $7.2 billion in 2033.

Growth in the historic period resulted from the expanding military modernization programs, rising terrorist activities and increasing defense budgets. Factors that negatively affected growth in the historic period include economic uncertainties or downturns.

Going forward, the increasing geopolitical conflicts, favorable government initiatives and rising demand for artillery systems will drive the market. Factors that could hinder the growth of the 155mm ammunition market in the future include budget constraints and supply chain disruptions.

The 155mm ammunition market is segmented by technology into guided and unguided. The unguided market was the largest segment of the 155mm ammunition market segmented by technology, accounting for 63.6% or $2.4 billion of the total in 2023. Going forward, the guided segment is expected to be the fastest growing segment in the 155mm ammunition market segmented by technology, at a CAGR of 8.8% during 2023-2028.

The 155mm ammunition market is segmented by component into projectiles, propellants, cartridge case, primer and other components. The propellants market was the largest segment of the 155mm ammunition market segmented by component, accounting for 33.8% or $1.3 billion of the total in 2023. Going forward, the projectiles segment is expected to be the fastest growing segment in the 155mm ammunition market segmented by component, at a CAGR of 8% during 2023-2028.

The 155mm ammunition market is segmented by end user into naval forces and ground forces. The ground forces market was the largest segment of the 155mm ammunition market segmented by end user, accounting for 72.1% or $2.8 billion of the total in 2023. Going forward, the ground forces segment is expected to be the fastest growing segment in the 155mm ammunition market segmented by end user, at a CAGR of 8.4% during 2023-2028.

North America was the largest region in the 155mm ammunition market, accounting for 34% or $1.3 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the 155mm ammunition market will be Asia-Pacific and South America, where growth will be at CAGRs of 10.21% and 9.69% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 9.60% and 9.29% respectively.

The global 155mm ammunition market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 18.54% of the total market in 2023. The market fragmentation can be attributed to the presence of small players in different geographies. ST Engineering Ltd. was the largest competitor with a 3.10% share of the market, followed by BAE Systems Plc. with 2.95%, General Dynamics Corporation with 2.65%, Leonardo S.p.A. with 1.83%, Elbit Systems Ltd. with 1.70%, Northrop Grumman Corporation with 1.69%, KNDS N.V. (KMW+NEXTER Defense System N.V.) with 1.30%, Nordic Ammunition Company (Nammo) with 1.24%, STV Group with 1.06% and Poongsan Corporation with 1.03%.

The top opportunities in the 155mm ammunition market segmented by technology will arise in the unguided segment, which will gain $1.05 billion of global annual sales by 2028. The top opportunities in the 155mm ammunition market segmented by component will arise in the propellants segment, which will gain $669.25 million of global annual sales by 2028. The top opportunities in the 155mm ammunition market segmented by end user will arise in the ground force segment, which will gain $1.37 billion of global annual sales by 2028. The 155mm ammunition market size will gain the most in the USA at $445.68 million.

Market-trend-based strategies for the 155mm ammunition market include developing advanced artillery systems, focusing on developing innovative products, such as self-propelled howitzers, introducing innovative technology such as artillery propellant charge technology and developing smart munitions and developing innovative products such as turreted truck-mounted 155mm howitzers.

Player-adopted strategies in the 155mm ammunition market include focus on enhancing operational capabilities through new product development, focus on enhancing business operations through new and upgraded project facilities and strengthening market position through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the 155mm ammunition companies to focus on expanding production capabilities, focus on innovative self-propelled howitzers, focus on innovative propellant technology, focus on smart munitions development, focus on innovative product development, focus on the unguided ammunition segment, focus on propellants for 155mm ammunition, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on ground forces segment for growth.