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Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Application, and End User
The Pyrotechnic Munitions market size is projected to reach US$ 4,653. 96 million by 2028 from US$ 3,358. 92 million in 2022; it is expected to grow at a CAGR of 5. 6% from 2022 to 2028. Pyrotechnic munition products are used by the ground military forces in large quantities.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Application, and End User" - https://www.reportlinker.com/p06295696/?utm_source=GNW
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.Based on product type, the market is segmented into signaling and illumination, crowd control, and training segment.
Based on application, the pyrotechnic munitions market is further segmented into land forces, naval forces, and air forces. The market, by end user, is segmented into military and law enforcement agencies. By geography, the pyrotechnic munitions market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
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.
Thus, 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.
Impact of COVID-19 Pandemic on Asia Pacific Pyrotechnic Munitions Market
The COVID-19 crisis drastically affected two giant markets in APAC, namely, India and China; these two counties hold a potential share of the pyrotechnic munitions products market.The imposition of lockdown and slowdown of manufacturing activities across India and China disrupted the supply chain of various raw materials and pyrotechnic components.
Advanced simulation technologies are adopted mostly across naval and air forces to provide a realistic environment during training and other activities. Such training activities propelled the market growth in across Asia in pre-pandemic situations.
However, in 2021, with the relaxation of the lockdown measures, manufacturing businesses began to operate again, leading to the resumption of production facilities. Thus, the resurgence of pyrotechnic products manufacturing, and growing number of rescue and critical missions are the key factors that are likely to favor the growth of the pyrotechnic munitions market during the pandemic recovery period.
The global pyrotechnic munitions market is primarily driven by the growing demand for pyrotechnic markers across defense forces.In addition, increasing border transportation operations, military cargo operations, search & rescue operations, and other ISR operations involving aircraft or helicopter movements to carry out the mission are some of the other factors propelling the pyrotechnic munitions market growth.
Military forces, especially ground forces, use pyrotechnics markers to produce signals to assist helicopters in landing in complex terrains, which are nearly invisible to helicopter pilots. Moreover, pyrotechnic munitions are deployed in military exercises to provide a real experience to the military personnel.
Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. are some of the pyrotechnic munitions market players.
The overall pyrotechnic munitions market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the pyrotechnic munitions market size.
The process also serves the purpose of obtaining an overview and forecast of the pyrotechnic munitions market size with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.
The participants of this process include VPs, business development managers, market intelligence managers, national sales managers and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the pyrotechnic munitions market.
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