New York, June 23, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Signaling and Illumination, Crowd Control, and Training), Application (Land Forces, Naval Forces, and Air Forces), and End User (Military and Law Enforcement Agencies)", the global pyrotechnic munitions market size is projected to reach $4.65 billion by 2028 from $3.35 billion in 2022; it is expected to grow at a CAGR of 5.6% from 2022 to 2028.
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Pyrotechnic Munitions Market Report Scope & Strategic Insights:
|Market Size Value in||US$ 3.35 Billion in 2022|
|Market Size Value by||US$ 4.65 Billion by 2028|
|Growth rate||CAGR of 5.6% from 2022 to 2028|
|No. of Pages||163|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Product Type, Application, and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Pyrotechnic Munitions Market Analysis: Competitive Landscape and Key Developments
Arsenal JSCO; PR Tactical Corporation; HFI Pyrotechnics; Lacroix; Martinez Specialties, Inc.; Primetake Ltd; Pyrotechnic Specialties Incorporated; Rheinmetall AG; Chemring Group PLC; and Wescom Group are among the key players profiled in the pyrotechnic munitions market report. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help key players strategize their growth.
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In 2021, Wescom Defence acquired PW Defence; this acquisition is likely to help Wescom Defence to expand its defense product portfolio and international sales network. Additionally, the company now has new manufacturing and testing facilities of pyrotechnic munition, with this, its pyrotechnic product portfolio now includes more than 200 products. The company produces over 3 million pyrotechnic products per year.
In 2020, Primetake collaborated with GBA Flare Systems to develop a cutting-edge new flare ignition method with the StarBurst system. The StarBurst system is a unique and innovative advancement in Cold Flaring that includes features such as pyrotechnic ignition systems, an impressive range of over 100 m, launching cabinet of a 24-pellet capacity, and pellet trajectory control via an enclosed guide tube. Furthermore, StarBurst reduces the risks associated with firearms, reduces the negative environmental impact of traditional continuously burning gas pilots, and increases consistency and reliability with minimal staff training.
The pyrotechnic munitions market analysis, by region, is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America dominated the market in 2021 and is also expected to continue its dominance during the forecast period.
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Geographic diversification across different North American countries and the presence of major pyrotechnic munitions manufacturers, such as General Dynamics Corporation (US) and Pyrotechnic Specialties Incorporated (US) along with other small players, are the major factors driving the North America pyrotechnic munitions market size. The pyrotechnic munitions market growth in North America region is also attributed to the growing adoption of pyrotechnic munition products in rescue and search operations, and critical missions and training programs in the region. A large number of enforcement agencies and highly established military forces in North America are the key end users of pyrotechnic products. The US military forces are forming agreements with neighboring countries for conducting military exercises and collaborating with pyrotechnic manufacturers for procuring products.
Europe accounted for the second-largest market share in the global pyrotechnic munitions market. The pyrotechnic munitions market growth in Europe is attributed to the presence of several pyrotechnic product manufacturers in the region, including Wescom Group (UK), Rheinmetall AG (Germany), Primetake Ltd (UK), Nexter group KNDS (France), and LACROIX (France). Moreover, increasing defense spending for procuring pyrotechnic munition products, and growing number of rescue operations and critical missions are generating huge demand for pyrotechnic munition products in Europe. Countries such as Russia, the UK, Germany, and Austria have been procuring pyrotechnic munitions for live training simulations and crowd-control applications, among others. In addition, many countries are taking initiatives to strengthen their existing military assets, such as navy vessels, thereby bolstering the adoption of life rafts and pyrotechnic munitions.
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Asia Pacific is expected to be the fastest-growing region in the global pyrotechnic munitions market during the forecast period. The growth of pyrotechnic munitions market in APAC region is primarily attributed to the expansion of submarines and growing initiatives for conducting military training programs. Pyrotechnic munitions are used in aircraft carriers on a large scale. In addition, a surge in need for aircraft carriers is propelling the demand for pyrotechnic munition products. 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. This will also boost the deployment of a large number of life rafts in these aircraft carriers.
The growth of the pyrotechnic munitions market size in the MEA and SAM is attributed to the elevating military expenditure in countries in this region for procuring advanced military vessels and equipment, and the surging initiatives for conducting training programs for armed forces. A large number of pyrotechnic munitions are implemented for organizing the joint military exercises.
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Pyrotechnic Munitions Market: Application Overview
The pyrotechnic munitions market, based on application, is segmented into land forces, naval forces, and air forces. The land forces segment accounted for the largest share of the pyrotechnic munitions market in 2021 owing to growing use of these products for creating illumination, signaling, battle noises simulation and effects, flares & signals, and hand grenades for training purpose. The growing use of pyrotechnic munitions by military and law enforcement agencies operating on land boost the pyrotechnic munition market for the land forces segment.
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