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The Mortar Ammunition Market was valued at USD 69.75 million in 2020 and is projected to grow to about USD 115 million in 2030 with a CAGR of 4.9% during the forecast period (2021-2030

). The impact of COVID-19 on the overall market revenue is deemed to be less. However, due to the lockdown imposed by the governments in the major countries, has caused disruptions in the supply chain which led to manufacturing delays for a short period of time.

New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mortar Ammunition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2030)" - https://www.reportlinker.com/p06020209/?utm_source=GNW


The growth in the territorial issues and geopolitical tensions between various countries globally is making the governments to increase their military spending. With the increased military spending, the countries are acquiring advanced mortar systems and related mortar ammunition to strengthen their land forces. This is expected to drive the growth of the market during the forecast period.

The companies are developing advanced mortar systems that are equipped with a plethora of enhancements, such as a day/night observation system, a laser rangefinder, and a navigation system with relatively less shortcomings compared to that of traditional mortar system. Further to bolster the lethality and accuracy, investments are being made into development of precision guided mortar bombs. Such investments are anticipated to open new prospects for the market in the coming future.

Key Market Trends
Heavy Caliber Segment is Expected to Witness Highest Growth During the Forecast Period

Mortar ammunition with a caliber size of 100 mm and above are classified as heavy caliber mortars. Conventional heavy caliber mortars have a range of 7,200m to 9,500m and can carry an explosive payload of 1.2kg to 4.2kg, depending on the size of the mortar. Due to their weight, they are generally platform mounted. Heavy mortars are generally used to level enemy strongholds and decommission armored vehicles. Several nations across the globe have procurement programs underway as part of their extensive weaponry modernization program. For instance, the Czech Army currently deploys two types of 120mm mortars: the Mortar 120 mm PRAM L, type 82, which is a standard vehicle-towed mortar, and the Self-Propelled 120 mm Mortar PRAM S, type 85 (SPM-85 PRAM), a self-loaded mortar system mounted on an elongated BVP-1 (BMP-1) carriage. As per sources, a large acquisition project is being planned which entails the procurement of 62 self-propelled mortars. Reportedly, the tender process is expected to commence in May 2021 with a potential contract signature late in 2021 and deliveries to run from 2023 through to 2025. The rise in demand has fostered extensive innovations in the heavy caliber mortar segment. Russia is investing significant resources to modernize its mortar systems. Reportedly, in November 2020, the 2S42 Lotus mortar system passed the acceptance trials. The 2S42 is based on the chassis of the BMD-4 vehicle and is expected to be one of the primary frontline artillery systems for the deployed Russian Forces, with the mortar’s 13km range providing both direct and indirect supporting fire. Such developments and procurement orders of advanced munitions is expected to accelerate the growth of this segment during the forecast period.

Asia-Pacific region Accounted for a Major Share in the Mortar Ammunition Market in 2020

The Asia-Pacific region is currently dominating the market and is expected to continue its dominance during the forecast period. The countries such as China, India, and South Korea among others in the region have been rapidly increasing their military spending over the past few years due to the ongoing geopolitical tensions in the region. China and India have increased their military expenditures by 25% and 30%, respectively during the period of 2015 – 2019. With these investments, the countries have been investing in the development and procurement of advanced mortar systems and related ammunition. For instance, in June 2019, South Korea announced that Hanwha Defense and S&T Dynamics have developed a 120 mm self-propelled mortar system that can be integrated into an M113 tracked armored personnel carrier. The new mortar is equipped with automatic fire control and reloading system that can provide 360-degree firing coverage. Later, in September 2020, the South Korean government awarded a USD 648 million contract to produce the mortar system designed as a potential replacement to the aging 107mm mortar mounted based on the K200A1 tracked armored vehicle. Along with the procurement of advanced mortar systems, the companies are also acquiring advanced ammunition for the mortar systems. In this regard, in April 2019, Elbit Systems announced that it was awarded a contract worth USD 30 million to supply STYLET, a precise Guided Mortar Munition (GMM), to an undisclosed customer in Asia-Pacific region. The contract will be performed over two years. STYLET is a multimode GPS/INS guided 120 mm GMM with a range of 1,000-8,500 m that is designed for tactical combat units and Special-Forces. Such investments and procurement of advanced precision guided mortar ammunition is anticipated to bolster the growth of the market in Asia-Pacific region during the forecast period.

Competitive Landscape
The mortar ammunition market is highly fragmented. There are numerous suppliers supported and run by the government, locally, in each country that cater to the needs of the military. Most of these manufacturers produce all types of explosives and ammunition for the local military and, thus, have the capability to increase focus on certain ammunition and improve production rate in short notice as the supply chain is completely localized and supported by government funding and logistics. The major players in the mortar ammunition market are Elbit Systems Ltd, BAE Systems plc, Rheinmetall AG, Hirtenberger Defence Systems Gmbh & Co. KG, and Saab AB. Companies are collaborating on the development of new ammunition and explore new market opportunities. For instance, SAMI and Hanwha Defense’s collaboration is expected to make them one of the largest suppliers of mortar and other artillery ammunition in the Middle-East, Africa, and Asian markets during the forecast period. Advancements in mortar ammunition capability - range, AoE, and target guidance, are the major factors for manufacturers to retain and continue to gain market share, while the partnership with manufacturers to locally produce munitions will allow them to enter new markets.

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Read the full report: https://www.reportlinker.com/p06020209/?utm_source=GNW

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