155 MM Ammunition (Artillery Ammunition) Market to Hit $20.23 Billion by 2031

Delray Beach, FL, April 17, 2026 (GLOBE NEWSWIRE) — The report “155 MM Ammunition (Artillery Ammunition) Market by Product (Howitzers, Truck-Mounted Artillery), Technology (Conventional Ballistic Projectiles, Base Bleed Projectiles), Component (Shell, Fuze, Propellant, Others), and Region – Global Forecast to 2031″, is projected to grow from USD 8.39 billion in 2026 to USD 20.23 billion by 2031 at a CAGR of 19.2%. Increasing procurement and sustained use of 155 mm artillery systems by armed forces for long-range fire support is driving the growth of the 155 MM ammunition market.

The 155 MM (artillery ammunition) ammunition market is driven by increased defense spending and artillery modernization programs in many countries. Governments are spending more to improve long-range firepower, refill stockpiles, and maintain combat readiness.  Conflicts and security concerns are increasing the use of 155 MM ammunitions (artillery ammunition) in military operations. Regular training exercises and the need to replace used and aging artillery ammunition are also supporting steady demand for 155 MM ammunition (artillery ammunition) worldwide.

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Major Key Players in the 155 MM Ammunition Industry:

• BAE Systems (UK),
• Nammo AS (Norway),
• Elbit Systems Ltd. (Israel),
• Rheinmetall AG (Germany), and
• Northrop Grumman (US)

Market Size & Forecast

• 2025 Market Size (Value): USD 7.13 Billion
• 2031 Market Forecast (Value): USD 20.23 Billion
• CAGR: 19.2% from 2026-2031
• Europe: 48.8% Revenue Share in 2025
• Truck-Mounted Artillery (TMA) Segment: CAGR of 32.7%

155 MM Ammunition Market Segmentation:

By product, the truck-mounted artillery segment is projected to register the highest growth rate during the forecast period.

The truck-mounted artillery segment is expected to grow at the highest rate in the 155 MM ammunition (artillery ammunition) market because many countries are buying mobile artillery systems that can move quickly and change positions fast. These systems use standard 155 MM shells and support quick response in different terrains. Ongoing modernization programs and the need for flexible fire support are increasing the number of truck-mounted guns, which is fueling demand for 155 MM ammunition.

By technology, the conventional ballistic projectiles segment is projected to have the largest market share during the forecast period.

The conventional ballistic projectiles segment is expected to hold the largest share in the 155 MM ammunition market (artillery ammunition) because these shells are used in large numbers for regular artillery operations. Most training and combat missions rely on conventional rounds instead of guided ones. They cost less and can be produced in higher volumes. Ongoing conflicts and stockpile refilling are increasing demand for conventional 155 MM projectiles.

Europe is projected to be the fastest-growing region during the forecast period.

Europe is expected to be the fastest-growing region in the 155 MM ammunition (artillery ammunition) market as many countries are increasing defense spending and refilling artillery stockpiles. Rising security concerns are leading to higher purchases of 155 MM shells. Governments are also expanding local production and signing long-term supply contracts, which is increasing demand across the region.

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Key Takeaways

• The Europe 155 MM ammunition (artillery ammunition) market accounted for a 48.8% revenue share in 2025.
• By product, the truck-mounted artillery (TMA) segment is expected to register the highest CAGR of 32.7%.
• By technology, the precision-guided segment is projected to grow at the fastest rate from 2026 to 2031.
• By component, the shell segment is expected to dominate the market.
• BAE Systems, Nammo AS, and Elbit Systems Ltd. were identified as some of the star players in the 155 MM (artillery ammunition) ammunition market (global), given their strong market share and product footprint.
• NIEWIADÓW POLISH MILITARY GROUP JOINT STOCK COMPANY, among others, has distinguished itself among startups and SMEs by securing strong footholds in specialized niche areas, underscoring its potential as an emerging market leader.

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