Large Caliber Ammunition Market Size (2024 - 2029)

Large Caliber Ammunition Market Analysis

The Large Caliber Ammunition Market size is estimated at USD 309.96 million in 2024, and is expected to reach USD 460.73 million by 2029, growing at a CAGR of 8.25% during the forecast period (2024-2029).

The COVID-19 pandemic had a negligible impact on the market. This is mainly attributed to the increase in defense expenditure across major world powers. The military expenditure as of 2021 was valued at USD 2.1 trillion, with the United States spending the highest, followed by China and India. Furthermore, the ongoing war between Russia and Ukraine leads to the rising use of weapons and ammunition, and growing defense expenditure from NATO countries drives market growth across Europe. Thus, the growth in geopolitical conflicts among the countries of the region played a major role in driving defense spending toward large-caliber weapons and ammunition, driving the market.

Governments across the world are making investments in weapons, such as field artillery, mortars, naval guns, etc., to strengthen the land and maritime border security, civilian protection, and lethality of armed forces. These weapons are a cost-effective option over costly missiles and rockets used for ground attack operations. These factors are driving the demand for large-caliber ammunition globally.

Significant technological advancements, such as high-speed projectile firing, laser guidance systems, and the increasing need for friend or foe identification and precision targeting technology, drive the market growth for GPS-enabled artillery and mortar shells. Due to increased political disputes, terrorism, and cross-border conflicts, the need for rapid deployment of forces has increased, simultaneously increasing the demand for firepower support on the battlefield, driving the market growth for large-caliber ammunition.

Large Caliber Ammunition Industry Segmentation

Large caliber ammunition refers to ammunition with caliber sizes in the range of 40 mm to 155 mm. The large caliber ammunition market is segmented by caliber type, end-user, and geography. By caliber type, the market is segmented into 40-60 mm and above 60 mm. By end-user, the market is segmented into naval forces and ground forces. By geography, the market is classified as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The report offers market size and forecasts for all the above segments in terms of values in USD billion.