According to the new research report on " Pyrotechnic Munitions Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market size is expected to reach US$ 4,653.96 million by 2028, registering a CAGR of 5.6% from 2022 to 2028.
The aerospace industry in the US is the largest globally, and the country also commands the largest market share of pyrotechnic munitions in North America. The growth of the pyrotechnic munitions market in the US can be attributed to the increasing focus of the armed forces on training programs and the adoption of advanced pyrotechnic munitions products. The US forces recently appointed to train Ukrainian soldiers for radar systems, armored vehicles, and combat training is an example of this. Additionally, PR Tactical Corporation is developing advanced realistic pyrotechnic training simulators, OPFOR equipment, and firing systems for military units and public safety agencies. The company has announced new products, including the upgraded PR-RPG2-HX, which is expected to fuel the market growth. Therefore, the ongoing developments in pyrotechnic munitions technology and the growing focus on training programs are key factors driving the growth of the pyrotechnic munitions market in the US.
Government initiatives aimed at replacing conventional defense technologies are gaining momentum in Europe. As an example, in July 2021, Saab was awarded a contract to modernize the F123 frigates of the German Navy, which includes the installation of new life rafts. These types of initiatives are expected to drive the growth of the pyrotechnic munitions market in Europe in the foreseeable future.
The COVID-19 pandemic and associated lockdown measures led to a decline in demand for pyrotechnic products in 2020, with some military exercises and activities being cancelled or postponed. However, during the second wave of the pandemic, there was a resurgence in demand for pyrotechnic products due to sustained investments in the military and law enforcement sectors, which have not seen any reduction in expenditures globally.
The COVID-19 pandemic caused significant disruptions to military activities in 2020, particularly in the Asia Pacific region. Military forces were forced to cancel nonessential training sessions, joint exercises, and other activities in an effort to contain the spread of the virus. As a result, demand for pyrotechnic munitions products stagnated. However, in 2021, the market began to recover as training activities resumed and there was an increase in critical missions and search and rescue operations. This led to a boost in the pyrotechnic munitions market size.
The pyrotechnic munitions market has been analyzed by categorizing it into three segments: product type, application, and end user. The product type segment is further classified into three sub-segments - signaling and illumination, crowd control, and training. The application segment is divided into three sub-segments as well - land forces, naval forces, and air forces. Finally, the end user segment is bifurcated into two categories - military and law enforcement agencies.
Key Findings of Study:
In the US, companies like PR Tactical Corporation, Martinez Specialties, Inc., and Pyrotechnic Specialties Incorporated play a significant role in generating revenue for the pyrotechnic munitions market. In Europe, the UK stands out as a leading country due to its matured aircraft manufacturing industry and a well-established pyrotechnic manufacturing sector. The presence of major manufacturers like Chemring Group Plc, Wescom Group, Centanex Ltd, Comet Marine, Enola Gaye, and Denis Ferranti Group favors the growth of the pyrotechnic munitions market in the UK. The UK also has strong military and law enforcement agencies that require pyrotechnics for their operational practices and training purposes. Moreover, the surging deployment of armed troops across international borders is also propelling the procurement of pyrotechnics in the country. The pyrotechnic munitions market report provides detailed market insights to help key players strategize their growth approach.
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