Large Caliber Ammunition Market to Reach $6,184.5 Million by 2033

16 Apr 2024

Large caliber ammunition plays a vital role in modern military forces worldwide, offering significant firepower crucial for current combat scenarios. This type of ammunition, exceeding the size of standard small caliber rounds, encompasses a wide range of military munitions. It includes ammunition for tanks, artillery, and naval forces, fulfilling various purposes on the battlefield.

The demand for large caliber ammunition is driven by increasing military spending, geopolitical conflicts, and advancements in technology, prompting countries to heavily invest in the development and acquisition of large caliber ammunition.

The global market for large caliber ammunition is poised for significant expansion, embracing advancements from intelligent munitions to state-of-the-art artillery rounds, in response to the evolving dynamics of contemporary military conflicts.

Large Caliber Ammunition Market Overview

The global market for large caliber ammunition spans a broad spectrum of types, including artillery, tank, mortar, and naval munitions. Key industry participants are continually innovating to develop more effective and efficient ammunition to meet the demands of contemporary warfare. Advances in guidance technologies, materials, and propellant technologies significantly propel the market's growth.  

According to the BIS Research report, the Large Caliber Ammunition Market is projected to reach $6,184.5 Million by 2033 from $2,738.7 Million in 2023, growing at a CAGR of 8.49% during the forecast period 2023-2033. 

An increasing appetite for precision-guided and long-range munitions is shaping the market's evolution. Government contracts and military modernization efforts, particularly in regions with heightened security needs, are major catalysts for market expansion. 

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Market Segmentation: 

Segmentation 1: by Caliber Type 
•    Artillery Ammunition 
        o    155mm 
        o    105mm 
        o    Others 
•    Tank Ammunition 
        o    120mm 
        o    105mm 
        o    Others 
•    Mortar Ammunition 
        o    60mm 
        o    81mm 
        o    120mm 
        o    Others 
•    Naval Ammunition 
        o    57mm 
        o    76mm 
        o    127mm 

The global large caliber ammunition market based on caliber type is led by artillery ammunition. Several factors, such as geopolitical tensions and the need for major countries to increase the production of artillery ammunition-related calibers, are attributed to the growth of this segment. 

Segmentation 2: by End User 
•    Ground Forces 
•    Naval Forces 

Segmentation 3: by Region 
•    North America 
•    Europe 
•    Asia-Pacific 
•    Rest-of-the-World 

North America is expected to dominate the global large caliber ammunition market based on region. The primary contributor to this share within North America is the U.S., leveraging advanced technology and the largest military budget globally. North America, known for its tech-savvy markets, takes a proactive approach to developing the most advanced weapons and ammunition for the large caliber ammunition market. 

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Key Market Players and Competition Synopsis 

The global market for large caliber ammunition features prominent players who have made their mark. For example, in February 2023, Nexter, under KNDS, announced in a press release the successful completion of qualification tests for its Shard 120 mm APFSDS tank ammunition, signaling its readiness for mass production. Tested against rolled homogeneous armor with the involvement of Leclerc and Leopard 2 tank operators in Alcochete, Shard is engineered to defeat contemporary and future main battle tanks. It offers superior penetration, accuracy, and reduced barrel wear, as per Nexter's claims. 

Some prominent names established in this market are: 

•    Elbit Systems Ltd. 
•    Nammo AS 
•    Rheinmetall AG 
•    Northrop Grumman 
•    BAE Systems 
•    Nexter (a Company of KNDS) 
•    American Ordnance LLC 
•    ST Engineering 
•    Munitions India Limited (a Govt. of India Enterprise) 
•    Saab AB 
•    UkrOboronProm 
•    Leonardo S.p.A. 

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Recent Developments in the Global Large Caliber Ammunition Market 

  • In October 2023, the U.S. Navy awarded Northrop Grumman a contract to develop 57mm guided high explosive ammunition for the Mk110 Naval Gun Mount, focusing on countering fast threats like drones and surface crafts with its maneuverable, seeker-equipped rounds. 

  • Northrop Grumman announced on January 12, 2024, the creation of the M829A4 120mm cartridge for the U.S. Army's Abrams M1A2 SEPv3 tanks, designed to defeat advanced armor without using depleted uranium, emphasizing continued support for U.S. and allied forces' ammunition needs. 

 Analyst Note 

According to Debraj Chakraborty, Principal Analyst at BIS Research, “The large caliber ammunition market is experiencing significant growth due to a confluence of factors. Geopolitical tensions and regional conflicts are driving military spending upward, with a focus on modernizing existing weaponry. This includes the need to replace aging artillery stockpiles and integrate new advancements in precision and destructive power. Large caliber ammunition offers a cost-effective way to deliver firepower compared to air-launched weapons, making it particularly attractive for sustained operations.”