Global Artillery Ammunition Market - Growth, Trends, and Forecast (2018 - 2023)
Programs to update military weapons and ammunition undertaken by various countries are expected to contribute to a surge in demand for artillery ammunition
Growing acts of terrorism around the globe especially in Asia Pacific, Africa and Latin America has caused a surge in spending by militaries to tackle violence and terrorist activities in recent times. The threat of terrorism has spread rapidly to Europe and North America too.
Recent activities of a similar kind have shaken up the European continent, which has prompted the countries to additionally spend on artillery ammunition by certain countries in the European continent to better defend themselves against threats as a result. Increasing necessity for several countries to acquire arms and artillery ammunition in order to secure their national interests on the international stage is expected to be driving the market during forecast period.
Asia Pacific region, especially India is expected to do a comprehensive modernization of its armed forces, thus boosting the global artillery ammunition market. Also, India will be buying artillery guns in the near future to make up for the old Bofor’s guns, which have become obsolete. 144 Dhanush guns, which are indigenous and reworked Bofors guns are on order, but since the Army needs a total of 2,820 artillery guns of various kinds to service its needs, India is expected to be a major market in the years to come.
The global artillery ammunition market is anticipated to see subdued rates of growth in the North American region owing to large scale defense budget cuts. But, the rest of the world is forecasted to drive the growth in the global artillery ammunition market and the Asia Pacific region is poised to see the highest rates of growth.
Key Industry Players: CBC, RHEINMETALL DEFENSE, GENERAL DYNAMICS CORPORATION, ALLIANT TECHSYSTEMS, NEXTER, BAE SYSTEMS PLC, amongst others.
March, 2018: Australian Defense Force to take delivery of artillery ammunition from Germany’s Rheinmetall, as part of the Land 17 Phase 1C.2 Future Artillery Ammunition project
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