Global Pyrotechnic Munitions Market Forecasts Report 2022-2028: Introduction of Electric Pyrotechnics & Collaboration of Companies with Defense Forces for Live Training Simulation – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Pyrotechnic Munitions Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Product Type, Application, and End-user” report has been added to ResearchAndMarkets.com’s offering.
The Pyrotechnic Munitions market size is projected to reach US$ 4,653.96 million by 2028 from US$ 3,358.92 million in 2022.
Pyrotechnic munition products are used by the ground military forces in large quantities. Also, pyrotechnic munitions are used in life rafts of naval vessels and aircraft carrier vessels. Each lifeboat comprises 6 hand flares, 4 units of rocket parachute flares, and 2 units of buoyant smoke signals.
Thus, the use of pyrotechnic munitions products in aircraft carriers and naval vessels, along with the growing fleet of naval vessels and aircraft carriers, is fueling the market growth. The pyrotechnic munitions market has been analyzed on the basis of product type, application, and end user.
Pyrotechnic munition vendors across Europe focus on acquiring smaller, emerging players to retain their position in the market. For instance, in 2021, Wescom Defense announced the completion of the acquisition of PW Defence Ltd. (PWD), a UK-based military pyrotechnics manufacturer.
This move helped the company expand its existing defense product portfolio and international sales network while benefiting from new manufacturing and testing facilities. Furthermore, the presence of a large number of leading players across Europe, such as Rheinmetall, Primetake Ltd., Nexter Group, and Lacroix, is another key factor boosting the pyrotechnic munitions market in the region.
In Asia Pacific, the pyrotechnic munitions market is showing a significant growth trajectory, which is primarily attributed to the rising procurement of submarines & naval vessels and increasing initiatives for conducting military training programs. The pyrotechnic munitions products are used in aircraft carriers on a large scale.
The surge in the need for aircraft carriers is bolstering the demand for pyrotechnic munitions products in Asia Pacific. As per the US Navy, the Chinese Navy may operate 6 aircraft carriers by 2040; currently, only 2 are operational. The third one, improved and enlarged Type-003 is under construction at Jiangnan. It is also expected that one or more additional carriers will be built in Jiangnan by 2025.
In addition, in April 2022, India launched the sixth and last SCORPENE submarine, ending the Project 75 contract with Mazgaon Docks Limited. In April 2022, Russia and Vietnam planned to hold joint military training exercises to improve the practical skills of commanders and staff in organizing combat training operations and managing units in difficult tactical situations, as well as developing unconventional solutions when performing tasks. Thus, such initiatives by the governments for enhancing defense operations are bolstering the pyrotechnic munitions market growth in Asia Pacific.
The key players pyrotechnic munitions market players are Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. With the rising strategic initiatives, investments in new product developments would propel the growth of the market in the coming years.
Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. are some of the pyrotechnic munitions market players.
Key Industry Dynamics
Market Drivers
- Growing Demand for Pyrotechnic Markers Across Defense Forces
- Collaboration of Companies with Defense Forces for Live Training Simulation
Market Restraints
- Certification and Qualification Challenges for Market Vendors
Market Opportunities
- Growing Fleet of Naval Vessels and Aircraft Carriers Worldwide
Future Trends
- Introduction of Electric Pyrotechnics
Companies Mentioned
- Arsenal
- PR Tactical Corporation
- Lacroix
- Martinez Specialties, Inc.
- Primetake Ltd.
- Pyrotechnic Specialties Incorporated
- Rheinmetall AG
- WESCOM GROUP
- Chemring Group PLC
- HFI Pyrotechnics Inc
For more information about this report visit https://www.researchandmarkets.com/r/vaoqfs
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