Growing Fleets of Naval Vessels and Aircraft Carriers to Provide Growth Opportunities for Pyrotechnic Munitions Market During 2022-2028
According to our latest market study on "Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, Application, and End User," the market size is expected to grow from US$ 3,358.92 million in 2022 to US$ 4,653.96 million by 2028; it is anticipated to grow at a CAGR of 5.6% from 2022 to 2028.
The fleets of naval and aircraft carrier vessels operating continuously across national borders are increasing in number. Every aircraft carrier ship includes either 254 units of MK7 life rafts or 127 units of MK 8 life rafts. Each lifeboat comprises 6 hand flares, 4 units of rocket parachute flares, and 2 units of buoyant smoke signals. Hence, the rising adoption of lifeboats in naval ships or vessels boosts the adoption of pyrotechnic munitions across naval forces. In terms of the current naval fleet, China is at the forefront with 777 naval vessels, followed by the 486 naval fleets of the US. Both these countries are emphasizing on strengthening their respective naval fleets to secure their borders from naval threats. However, China currently has only 2 aircraft carriers that use life rafts in large quantities. Further, the country is investing in procuring new naval vessels that will result in increasing demand for pyrotechnic munitions through the deployment of life rafts in those vessels. For instance, the US navy predicted that China may operate 6 aircraft carriers by the end of 2040, which will further generate the demand for life rafts in the region. Similarly, in 2022, the Indian Navy awarded a contract worth US$ 114 million to L&T Limited for the manufacturing and development of multipurpose vessels under the “Buy Indian” category. Due to the increased focus on naval fleets, the adoption of frigates, corvettes, and aircraft carriers is growing, highlighting the requirement for various types of pyrotechnic products for naval applications.
In terms of geography, the pyrotechnic munitions market share was dominated by North America in 2021. The market in this region is segmented into the US, Canada, and Mexico. In June 2020, the HFI Pyrotechnics Inc. was added to the Munitions Supply Program as Canada’s Strategic Source and Centre of Excellence to provide pyrotechnic technologies. In March 2022, the US Army offered the Small Business Innovative Research (SBIR) Phase III, a multi-option contract, to DSSP Inc. for Non-Pyrotechnic Battlefield Effect Replication (BFER). This Phase III contract will provide final prototypes for field testing small arms and larger battlefield replicators up to main tank guns. In February 2022, the US launched the third Joint Combined Exchange Training (JCET) program with Mozambique, as part of its efforts to build the country’s military strength stronger. Thus, the presence of pyrotechnic munitions players and the rise in military training programs, along with rising defense budgets, are boosting the pyrotechnic munitions market in North America. The presence of major players such as PR Tactical Corporation, Martinez Specialties, Inc., and Pyrotechnic Specialties Incorporated, and HFI Pyrotechnics Inc-is fueling the pyrotechnic munitions market growth in the region.
The pyrotechnic munitions market analysis in Asia Pacific growing with the rising training exercises by defense forces. For instance, in March 2022, the Malaysian Joint Forces announced that Malaysia would host armed forces from Australia, New Zealand, Singapore, and the UK in the annual Bersama Shield 2022 training exercise. The training will involve the sea and air drills, mostly in international waters. Such exercises require a lot of pyrotechnic munitions. This drives the pyrotechnic munitions market size in the region.
The pyrotechnic munitions market analysis is segmented on the basis of product type, application, and end user. Based on product type, the market is segmented into signaling and illumination, crowd control, and training. By application, the pyrotechnic munitions market is segmented into land forces, naval forces, and air forces. Based on end user, the market is segmented into military and law enforcement agencies.
Pyrotechnic Munitions Market Share - by Geography, 2021
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)
Pyrotechnic Munitions Market Size, Share & Forecast 2022-2028
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Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. are among the key pyrotechnic munitions market players profiled. In addition, several other important pyrotechnic munitions market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The pyrotechnic munitions market report provides detailed market insights, which helps the key players strategize the growth.
The COVID-19 outbreak hampered the dynamics of pyrotechnic munitions products businesses in North America. Countries in this region demonstrate great acceptance for advanced pyrotechnic munitions technologies due to favorable government policies. The US has been one of the world's worst-affected countries by the pandemic, and the crisis led to a cascading impact on multiple industries, including aerospace & defense. The presence of pyrotechnic product manufacturers and suppliers, and several manufacturing units in the US influenced the defense industry in the country. However, the industry experts predict the global market will recover at a moderate rate in the next couple of years, which would drive the pyrotechnic munitions market size during the forecast period.
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