Summary

The 155mm Munitions Market is projected to reach USD 11.7 billion by 2035, growing at a CAGR of 4.54% during the forecast period. The 155mm ammunition market gets its impetus from the innovations in artillery systems, an increase in defense budgets, and the continuation of geopolitical tensions, with the focus being on high-explosive shells.

Rising Geopolitical Tensions
Escalating conflicts and issues of security have prompted armies to gear up for war. It entails a rise in demand for state-of-the-art 155mm ammunition, which may be used in the strategy of deterrence.

Market Segmentation Overview
Munitions Type
- High Explosive Shells: Primary combat and impact use.
- Illumination Shells: Battlefield visibility enhancement.
- Smoke Shells: Concealment and signaling operations.
- Training Shells: Cost-effective military practice rounds.
- Guided Munitions: Precision-guided advanced strike solutions.
Usage
- Military: Dominant end-use segment globally.
- Law Enforcement: Limited tactical deployment.
- Civil Defense: Emergency and preparedness usage.
Fuze Type
- Mechanical Fuzes: Traditional and reliable triggering.
- Electronic Fuzes: Improved accuracy and control.
- Proximity Fuzes: Air-burst detonation capability.
Ammunition Compatibility
- Standardized Ammunition: Interoperable across platforms.
- Specialized Ammunition: Mission-specific performance needs.
Manufacturing Process
- Conventional Manufacturing: Established large-scale production.
- Additive Manufacturing: Rapid prototyping and customization.
- Composite Manufacturing: Lightweight, high-strength components.

Regional Insights
North America remains the biggest market for the 155mm munitions, while Europe and Asia-Pacific are experiencing rapid growth due to their defense modernization programs. The Middle East & Africa, on the other hand, continues to show a steady demand for the products in question, amidst the region's ongoing security issues.
Strategic Outlook
Defense modernization, rising geopolitical tensions, and increasing demand for precision-guided artillery are the key factors that have kept the 155mm munitions market buoyed. Increased defense spending and allied interoperability initiatives are expected to sustain long-term market growth.

Key Report Attributes
- Market Size 2024: USD 7.175 Billion
- Market Size 2035: USD 11.7 Billion
- CAGR (2025-2035): 4.54%
- Base Year: 2024
- Market Forecast Period: 2025-2035

Industry Segmentations Growth
- By Munitions Type: High Explosive Shells, Illumination Shells, Smoke Shells, Training Shells, Guided Munitions.
- By Usage: Military, Law Enforcement, Civil Defense.
- By Fuze Type: Mechanical Fuzes, Electronic Fuzes, Proximity Fuzes.
- By Ammunition Compatibility: Standardized Ammunition, Specialized Ammunition.
- By Manufacturing Process: Conventional Manufacturing, Additive Manufacturing, Composite Manufacturing.

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Table of Contents

TABLE OF CONTENTS
1 SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS
1.1 EXECUTIVE SUMMARY
1.1.1 MARKET OVERVIEW
1.1.2 KEY FINDINGS
1.1.3 MARKET SEGMENTATION
1.1.4 COMPETITIVE LANDSCAPE
1.1.5 CHALLENGES AND OPPORTUNITIES
1.1.6 FUTURE OUTLOOK
2 SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE
2.1 MARKET INTRODUCTION
2.1.1 DEFINITION
2.1.2 SCOPE OF THE STUDY
2.1.2.1 RESEARCH OBJECTIVE
2.1.2.2 ASSUMPTION
2.1.2.3 LIMITATIONS
2.2 RESEARCH METHODOLOGY
2.2.1 OVERVIEW
2.2.2 DATA MINING
2.2.3 SECONDARY RESEARCH
2.2.4 PRIMARY RESEARCH
2.2.4.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS
2.2.4.2 BREAKDOWN OF PRIMARY RESPONDENTS
2.2.5 FORECASTING MODEL
2.2.6 MARKET SIZE ESTIMATION
2.2.6.1 BOTTOM-UP APPROACH
2.2.6.2 TOP-DOWN APPROACH
2.2.7 DATA TRIANGULATION
2.2.8 VALIDATION
3 SECTION III: QUALITATIVE ANALYSIS
3.1 MARKET DYNAMICS
3.1.1 OVERVIEW
3.1.2 DRIVERS
3.1.3 RESTRAINTS
3.1.4 OPPORTUNITIES
3.2 MARKET FACTOR ANALYSIS
3.2.1 VALUE CHAIN ANALYSIS
3.2.2 PORTER'S FIVE FORCES ANALYSIS
3.2.2.1 BARGAINING POWER OF SUPPLIERS
3.2.2.2 BARGAINING POWER OF BUYERS
3.2.2.3 THREAT OF NEW ENTRANTS
3.2.2.4 THREAT OF SUBSTITUTES
3.2.2.5 INTENSITY OF RIVALRY
3.2.3 COVID-19 IMPACT ANALYSIS
3.2.3.1 MARKET IMPACT ANALYSIS
3.2.3.2 REGIONAL IMPACT
3.2.3.3 OPPORTUNITY AND THREAT ANALYSIS
4 SECTION IV: QUANTITATIVE ANALYSIS
4.1 AEROSPACE & DEFENSE, BY TYPE (USD BILLION)
4.1.1 HIGH EXPLOSIVE SHELLS
4.1.2 GUIDED MUNITIONS
4.1.3 ILLUMINATION SHELLS
4.1.4 TRAINING SHELLS
4.1.5 SMOKE SHELLS
4.2 AEROSPACE & DEFENSE, BY USAGE (USD BILLION)
4.2.1 MILITARY
4.2.2 LAW ENFORCEMENT
4.2.3 CIVIL DEFENSE
4.3 AEROSPACE & DEFENSE, BY FUZE TYPE (USD BILLION)
4.3.1 MECHANICAL FUZES
4.3.2 ELECTRONIC FUZES
4.3.3 PROXIMITY FUZES
4.4 AEROSPACE & DEFENSE, BY AMMUNITION COMPATIBILITY (USD BILLION)
4.4.1 STANDARDIZED AMMUNITION
4.4.2 SPECIALIZED AMMUNITION
4.5 AEROSPACE & DEFENSE, BY MANUFACTURING PROCESS (USD BILLION)
4.5.1 CONVENTIONAL MANUFACTURING
4.5.2 ADDITIVE MANUFACTURING
4.5.3 COMPOSITE MANUFACTURING
4.6 AEROSPACE & DEFENSE, BY REGION (USD BILLION)
4.6.1 NORTH AMERICA
4.6.1.1 US
4.6.1.2 CANADA
4.6.2 EUROPE
4.6.2.1 GERMANY
4.6.2.2 UK
4.6.2.3 FRANCE
4.6.2.4 RUSSIA
4.6.2.5 ITALY
4.6.2.6 SPAIN
4.6.2.7 REST OF EUROPE
4.6.3 APAC
4.6.3.1 CHINA
4.6.3.2 INDIA
4.6.3.3 JAPAN
4.6.3.4 SOUTH KOREA
4.6.3.5 MALAYSIA
4.6.3.6 THAILAND
4.6.3.7 INDONESIA
4.6.3.8 REST OF APAC
4.6.4 SOUTH AMERICA
4.6.4.1 BRAZIL
4.6.4.2 MEXICO
4.6.4.3 ARGENTINA
4.6.4.4 REST OF SOUTH AMERICA
4.6.5 MEA
4.6.5.1 GCC COUNTRIES
4.6.5.2 SOUTH AFRICA
4.6.5.3 REST OF MEA
5 SECTION V: COMPETITIVE ANALYSIS
5.1 COMPETITIVE LANDSCAPE
5.1.1 OVERVIEW
5.1.2 COMPETITIVE ANALYSIS
5.1.3 MARKET SHARE ANALYSIS
5.1.4 MAJOR GROWTH STRATEGY IN THE AEROSPACE & DEFENSE
5.1.5 COMPETITIVE BENCHMARKING
5.1.6 LEADING PLAYERS IN TERMS OF NUMBER OF DEVELOPMENTS IN THE AEROSPACE & DEFENSE
5.1.7 KEY DEVELOPMENTS AND GROWTH STRATEGIES
5.1.7.1 NEW PRODUCT LAUNCH/SERVICE DEPLOYMENT
5.1.7.2 MERGER & ACQUISITIONS
5.1.7.3 JOINT VENTURES
5.1.8 MAJOR PLAYERS FINANCIAL MATRIX
5.1.8.1 SALES AND OPERATING INCOME
5.1.8.2 MAJOR PLAYERS R&D EXPENDITURE. 2023
5.2 COMPANY PROFILES
5.2.1 BAE SYSTEMS (GB)
5.2.1.1 FINANCIAL OVERVIEW
5.2.1.2 PRODUCTS OFFERED
5.2.1.3 KEY DEVELOPMENTS
5.2.1.4 SWOT ANALYSIS
5.2.1.5 KEY STRATEGIES
5.2.2 RHEINMETALL (DE)
5.2.2.1 FINANCIAL OVERVIEW
5.2.2.2 PRODUCTS OFFERED
5.2.2.3 KEY DEVELOPMENTS
5.2.2.4 SWOT ANALYSIS
5.2.2.5 KEY STRATEGIES
5.2.3 GENERAL DYNAMICS (US)
5.2.3.1 FINANCIAL OVERVIEW
5.2.3.2 PRODUCTS OFFERED
5.2.3.3 KEY DEVELOPMENTS
5.2.3.4 SWOT ANALYSIS
5.2.3.5 KEY STRATEGIES
5.2.4 NORTHROP GRUMMAN (US)
5.2.4.1 FINANCIAL OVERVIEW
5.2.4.2 PRODUCTS OFFERED
5.2.4.3 KEY DEVELOPMENTS
5.2.4.4 SWOT ANALYSIS
5.2.4.5 KEY STRATEGIES
5.2.5 THALES GROUP (FR)
5.2.5.1 FINANCIAL OVERVIEW
5.2.5.2 PRODUCTS OFFERED
5.2.5.3 KEY DEVELOPMENTS
5.2.5.4 SWOT ANALYSIS
5.2.5.5 KEY STRATEGIES
5.2.6 LOCKHEED MARTIN (US)
5.2.6.1 FINANCIAL OVERVIEW
5.2.6.2 PRODUCTS OFFERED
5.2.6.3 KEY DEVELOPMENTS
5.2.6.4 SWOT ANALYSIS
5.2.6.5 KEY STRATEGIES
5.2.7 ELBIT SYSTEMS (IL)
5.2.7.1 FINANCIAL OVERVIEW
5.2.7.2 PRODUCTS OFFERED
5.2.7.3 KEY DEVELOPMENTS
5.2.7.4 SWOT ANALYSIS
5.2.7.5 KEY STRATEGIES
5.2.8 HANWHA DEFENSE (KR)
5.2.8.1 FINANCIAL OVERVIEW
5.2.8.2 PRODUCTS OFFERED
5.2.8.3 KEY DEVELOPMENTS
5.2.8.4 SWOT ANALYSIS
5.2.8.5 KEY STRATEGIES
5.2.9 KONGSBERG GRUPPEN (NO)
5.2.9.1 FINANCIAL OVERVIEW
5.2.9.2 PRODUCTS OFFERED
5.2.9.3 KEY DEVELOPMENTS
5.2.9.4 SWOT ANALYSIS
5.2.9.5 KEY STRATEGIES
5.3 APPENDIX
5.3.1 REFERENCES
5.3.2 RELATED REPORTS

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List of Tables/Graphs

LIST OF TABLES
1 LIST OF ASSUMPTIONS
2 North America MARKET SIZE ESTIMATES; FORECAST
2.1 BY TYPE, 2025-2035 (USD Billion)
2.2 BY USAGE, 2025-2035 (USD Billion)
2.3 BY FUZE TYPE, 2025-2035 (USD Billion)
2.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
2.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
3 US MARKET SIZE ESTIMATES; FORECAST
3.1 BY TYPE, 2025-2035 (USD Billion)
3.2 BY USAGE, 2025-2035 (USD Billion)
3.3 BY FUZE TYPE, 2025-2035 (USD Billion)
3.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
3.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
4 Canada MARKET SIZE ESTIMATES; FORECAST
4.1 BY TYPE, 2025-2035 (USD Billion)
4.2 BY USAGE, 2025-2035 (USD Billion)
4.3 BY FUZE TYPE, 2025-2035 (USD Billion)
4.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
4.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
5 Europe MARKET SIZE ESTIMATES; FORECAST
5.1 BY TYPE, 2025-2035 (USD Billion)
5.2 BY USAGE, 2025-2035 (USD Billion)
5.3 BY FUZE TYPE, 2025-2035 (USD Billion)
5.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
5.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
6 Germany MARKET SIZE ESTIMATES; FORECAST
6.1 BY TYPE, 2025-2035 (USD Billion)
6.2 BY USAGE, 2025-2035 (USD Billion)
6.3 BY FUZE TYPE, 2025-2035 (USD Billion)
6.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
6.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
7 UK MARKET SIZE ESTIMATES; FORECAST
7.1 BY TYPE, 2025-2035 (USD Billion)
7.2 BY USAGE, 2025-2035 (USD Billion)
7.3 BY FUZE TYPE, 2025-2035 (USD Billion)
7.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
7.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
8 France MARKET SIZE ESTIMATES; FORECAST
8.1 BY TYPE, 2025-2035 (USD Billion)
8.2 BY USAGE, 2025-2035 (USD Billion)
8.3 BY FUZE TYPE, 2025-2035 (USD Billion)
8.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
8.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
9 Russia MARKET SIZE ESTIMATES; FORECAST
9.1 BY TYPE, 2025-2035 (USD Billion)
9.2 BY USAGE, 2025-2035 (USD Billion)
9.3 BY FUZE TYPE, 2025-2035 (USD Billion)
9.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
9.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
10 Italy MARKET SIZE ESTIMATES; FORECAST
10.1 BY TYPE, 2025-2035 (USD Billion)
10.2 BY USAGE, 2025-2035 (USD Billion)
10.3 BY FUZE TYPE, 2025-2035 (USD Billion)
10.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
10.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
11 Spain MARKET SIZE ESTIMATES; FORECAST
11.1 BY TYPE, 2025-2035 (USD Billion)
11.2 BY USAGE, 2025-2035 (USD Billion)
11.3 BY FUZE TYPE, 2025-2035 (USD Billion)
11.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
11.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
12 Rest of Europe MARKET SIZE ESTIMATES; FORECAST
12.1 BY TYPE, 2025-2035 (USD Billion)
12.2 BY USAGE, 2025-2035 (USD Billion)
12.3 BY FUZE TYPE, 2025-2035 (USD Billion)
12.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
12.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
13 APAC MARKET SIZE ESTIMATES; FORECAST
13.1 BY TYPE, 2025-2035 (USD Billion)
13.2 BY USAGE, 2025-2035 (USD Billion)
13.3 BY FUZE TYPE, 2025-2035 (USD Billion)
13.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
13.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
14 China MARKET SIZE ESTIMATES; FORECAST
14.1 BY TYPE, 2025-2035 (USD Billion)
14.2 BY USAGE, 2025-2035 (USD Billion)
14.3 BY FUZE TYPE, 2025-2035 (USD Billion)
14.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
14.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
15 India MARKET SIZE ESTIMATES; FORECAST
15.1 BY TYPE, 2025-2035 (USD Billion)
15.2 BY USAGE, 2025-2035 (USD Billion)
15.3 BY FUZE TYPE, 2025-2035 (USD Billion)
15.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
15.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
16 Japan MARKET SIZE ESTIMATES; FORECAST
16.1 BY TYPE, 2025-2035 (USD Billion)
16.2 BY USAGE, 2025-2035 (USD Billion)
16.3 BY FUZE TYPE, 2025-2035 (USD Billion)
16.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
16.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
17 South Korea MARKET SIZE ESTIMATES; FORECAST
1 1 BY TYPE, 2025-2035 (USD Billion)
1 2 BY USAGE, 2025-2035 (USD Billion)
1 3 BY FUZE TYPE, 2025-2035 (USD Billion)
1 4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
1 5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
18 Malaysia MARKET SIZE ESTIMATES; FORECAST
18.1 BY TYPE, 2025-2035 (USD Billion)
18.2 BY USAGE, 2025-2035 (USD Billion)
18.3 BY FUZE TYPE, 2025-2035 (USD Billion)
18.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
18.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
19 Thailand MARKET SIZE ESTIMATES; FORECAST
19.1 BY TYPE, 2025-2035 (USD Billion)
19.2 BY USAGE, 2025-2035 (USD Billion)
19.3 BY FUZE TYPE, 2025-2035 (USD Billion)
19.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
19.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
20 Indonesia MARKET SIZE ESTIMATES; FORECAST
20.1 BY TYPE, 2025-2035 (USD Billion)
20.2 BY USAGE, 2025-2035 (USD Billion)
20.3 BY FUZE TYPE, 2025-2035 (USD Billion)
20.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
20.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
21 Rest of APAC MARKET SIZE ESTIMATES; FORECAST
21.1 BY TYPE, 2025-2035 (USD Billion)
21.2 BY USAGE, 2025-2035 (USD Billion)
21.3 BY FUZE TYPE, 2025-2035 (USD Billion)
21.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
21.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
22 South America MARKET SIZE ESTIMATES; FORECAST
22.1 BY TYPE, 2025-2035 (USD Billion)
22.2 BY USAGE, 2025-2035 (USD Billion)
22.3 BY FUZE TYPE, 2025-2035 (USD Billion)
22.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
22.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
23 Brazil MARKET SIZE ESTIMATES; FORECAST
23.1 BY TYPE, 2025-2035 (USD Billion)
23.2 BY USAGE, 2025-2035 (USD Billion)
23.3 BY FUZE TYPE, 2025-2035 (USD Billion)
23.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
23.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
24 Mexico MARKET SIZE ESTIMATES; FORECAST
24.1 BY TYPE, 2025-2035 (USD Billion)
24.2 BY USAGE, 2025-2035 (USD Billion)
24.3 BY FUZE TYPE, 2025-2035 (USD Billion)
24.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
24.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
25 Argentina MARKET SIZE ESTIMATES; FORECAST
25.1 BY TYPE, 2025-2035 (USD Billion)
25.2 BY USAGE, 2025-2035 (USD Billion)
25.3 BY FUZE TYPE, 2025-2035 (USD Billion)
25.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
25.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
26 Rest of South America MARKET SIZE ESTIMATES; FORECAST
26.1 BY TYPE, 2025-2035 (USD Billion)
26.2 BY USAGE, 2025-2035 (USD Billion)
26.3 BY FUZE TYPE, 2025-2035 (USD Billion)
26.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
26.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
27 MEA MARKET SIZE ESTIMATES; FORECAST
2 1 BY TYPE, 2025-2035 (USD Billion)
2 2 BY USAGE, 2025-2035 (USD Billion)
2 3 BY FUZE TYPE, 2025-2035 (USD Billion)
2 4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
2 5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
28 GCC Countries MARKET SIZE ESTIMATES; FORECAST
28.1 BY TYPE, 2025-2035 (USD Billion)
28.2 BY USAGE, 2025-2035 (USD Billion)
28.3 BY FUZE TYPE, 2025-2035 (USD Billion)
28.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
28.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
29 South Africa MARKET SIZE ESTIMATES; FORECAST
29.1 BY TYPE, 2025-2035 (USD Billion)
29.2 BY USAGE, 2025-2035 (USD Billion)
29.3 BY FUZE TYPE, 2025-2035 (USD Billion)
29.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
29.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
30 Rest of MEA MARKET SIZE ESTIMATES; FORECAST
30.1 BY TYPE, 2025-2035 (USD Billion)
30.2 BY USAGE, 2025-2035 (USD Billion)
30.3 BY FUZE TYPE, 2025-2035 (USD Billion)
30.4 BY AMMUNITION COMPATIBILITY, 2025-2035 (USD Billion)
30.5 BY MANUFACTURING PROCESS, 2025-2035 (USD Billion)
31 PRODUCT LAUNCH/PRODUCT DEVELOPMENT/APPROVAL
32 ACQUISITION/PARTNERSHIP