The global market for Artillery Shells was estimated to be worth US$ 14790 million in 2024 and is forecast to a readjusted size of US$ 4074 million by 2031 with a CAGR of -22.0% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Artillery Shells cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
Artillery shells are consumable munitions used in medium- and large-caliber artillery systems for delivering explosive, fragmentation, or specialized effects over long distances. Primarily deployed by military forces, they are essential to both offensive and defensive combat strategies. Artillery shells are typically used in howitzers, cannons, and similar field artillery platforms, playing a critical role in ground warfare. As a key component of modern armed forces' firepower, these munitions are vital not only in wartime scenarios but also during periods of peace, where they serve in combat training, readiness exercises, and reserve stockpiling.
Current Market Landscape
The artillery shells market is marked by a high level of industry concentration and significant barriers to entry. Leading global suppliers are mainly headquartered in the United States and Europe, with a small number of major players accounting for the majority of global market revenue. These companies benefit from established relationships with national defense agencies, long-term contracts, and specialized technological capabilities. The industry's growth has been reinforced by geopolitical developments, particularly the extended military conflict between Russia and Ukraine, where heavy reliance on artillery has greatly increased shell consumption on both sides. Additionally, many NATO and EU countries have faced pressure to restock depleted ammunition depots, highlighting the need for consistent supply even outside active battlefields.
Future Trends and Growth Drivers
Looking ahead, the artillery shells market is expected to experience sustained growth driven by rising global defense readiness. Increasing frequency and intensity of military training, coupled with a shift toward regularized combat simulation and confrontational drills, are expected to maintain high levels of shell consumption even during peacetime. As global security environments remain volatile, countries are reinforcing ammunition reserves and expanding their operational training programs. This persistent demand, alongside modernization efforts and heightened military investment, points to strong growth potential for artillery shells. The market is not only supported by current conflict zones but also by the structural requirements of national defense strategies worldwide.
This report aims to provide a comprehensive presentation of the global market for Artillery Shells, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Artillery Shells by region & country, by Type, and by Application.
The Artillery Shells market size, estimations, and forecasts are provided in terms of sales volume (K Rounds) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Artillery Shells.
Market Segmentation
By Company
- General Dynamics
- Nammo
- KNDS
- BAE Systems
- Elbit Systems
- Day & Zimmermann
- Rheinmetall
- Rostec
- NORINCO
- Poongsan Corporation
- MESKO
- MKE
Segment by Type
- 155mm
- 152mm
- 122mm
- 105mm
- Other
Segment by Application
- High-Explosive (HE)
- Smoke
- Illumination
- Training Rounds
- Other
By Region
- North America
- Asia-Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- France
- U.K.
- Italy
- Netherlands
- Nordic Countries
- Rest of Europe
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Artillery Shells manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Artillery Shells in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Artillery Shells in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.
Table of Contents
1 Market Overview
- 1.1 Artillery Shells Product Introduction
- 1.2 Global Artillery Shells Market Size Forecast
- 1.2.1 Global Artillery Shells Sales Value (2020-2031)
- 1.2.2 Global Artillery Shells Sales Volume (2020-2031)
- 1.2.3 Global Artillery Shells Sales Price (2020-2031)
- 1.3 Artillery Shells Market Trends & Drivers
- 1.3.1 Artillery Shells Industry Trends
- 1.3.2 Artillery Shells Market Drivers & Opportunity
- 1.3.3 Artillery Shells Market Challenges
- 1.3.4 Artillery Shells Market Restraints
- 1.4 Assumptions and Limitations
- 1.5 Study Objectives
- 1.6 Years Considered
2 Competitive Analysis by Company
- 2.1 Global Artillery Shells Players Revenue Ranking (2024)
- 2.2 Global Artillery Shells Revenue by Company (2020-2025)
- 2.3 Global Artillery Shells Players Sales Volume Ranking (2024)
- 2.4 Global Artillery Shells Sales Volume by Company Players (2020-2025)
- 2.5 Global Artillery Shells Average Price by Company (2020-2025)
- 2.6 Key Manufacturers Artillery Shells Manufacturing Base and Headquarters
- 2.7 Key Manufacturers Artillery Shells Product Offered
- 2.8 Key Manufacturers Time to Begin Mass Production of Artillery Shells
- 2.9 Artillery Shells Market Competitive Analysis
- 2.9.1 Artillery Shells Market Concentration Rate (2020-2025)
- 2.9.2 Global 5 and 10 Largest Manufacturers by Artillery Shells Revenue in 2024
- 2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Artillery Shells as of 2024)
- 2.10 Mergers & Acquisitions, Expansion
3 Segmentation by Type
- 3.1 Introduction by Type
- 3.1.1 155mm
- 3.1.2 152mm
- 3.1.3 122mm
- 3.1.4 105mm
- 3.1.5 Other
- 3.2 Global Artillery Shells Sales Value by Type
- 3.2.1 Global Artillery Shells Sales Value by Type (2020 VS 2024 VS 2031)
- 3.2.2 Global Artillery Shells Sales Value, by Type (2020-2031)
- 3.2.3 Global Artillery Shells Sales Value, by Type (%) (2020-2031)
- 3.3 Global Artillery Shells Sales Volume by Type
- 3.3.1 Global Artillery Shells Sales Volume by Type (2020 VS 2024 VS 2031)
- 3.3.2 Global Artillery Shells Sales Volume, by Type (2020-2031)
- 3.3.3 Global Artillery Shells Sales Volume, by Type (%) (2020-2031)
- 3.4 Global Artillery Shells Average Price by Type (2020-2031)
4 Segmentation by Application
- 4.1 Introduction by Application
- 4.1.1 High-Explosive (HE)
- 4.1.2 Smoke
- 4.1.3 Illumination
- 4.1.4 Training Rounds
- 4.1.5 Other
- 4.2 Global Artillery Shells Sales Value by Application
- 4.2.1 Global Artillery Shells Sales Value by Application (2020 VS 2024 VS 2031)
- 4.2.2 Global Artillery Shells Sales Value, by Application (2020-2031)
- 4.2.3 Global Artillery Shells Sales Value, by Application (%) (2020-2031)
- 4.3 Global Artillery Shells Sales Volume by Application
- 4.3.1 Global Artillery Shells Sales Volume by Application (2020 VS 2024 VS 2031)
- 4.3.2 Global Artillery Shells Sales Volume, by Application (2020-2031)
- 4.3.3 Global Artillery Shells Sales Volume, by Application (%) (2020-2031)
- 4.4 Global Artillery Shells Average Price by Application (2020-2031)
5 Segmentation by Region
- 5.1 Global Artillery Shells Sales Value by Region
- 5.1.1 Global Artillery Shells Sales Value by Region: 2020 VS 2024 VS 2031
- 5.1.2 Global Artillery Shells Sales Value by Region (2020-2025)
- 5.1.3 Global Artillery Shells Sales Value by Region (2026-2031)
- 5.1.4 Global Artillery Shells Sales Value by Region (%), (2020-2031)
- 5.2 Global Artillery Shells Sales Volume by Region
- 5.2.1 Global Artillery Shells Sales Volume by Region: 2020 VS 2024 VS 2031
- 5.2.2 Global Artillery Shells Sales Volume by Region (2020-2025)
- 5.2.3 Global Artillery Shells Sales Volume by Region (2026-2031)
- 5.2.4 Global Artillery Shells Sales Volume by Region (%), (2020-2031)
- 5.3 Global Artillery Shells Average Price by Region (2020-2031)
- 5.4 North America
- 5.4.1 North America Artillery Shells Sales Value, 2020-2031
- 5.4.2 North America Artillery Shells Sales Value by Country (%), 2024 VS 2031
- 5.5 Europe
- 5.5.1 Europe Artillery Shells Sales Value, 2020-2031
- 5.5.2 Europe Artillery Shells Sales Value by Country (%), 2024 VS 2031
- 5.6 Asia Pacific
- 5.6.1 Asia Pacific Artillery Shells Sales Value, 2020-2031
- 5.6.2 Asia Pacific Artillery Shells Sales Value by Region (%), 2024 VS 2031
- 5.7 South America
- 5.7.1 South America Artillery Shells Sales Value, 2020-2031
- 5.7.2 South America Artillery Shells Sales Value by Country (%), 2024 VS 2031
- 5.8 Middle East & Africa
- 5.8.1 Middle East & Africa Artillery Shells Sales Value, 2020-2031
- 5.8.2 Middle East & Africa Artillery Shells Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
- 6.1 Key Countries/Regions Artillery Shells Sales Value Growth Trends, 2020 VS 2024 VS 2031
- 6.2 Key Countries/Regions Artillery Shells Sales Value and Sales Volume
- 6.2.1 Key Countries/Regions Artillery Shells Sales Value, 2020-2031
- 6.2.2 Key Countries/Regions Artillery Shells Sales Volume, 2020-2031
- 6.3 United States
- 6.3.1 United States Artillery Shells Sales Value, 2020-2031
- 6.3.2 United States Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.3.3 United States Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.4 Europe
- 6.4.1 Europe Artillery Shells Sales Value, 2020-2031
- 6.4.2 Europe Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.4.3 Europe Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.5 China
- 6.5.1 China Artillery Shells Sales Value, 2020-2031
- 6.5.2 China Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.5.3 China Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.6 Japan
- 6.6.1 Japan Artillery Shells Sales Value, 2020-2031
- 6.6.2 Japan Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.6.3 Japan Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.7 South Korea
- 6.7.1 South Korea Artillery Shells Sales Value, 2020-2031
- 6.7.2 South Korea Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.7.3 South Korea Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.8 Southeast Asia
- 6.8.1 Southeast Asia Artillery Shells Sales Value, 2020-2031
- 6.8.2 Southeast Asia Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.8.3 Southeast Asia Artillery Shells Sales Value by Application, 2024 VS 2031
- 6.9 India
- 6.9.1 India Artillery Shells Sales Value, 2020-2031
- 6.9.2 India Artillery Shells Sales Value by Type (%), 2024 VS 2031
- 6.9.3 India Artillery Shells Sales Value by Application, 2024 VS 2031
7 Company Profiles
- 7.1 General Dynamics
- 7.1.1 General Dynamics Company Information
- 7.1.2 General Dynamics Introduction and Business Overview
- 7.1.3 General Dynamics Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.1.4 General Dynamics Artillery Shells Product Offerings
- 7.1.5 General Dynamics Recent Development
- 7.2 Nammo
- 7.2.1 Nammo Company Information
- 7.2.2 Nammo Introduction and Business Overview
- 7.2.3 Nammo Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.2.4 Nammo Artillery Shells Product Offerings
- 7.2.5 Nammo Recent Development
- 7.3 KNDS
- 7.3.1 KNDS Company Information
- 7.3.2 KNDS Introduction and Business Overview
- 7.3.3 KNDS Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.3.4 KNDS Artillery Shells Product Offerings
- 7.3.5 KNDS Recent Development
- 7.4 BAE Systems
- 7.4.1 BAE Systems Company Information
- 7.4.2 BAE Systems Introduction and Business Overview
- 7.4.3 BAE Systems Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.4.4 BAE Systems Artillery Shells Product Offerings
- 7.4.5 BAE Systems Recent Development
- 7.5 Elbit Systems
- 7.5.1 Elbit Systems Company Information
- 7.5.2 Elbit Systems Introduction and Business Overview
- 7.5.3 Elbit Systems Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.5.4 Elbit Systems Artillery Shells Product Offerings
- 7.5.5 Elbit Systems Recent Development
- 7.6 Day & Zimmermann
- 7.6.1 Day & Zimmermann Company Information
- 7.6.2 Day & Zimmermann Introduction and Business Overview
- 7.6.3 Day & Zimmermann Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.6.4 Day & Zimmermann Artillery Shells Product Offerings
- 7.6.5 Day & Zimmermann Recent Development
- 7.7 Rheinmetall
- 7.7.1 Rheinmetall Company Information
- 7.7.2 Rheinmetall Introduction and Business Overview
- 7.7.3 Rheinmetall Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.7.4 Rheinmetall Artillery Shells Product Offerings
- 7.7.5 Rheinmetall Recent Development
- 7.8 Rostec
- 7.8.1 Rostec Company Information
- 7.8.2 Rostec Introduction and Business Overview
- 7.8.3 Rostec Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.8.4 Rostec Artillery Shells Product Offerings
- 7.8.5 Rostec Recent Development
- 7.9 NORINCO
- 7.9.1 NORINCO Company Information
- 7.9.2 NORINCO Introduction and Business Overview
- 7.9.3 NORINCO Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.9.4 NORINCO Artillery Shells Product Offerings
- 7.9.5 NORINCO Recent Development
- 7.10 Poongsan Corporation
- 7.10.1 Poongsan Corporation Company Information
- 7.10.2 Poongsan Corporation Introduction and Business Overview
- 7.10.3 Poongsan Corporation Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.10.4 Poongsan Corporation Artillery Shells Product Offerings
- 7.10.5 Poongsan Corporation Recent Development
- 7.11 MESKO
- 7.11.1 MESKO Company Information
- 7.11.2 MESKO Introduction and Business Overview
- 7.11.3 MESKO Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.11.4 MESKO Artillery Shells Product Offerings
- 7.11.5 MESKO Recent Development
- 7.12 MKE
- 7.12.1 MKE Company Information
- 7.12.2 MKE Introduction and Business Overview
- 7.12.3 MKE Artillery Shells Sales, Revenue, Price and Gross Margin (2020-2025)
- 7.12.4 MKE Artillery Shells Product Offerings
- 7.12.5 MKE Recent Development
8 Industry Chain Analysis
- 8.1 Artillery Shells Industrial Chain
- 8.2 Artillery Shells Upstream Analysis
- 8.2.1 Key Raw Materials
- 8.2.2 Raw Materials Key Suppliers
- 8.2.3 Manufacturing Cost Structure
- 8.3 Midstream Analysis
- 8.4 Downstream Analysis (Customers Analysis)
- 8.5 Sales Model and Sales Channels
- 8.5.1 Artillery Shells Sales Model
- 8.5.2 Sales Channel
- 8.5.3 Artillery Shells Distributors
9 Research Findings and Conclusion
10 Appendix
- 10.1 Research Methodology
- 10.1.1 Methodology/Research Approach
- 10.1.1.1 Research Programs/Design
- 10.1.1.2 Market Size Estimation
- 10.1.1.3 Market Breakdown and Data Triangulation
- 10.1.2 Data Source
- 10.1.2.1 Secondary Sources
- 10.1.2.2 Primary Sources
- 10.2 Author Details
- 10.3 Disclaimer