The Mortar Ammunition Market Size was estimated at 4.22 (USD Billion) in 2022. The Mortar Ammunition Market is expected to grow from 4.37 (USD Billion) in 2023 to 6.0 (USD Billion) by 2032. The Mortar Ammunition Market CAGR (growth rate) is expected to be around 3.58% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Mortar Ammunition Market Trends Highlighted
The demand for mortar ammunition is rising globally as a result of ongoing conflicts and rising military expenditures. The market is expanding as a result of the use of cutting-edge technologies like precision-guided munitions. Mortar ammo is an essential tool in contemporary warfare since it may be employed for close support and indirect fire missions.
The expanding frequency of urban battles, the growing use of unmanned aerial vehicles and drones, and the increased emphasis on asymmetric warfare are some of the major factors driving the industry.
The creation of novel materials, including composite propellants, and the incorporation of sensors and other technologies to increase precision and range present opportunities for investigation.
The market for mortar ammunition has seen recent developments, such as the rise of new competitors, the use of smart munitions, and the increasing need for portable and lightweight mortars.
As conflicts continue to emerge and military budgets expand, the demand for mortar ammunition is expected to remain strong, presenting significant opportunities for market participants.
Increased Global Military Spending
The increasing geopolitical tensions and conflicts throughout the world have caused governments to rise the amount of their defense spending. Therefore, an increase in demand for various military supplies, including mortar ammunition, is noticed.
Mortar ammunition is an essential instrument in the contemporary waging of wars and is used by infantry units to offer support at close ranges and eliminate enemy forces. The demand for and use of mortar ammunition is expected to increase, as the Overall Mortar Ammunition Market is expected to increase at a competitive rate during the forecasting period.
Growing Demand for Advanced Munitions
The development of advanced and effective mortar ammunition due to advancements in technology has made the Mortar Ammunition Market to be major growth. These new mortars have increased range, accuracy, and lethality.
The Mortar Ammunition Market has been fueled by the increasing demand for advanced munitions. Furthermore, increasing the existing arsenals to modern systems requires upgraded and new artillery munitions.
Moreover, in modern warfare, mortars play a crucial role in delivering accurate and effective fire support. Hence, the complete potential of the market is yet to be tapped as governments of various countries eye to replace former generation arsenals with modern and advanced systems.
Increase in the number of regional conflicts and border disputes: The number of regional conflicts and border disputes has been increasing owing to a shortage of resources and energy crises. Mortar is a highly versatile weapon system that can be conveniently employed in almost any combat situation. Mortars are particularly effective in mountainous and urban terrain.
There are two primary reasons mortars are used in these environments: it is difficult to maneuver such terrain due to the lack of infrastructure and the fact that it is difficult to avoid such fire, which makes it easier to target well-equipped enemies during an attack trying to foray into ones territory miles away
Increase in hostilities and acts of terrorism; in the past infantries would be prepared for war in times of escalated unrest, however, there has been a sudden rise of sporadic attacks and small-scale conflict-to-community crime, these scenarios happen in both urban and mountainous terrains.
Mortar Ammunition Market Caliber Insights
The Mortar Ammunition Market is divided into different calibers, such as 60mm, 81mm, 120mm, and 155mm. Each of them has unique characteristics and is developed to meet the needs of certain operations.
60mm Mortar Ammunition: the 60mm mortar ammunition segment will develop as carts of the local infantry, which is needed because of the ability to transport and use it almost anywhere. Such a system is expected to perform close-range support of mobility in the area. 81mm Mortar Ammunition: the 81mm mortar ammunition segment will hold a vast share of the market as well.
It provides notable firepower, range, and payload capacity if compared to the 60mm mortars. In addition, it is more effective and has better characteristics. 120mm Mortar Ammunition: it will be among the segments with the highest level of CAGR due to the ability to use when range support is necessary.
In comparison with the two previously mentioned systems, it has more extended capabilities and twice the firepower as 60mm and three times as 81mm mortars. There is a need to admit that such a segment provides more advanced options, and modern artillery units rely on the 120mm mortar system because it is easy and efficient in mountain and open areas to cause indirect fire.
155mm Mortar Ammunition: a slightly lower rate of five per cent will be peculiar to the 155mm mortar ammunition segment. This system can provide the longest range, number of payloads, and powerful close-range fire. This fact impacts the development of mostly field artillery units, which uses the described system to perform long-range bombardment and counter-battery fire.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mortar Ammunition Market Range Insights
The range segment plays a pivotal role in shaping the dynamics of the Mortar Ammunition Market. Mortars with varying ranges cater to distinct operational requirements. The 'Less than 5km' range segment holds a significant market share, driven by its versatility in close-range combat situations.
The '5-10km' range segment is projected to witness substantial growth, attributed to its effectiveness in urban warfare and counter-insurgency operations. The '10-15km' range segment caters to long-range precision strikes, while the 'Over 15km' range segment offers extended reach for strategic engagements.
Each range segment presents unique opportunities for market growth, driven by evolving military strategies and technological advancements
Mortar Ammunition Market Fuze Type Insights
The Mortar Ammunition Market is segmented by Fuze Type into Point Detonating, Proximity Fuze, and Time Delay Fuze. Among these, the Point Detonating segment held the largest market share in 2023, accounting for over 45% of the Mortar Ammunition Market revenue.
The Proximity fuel segment is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of advanced technologies in mortar ammunition systems. The Time Delay Fuze segment is projected to hold a significant market share throughout the forecast period due to its wide range of applications in various military operations.
The growth of the market is attributed to the increasing demand for mortar ammunition from military forces around the world, as well as the introduction of new and advanced mortar ammunition systems.
Mortar Ammunition Market Application Insights
Infantry Support, Artillery Support, Counter-Insurgency, and Urban Warfare are the four main segments of the Mortar Ammunition Market. The Infantry Support sector held the largest market share in 2023, and it is anticipated to continue to do so during the forecast period. This is mostly due to the rising need for effective infantry support weapons in both conventional and asymmetric warfare settings.
The Artillery Support segment is predicted to experience considerable growth as a result of rising demand for long-range, precision-guided mortar systems.
Counter-Insurgency is a rapidly expanding industry due to the rising incidence of terrorism and the need for effective counterinsurgency operations. The Urban Warfare segment is predicted to increase as urban areas become more common as battlegrounds.
The regional segmentation of the Mortar Ammunition Market presents diverse market dynamics and growth opportunities. North America held a significant market share of 1.38 billion USD in 2023 and is expected to reach 2.043 billion USD by 2032, driven by the presence of major defense contractors and advanced military capabilities.
Europe followed closely, with key players such as France and the United Kingdom investing in mortar ammunition to modernize their armed forces, holding a market share of 0.872 billion USD in 2023 and projected to grow to 1.236 billion USD by 2032. APAC witnessed substantial growth due to rising defense expenditure in countries like India and China, with figures of 1.174 billion USD in 2023 and 1.454 billion USD by 2032.
South America and MEA also contributed to the market, with Brazil and Saudi Arabia being notable players, as South America holds a market share of 0.428 billion USD in 2023 and is expected to reach 0.59 billion USD by 2032, while the Middle East and Africa hold 0.516 billion USD in 2023 and are projected to grow to 0.678 billion USD by 2032.
The Mortar Ammunition Market is highly competitive, with numerous local and international companies vying for market share. Key industry participants are focusing on developing innovative products and expanding their regional presence to cater to the evolving needs of defense forces worldwide.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Main industry players in the Mortar Ammunition Market tend to develop new technologies with a constantly growing efficiency in order to remain competitive. The leading Mortar Ammunition Market players are facing tough industry competition, so companies invest heavily in research and development to provide their customers with advanced products.
Today, we face the transformation of the Mortar Ammunition Market as it is set to witness a significant increase in demand on the part of the defense forces of various countries. The competitive field of the Mortar Ammunition Market is occupied by both large companies and small players, which have lower levels of market power.
The key companies in the market segment include BAE Systems, General Dynamics, Lockheed Martin, Northrop Grumman, and Raytheon. These companies are constantly introducing new products into the market and investing in research and development to meet the growing demand from the defense forces. The industry companies compete to increase their market share; the issues they face are typical for the highly competitive industry.
BAE Systems is a leading defense contractor providing different products and services to the defense forces in different countries. The Mortar Ammunition Market products of the company comprise a range of mortars, shells, and fuses. BAE Systems is among the key suppliers of mortar ammunition to the US military and the defense forces of other countries.
Moreover, the companies continue investing in research and development to improve the performance characteristics of their products. BAE Systems uses an inorganic growth strategy to expand its market presence.
General Dynamics is another key defense supplier of the Mortar Ammunition Market products, which include a range of mortars, shells, and fuses. This company is one of the largest suppliers of mortar ammunition to the US military and other defense forces.
Correspondingly, the key issues faced by the company comprise competition and pressure from other players. However, the company invests in research and development as well as purchasing process and support training.
Key Companies in the Mortar Ammunition Market Include:
Rafael Advanced Defense Systems Ltd.
Raytheon Technologies Corporation
IMI Systems Ltd.
RUAG Ammotec AG
Leonardo SpA
Rheinmetall AG
Ruag Ammotec Canada Inc.
Nexter Munitions
Hanwha Defense Systems
Denel SOC Ltd.
Norinco Group
Hirtenberger AG
BAE Systems Plc
General Dynamics Corporation
Mortar Ammunition Market Developments
The growing demand for advanced mortar systems and the increasing adoption of precision-guided mortars are key factors driving market growth. The rising geopolitical tensions and conflicts worldwide are also fueling the demand for mortar ammunition.
Recent developments in the market include the introduction of new mortar systems, such as the M252 81mm mortar system by the US Army and the XM395 Precision Mortar System by Northrop Grumman. Additionally, several countries are investing in the development of precision-guided mortar rounds to enhance accuracy and effectiveness.
Mortar Ammunition Market Segmentation Insights
Mortar Ammunition Market Caliber Outlook
Mortar Ammunition Market Range Outlook
Mortar Ammunition Market Fuze Type Outlook
Mortar Ammunition Market Application Outlook
Mortar Ammunition Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 4.22(USD Billion) |
| Market Size 2023 | 4.37(USD Billion) |
| Market Size 2032 | 6.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.58% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, IMI Systems Ltd., RUAG Ammotec AG, Leonardo SpA, Rheinmetall AG, Ruag Ammotec Canada Inc., Nexter Munitions, Hanwha Defense Systems, Denel SOC Ltd., Norinco Group, Hirtenberger AG, BAE Systems Plc, General Dynamics Corporation |
| Segments Covered | Caliber, Range, Fuze Type, Application, Regional |
| Key Market Opportunities | 1 Growing Demand for PrecisionGuided Mortars 2 Expansion into Emerging Markets 3 Technological Advancements in Mortars 4 Increased Military Spending 5 Development of MultiPurpose Mortars |
| Key Market Dynamics | 1 Growing demand for precision-guided munitions 2 Modernization of military forces 3 Increasing military spending 4 Rise in regional conflicts 5 Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Mortar Ammunition Market was valued at approximately USD 4.37 billion in 2023.
The Mortar Ammunition Market is expected to grow at a CAGR of 3.58% from 2024 to 2032.
North America is expected to hold the largest market share in the Mortar Ammunition Market, followed by Europe and Asia-Pacific.
Mortar Ammunition is primarily used for indirect fire support in military operations, including infantry support, bunker busting, and urban warfare.
Some of the key competitors in the Mortar Ammunition Market include BAE Systems, General Dynamics, and Rheinmetall.
The growing demand for precision-guided munitions, increasing military expenditure, and rising geopolitical tensions are key factors driving the growth of the Mortar Ammunition Market.
The high cost of production, stringent regulations, and competition from alternative weapon systems are some of the challenges faced by the Mortar Ammunition Market.
Emerging trends in the Mortar Ammunition Market include the development of smart munitions, increased use of drones, and the integration of artificial intelligence.
The Mortar Ammunition Market is expected to reach approximately USD 6.0 billion by 2032.
Key opportunities for growth in the Mortar Ammunition Market include the modernization of military forces, the adoption of advanced technologies, and the expansion into new markets.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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