Report : Asia Pacific Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Regional 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)
At 8.0% CAGR, the Asia Pacific Pyrotechnic Munitions Market is speculated to be worth US$ 1,283.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific pyrotechnic munitions market was valued at US$ 808.27 million in 2022 and is expected to reach US$ 1,283.39 million by 2028, registering an annual growth rate of 8.0% from 2022 to 2028. Arrival of electric pyrotechnics and heighten fleet of naval vessels and aircraft carriers.
Several companies in the pyrotechnic munition market are focusing on product innovation, such as developing electric pyrotechnic munitions. Companies working on developing electric pyrotechnic munitions claim the product to be safer and easier to use than conventional pyrotechnics. Also, electric pyrotechnic munitions can be used multiple times. Moreover, many defense forces are providing contracts to several companies to develop pyroelectric munitions. Unlike conventional pyrotechnics, such pyroelectric propellants are insensitive to accidental ignition by flame, spark, or impact. Such products are likely to burgeon the demand for electric pyrotechnic munitions across the military and law enforcement applications and propel the pyrotechnic munition market over the next few years.
On the contrary, certification and qualification challenges for market vendors.
Based on type, the Asia Pacific pyrotechnic munitions market is segmented into signaling and illumination, crowd control, and training. The signaling and illumination segment held 54.4% market share in 2022, amassing US$ 439.69 million. It is projected to garner US$ 687.49 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on application, the Asia Pacific pyrotechnic munitions market is segmented into land forces, naval forces, and air forces. The land forces segment held 59.0% market share in 2022, amassing US$ 476.77 million. It is projected to garner US$ 785.51 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on end user, the Asia Pacific pyrotechnic munitions market is categorized into military and law enforcement agencies. The military segment held 83.6% market share in 2022, amassing US$ 675.51 million. It is projected to garner US$ 1,090.20 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on country, the Asia Pacific pyrotechnic munitions market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 46.1% market share in 2022. It was assessed at US$ 372.26 million in 2022 and is likely to hit US$ 622.44 million by 2028, exhibiting a CAGR of 8.9% during the forecast period.
Key players dominating the Asia Pacific pyrotechnic munitions market are LACROIX; WESCOM GROUP; Chemring Group PLC; ARSENAL; and Rheinmetall AG among others.
- In February 2021, PW Defence was acquired by Wescom Defence; this acquisition increased the company's defense product portfolio and international sales network. Additionally, the company now has new manufacturing and testing facilities of pyrotechnic munition; the range of the pyrotechnic product portfolio now boasts more than 200 products, and the company produces over 3 million pyrotechnic products per year.
- In September 2018, Chemring Group PLC Received contract from UK Ministry of Defence to supply of countermeasures product worth US$14.25 million.
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