155 MM Ammunition (Artillery Ammunition) Market
155 MM Ammunition (Artillery Ammunition) Market by Product (Howitzers, Truck-Mounted Artillery), Technology (Conventional Ballistic Projectiles, Base Bleed Projectiles), Component (Shell, Fuze, Propellant, Others), and Region – Global Forecast to 2031
OVERVIEW
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
The 155 MM ammunition (artillery ammunition) market is projected to reach USD 20.23 billion by 2031 from USD 8.39 billion in 2026, at a CAGR of 19.2% from 2026 to 2031. The market is driven by rising defense budgets, ongoing regional conflicts, and the modernization of artillery systems across major military forces. Increased demand for longer-range, precision-guided shells and higher stockpiling requirements to strengthen combat readiness are also supporting steady procurement growth.
KEY TAKEAWAYS
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By RegionThe Europe 155 MM ammunition(artillery ammunition) market accounted for a 48.8% revenue share in 2025.
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By ProductBy product, the truck-mounted artillery (TMA) segment is expected to register the highest CAGR of 32.7%.
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By TechnologyBy technology, the precision-guided segment is projected to grow at the fastest rate from 2026 to 2031.
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By ComponentBy component, the shell segment is expected to dominate the market.
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COMPETITIVE LANDSCAPE- Key PlayersBAE Systems, Nammo AS, and Elbit Systems Ltd. were identified as some of the star players in the 155 MM (artillery ammunition) ammunition market (global), given their strong market share and product footprint.
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COMPETITIVE LANDSCAPE- Other PlayersNIEWIADÓW POLISH MILITARY GROUP JOINT STOCK COMPANY, among others, has distinguished itself among startups and SMEs by securing strong footholds in specialized niche areas, underscoring its potential as an emerging market leader.
The 155 MM ammunition (artillery ammunition) market is driven by increased procurement to replenish war reserves, higher stockpiling levels, and rising demand for extended-range ammunition. The market is expected to grow steadily as countries expand production capacity and secure long-term supply contracts for 155 mm ammunition.
TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS
The impact on customers’ business in the 155 MM ammunition (artillery ammunition) market comes from changing military needs and supply pressures. Armed forces and defense agencies are shifting from standard shells to extended-range and precision-guided 155 MM ammunition (artillery ammunition), while increasing domestic production and signing multi-year supply agreements. These changes affect procurement planning, budgets, and supplier selection and increase demand for manufacturers with strong production capacity and advanced capabilities.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
MARKET DYNAMICS
Level
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Rising artillery use in active conflicts
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Expansion of defense budgets focused on strengthening long-range firepower capabilities
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Production capacity constraints due to limited availability of explosives and propellant materials
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Export controls and regulatory restrictions affecting cross-border ammunition trade
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Demand for extended-range and precision-guided shells
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Long-term procurement contracts to rebuild and maintain national ammunition stockpiles
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Scaling manufacturing output quickly while maintaining safety and quality standards
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Securing stable supply chains for critical components such as fuzes and propellants
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Drivers: Rising artillery use in active conflicts
Increased artillery use in ongoing war zones has led to higher consumption of 155 mm ammunition. Armed forces are refilling depleted stockpiles to maintain readiness. This continued demand is supporting steady procurement and production planning across the market.
Restraint: Production capacity constraints due to limited availability of explosives and propellant materials
Limited availability of key raw materials, such as explosives and propellants, is restricting production output. Manufacturers are operating at or near full capacity, making it difficult to meet sudden increases in demand. This constraint is slowing delivery timelines and affecting supply stability.
Opportunity: Demand for extended-range and precision-guided shells
There is a growing demand for 155 mm shells that offer longer range and improved accuracy. Armed forces are seeking ammunition that improves effectiveness while reducing collateral damage. This creates opportunities for manufacturers investing in advanced shell designs and guidance technologies.
Challenge: Scaling manufacturing output quickly while maintaining safety and quality standards
Rapidly increasing production volumes while maintaining strict safety and quality standards is a major challenge. Ammunition manufacturing involves sensitive materials and regulated processes that limit how fast facilities can expand. Companies must balance higher output with compliance and risk management requirements.
155 MM AMMUNITION (ARTILLERY AMMUNITION) MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
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Supply of extended-range 155 mm ERFB ammunition to address shortages caused by rising operational demand and limited global production capacity | Reliable delivery | Expanded production capacity | Improved long-range fire capability | Supply stability |
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Framework agreement for joint production and certification of 155 mm shells in Poland to address European supply shortages | Local production expansion | Reduced external dependency | Improved regional availability | Strengthened supply security |
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Development of indigenously designed 155 mm Smart Ammunition to improve low accuracy of conventional shells | Higher precision (reduced CEP) | Increased lethality | Indigenous guidance capability | Reduced reliance on foreign systems |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET ECOSYSTEM
The 155 MM ammunition (artillery ammunition) market ecosystem includes ammunition manufacturers, component suppliers, and end users. Companies such as Northrop Grumman, Thales, Elbit Systems, and NORINCO produce 155 MM artillery shells and complete rounds. They work with component suppliers like MSM Group, Rheinmetall Nitrochemie, and Eurenco for propellants and other key materials. The main end users are national armed forces that purchase 155 MM ammunition (artillery ammunition) through government defense programs and supply contracts.
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET SEGMENTS
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
155 MM Ammunition Market, By Product
As of 2025, the howitzers segment holds the largest share in the 155 MM ammunition (artillery ammunition) market because 155 mm shells are primarily used in howitzer artillery systems. Active conflicts and regular training require large and steady volumes of ammunition. Many countries continue to operate and upgrade 155 mm howitzer fleets, which is increasing procurement. Purchases are commonly placed through bulk and long-term defense contracts, supporting a higher revenue share.
155 MM Ammunition Market, By Technology
As of 2025, conventional ballistic projectiles hold the largest share in the 155 MM ammunition (artillery ammunition) market due to their lower cost, simpler design and high production volumes. They are widely used for standard artillery operations where precision guidance is not required, making them suitable for routine training and bulk military deployment.
155 MM Ammunition Market, By Component
As of 2025, the shells segment holds the largest share of the 155 MM ammunition (artillery ammunition) market, as complete artillery shells are the final and primary products procured by armed forces. Military operations and training require large and continuous volumes of finished shells. Many countries are replenishing stockpiles and increasing purchases, and contracts are usually placed in bulk, which supports a higher revenue share for this segment.
REGION
Europe to be fastest-growing region in 155 MM ammunition market during forecast period
The Europe 155 MM ammunition (artillery ammunition) market is expected to register the highest CAGR during the forecast period. It is supported by urgent stockpile replenishment and increased artillery use. Many European countries are expanding local manufacturing capacity to strengthen supply security and reduce reliance on external sources. Higher defense spending and coordinated regional procurement programs are supporting sustained demand for 155 mm ammunition (artillery ammunition).
155 MM AMMUNITION (ARTILLERY AMMUNITION) MARKET: COMPANY EVALUATION MATRIX
In the 155 MM ammunition (artillery ammunition) market matrix, Nammo AS (Star) has a strong production base and supplies standard- and extended-range artillery shells used by NATO forces. The company is expanding its production capacity and improving its ammunition designs, which helps maintain a steady supply and a strong market position. In the 155 MM ammunition (artillery ammunition) market matrix, Hanwha Aerospace (Emerging Leader) is increasing its role by expanding production of 155 MM artillery shells and related components. The company is growing its capacity to meet rising global demand and strengthening its position through new contracts and partnerships.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
KEY MARKET PLAYERS
- BAE Systems (UK)
- Nammo AS (Norway)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (US)
- Rheinmetall AG (Germany)
- KNDS (Netherlands)
- Yugoimport SRDP J.P (Serbia)
- Norinco Group (China)
- Munitions India Ltd (India)
- Thales (France)
- Hanwha Aerospace (South Korea)
- ST Engineering (Singapore)
- Czechoslovak Group (CSG) (Czech Republic)
- Poongsan Corporation (South Korea)
MARKET SCOPE
| REPORT METRIC | DETAILS |
|---|---|
| Market Size in 2025 (Value) | USD 7.13 Billion |
| Market Forecast in 2031 (Value) | USD 20.23 Billion |
| Growth Rate | CAGR of 19.2% from 2026-2031 |
| Years Considered | 2021-2031 |
| Base Year | 2025 |
| Forecast Period | 2026-2031 |
| Units Considered | Value (USD Billion) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered |
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| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East & Africa |
WHAT IS IN IT FOR YOU: 155 MM AMMUNITION (ARTILLERY AMMUNITION) MARKET REPORT CONTENT GUIDE
DELIVERED CUSTOMIZATIONS
We have successfully delivered the following deep-dive customizations:
| CLIENT REQUEST | CUSTOMIZATION DELIVERED | VALUE ADDS |
|---|---|---|
| Leading Manufacturer | Additional segment breakdown for countries | Additional country-level market sizing tables for segments/sub-segments covered at the regional/global level to gain an understanding of market potential by each country |
| Emerging Leader | Additional company profiles | Competitive information on targeted players to gain granular insights on direct competition |
| Regional Market Leader | Additional country market estimates | Additional country-level deep dive for a more targeted understanding of the total addressable market |
RECENT DEVELOPMENTS
- July 2025 : Rheinmetall Denel Munition secured a multi-year contract worth hundreds of millions of Euros from a European NATO country for the supply of 155mm Assegai artillery projectiles and propelling charges. The deliveries will take place from 2025 to 2027. The ammunition will be integrated into the customer’s artillery systems to support long-range fire capability.
- July 2025 : Sweden signed ammunition supply agreements with Nammo AS for artillery munitions for the Swedish Armed Forces. The deals cover artillery shells, propellant charges, and 155 mm high-explosive extended-range grenades for Sweden’s artillery systems.
- February 2023 : The U.S. Army awarded a USD 993.8 million contract to General Dynamics Ordnance & Tactical Systems and American Ordnance to compete for orders to produce 155mm M795 high-explosive artillery projectiles
Table of Contents
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Methodology
This research study conducted on the 155 MM Ammunition Market involved extensive use of secondary sources, directories, and databases such as D&B Hoovers, the Global Firepower, the Small Arms Survey, UN COMTRADE, and Factiva to identify and collect information relevant to the 155 MM Ammunition Market. Details regarding the procurement and consumption patterns of military and law enforcement applications in terms of contracts, supply agreements, and joint ventures, among others, were also available only for a limited set of countries.
Thus, manufacturer websites and annual reports, published news articles, defense blogs, government publications of different countries, and documents published by RAND Corporation (US), among others, were also referred to and used as a part of secondary research during the course of the study.
Primary sources considered included industry experts from the concerned market as well as preferred suppliers, manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the value chain of this industry. Ammunition is a sensitive topic, and therefore, several challenges were faced while conducting primary research.
Secondary Research
The share of companies in the 155 MM Ammunition Market was determined using secondary data made available through paid and unpaid sources and by analyzing product portfolios of major companies operating in the market. These companies were rated based on the performance and quality of their products. These data points were further validated by primary sources.
Secondary sources that were referred to for this research study on the 155 MM Ammunition Market included government sources such as the US Department of Defense (DoD); defense budgets; military modernization program documents; corporate filings such as annual reports, investor presentations, and financial statements; and trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the 155 MM Ammunition Market, which was further validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information about the current scenario of the 155 MM Ammunition Market through secondary research. Several primary interviews were conducted with market experts from both demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa. This primary data was collected through questionnaires, emails, and telephonic interviews.
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the 155 MM Ammunition Market. The following figure offers a representation of the overall market size estimation process employed for the purpose of this study on the 155 MM Ammunition Market.
Data Triangulation
After arriving at the overall size of the 155 MM Ammunition Market from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented wherever applicable to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments.
The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using both top-down and bottom-up approaches. The following figure indicates the market breakdown structure and data triangulation procedure that was implemented in the market engineering process to make this report on the 155 MM Ammunition Market.
Market Definition
Ammunition is fired, scattered, or dropped from a weapon or a weapon system. It can be broadly classified into four categories: Small-Caliber ammunition, Medium-Caliber ammunition, Large-Caliber ammunition, and others. Ammunition is mainly procured by military and law enforcement agencies such as state police and federal police. Small-caliber ammunition is used by civilians in hunting, sports activities, and self-defense applications.
The small-caliber ammunition category includes rounds that are 5.56 mm, 7.62 mm, 12.7 mm, and 14.5 mm in size, while the Medium-Caliber ammunition includes rounds that are 20 mm, 25 mm, 30 mm, and 40 mm in size. The large-caliber ammunition category includes mortar shells, tank ammunition, and artillery shells of size 60 mm, 81 mm, 120 mm, 122 mm, and 155 mm. Illumination rounds, hand grenades, and rubber bullets are being considered under other categories. Illumination rounds and hand grenades are not launched as weapons in the air but are thrown or manually lit at targets.
Stakeholders
Various stakeholders of the market are listed below:
- Armed Forces
- Defense Regulatory Bodies
- Law Enforcement Agencies
- Home Ministries/Ministries of Interior
- Ammunition Manufacturers
- Component Manufacturers
- Distributors and Suppliers
- Research Organizations, Forums, Alliances, and Associations
- Sporting and Hunting Associations
Report Objectives
- To define, describe, segment, and forecast the size of the 155 MM Ammunition Market in terms of value based on application, caliber, guidance mechanism, product, component, lethality, and region from 2023 to 2028
- To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the 155 MM Ammunition Market
- To forecast the size of various segments of the 155 MM Ammunition Market with respect to six major regions: North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa
- To identify the opportunities for stakeholders in the market by identifying key market and technology trends
- To analyze competitive developments such as contracts, agreements, acquisitions & partnerships, product launches & developments, and research & development (R&D) activities in the 155 MM Ammunition Market
- To anticipate the status of the ammunition procurements by different countries, the number of their military personnel, their defense spending; technological advancements in ammunition; and joint developments undertaken by leading players to analyze the degree of competition in the market.
- To provide a comprehensive competitive landscape of the 155 MM Ammunition Market, along with an overview of the different strategies adopted by the key market players to strengthen their position in the market.
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Growth opportunities and latent adjacency in 155 MM Ammunition (Artillery Ammunition) Market