According to the new research report published by The Insight Partners, titled “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.
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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.
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