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Global Large Caliber Ammunition Market Size, Share, Analysis, Industry Report and Forecast to 2026
The global large caliber ammunition market is estimated to grow at a CAGR of nearly 4.5% during the forecast period. Rising military expenditure is primarily driving the demand for large caliber ammunition systems. According to the Stockholm International Peace Research Institute (SIPRI), in 2019, the total global military spending increased to $1,917 billion, which represents a rise of 3.6% from 2018. The five major countries that significantly invests in military spending include the US, China, India, Russia and Saudi Arabia. In 2019, the US military expenditure increased by 5.3% to $732 billion and held 38% of global military expenditure. In 2019, China and India occupied the second and third largest position in terms of military spending across the globe.
In 2019, China’s military spending reached $261 billion, a 5.1% rise from 2018, while military spending in India increased by 6.8% to $71.1 billion. India’s tensions with both China and Pakistan have led the increased military spending in the country. The trend towards military expenditure has led to the increasing demand for new military vehicles with equipped advanced weapon systems due to increasing terrorist attacks. As per the Global Terrorism Index 2017, the number of mortalities from terrorist attacks were 25,673 globally. This leads to the increasing focus on advanced, large caliber ammunition systems to protect and empower soldiers. The rising military spending is supporting the number of contracts for large caliber ammunition. For instance, In October 2019, the Indian Army has procured 155 mm Excalibur artillery ammunition from the US which aims to increase the artillery firepower. It is long-range ammunition and can hit targets over 50 Km away. A precision-guided kit is put on shells along with the Excalibur, to enhance the accuracy of the target. The Excalibur ammunition has better accuracy and more range that can hit targets at 40-50 km relied on the artillery gun used.
Further, in May 2017, Orbital ATK (a part of Northrop Grumman Corp.) has awarded a contract valued $53 million from the US Army to develop large caliber training ammunition. The orders include both 105 mm and 120 mm types of ammunition. The 120 mm large caliber training ammunition, utilized by the Abrams main battle tank, comprises the M1002 multi-purpose and the M865 kinetic energy tank training rounds. The company has offered approximately 5 million rounds of large caliber training and training ammunition to the US Marine Corps, US Army, and associated militaries over the years. Such kinds of contracts for large caliber ammunition systems are supporting to drive the global large caliber ammunition systems.
Global Large Caliber Ammunition Market- Segmentation
By Caliber Type
Artillery Ammunition
Tank Ammunition
Mortar Ammunition
Naval Ammunition
Global Large Caliber Ammunition Market– Segment by Region
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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