New York, June 21, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Mechanical & Electronic Fuzes Market” published by Consegic Business Intelligence, the market was worth USD 1,472.79 Million in 2022 and is anticipated to reach over USD 1,991.47 Million by the year 2030, growing at a CAGR of 4.1%.
Fuze is a device used in explosives and ammunition to initiate the detonation or functioning at the desired time and under specific conditions. There are two common types of fuzes: mechanical fuze and electronic fuze. A mechanical fuze relies on mechanical principles and physical forces to initiate the detonation sequence. The mechanical fuze usually consists of a combination of springs, levers, and other mechanical components. Moreover, the electronic fuze incorporates electronic components and circuitry to control the timing and initiation of the explosive device. The electronic fuze relies on electrical signals and sensors to detect and respond to the desired conditions for detonation.
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The rising geopolitical conflicts is resulting in increased defense expenditure which in turn drives the demand for mechanical and electronic fuzes. One of the major rising conflicts is the instability in the South China Sea where countries including China, Vietnam, Philippines, and Malaysia are competing for territorial claims. The territorial dispute in the region is resulting in the increased military expenditure in the aforementioned countries of the region. For instance, according to World Bank the defense budget of China rose from USD 232.5 billion in 2018 to USD 293.5 billion in 2021. The rising defense budget of China is resulting in increased investment in a wide range of military equipment including rockets, missiles, and mines among others.
Additionally, the growing mining & construction industry is further propelling the market growth of the mechanical and electronic fuzes. The mining industry uses mechanical and electronic fuzes for controlling the detonation process. Thus, growing demand for mechanical and electronic fuzes in the defense, mining and construction industry is boosting the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 1,991.47 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.1% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | L3 Technologies, Reshef Technologies, Kaman Corporation, Expal, JUNGHANS Microtec GmbH, Fuchs Electronics, DIXI Microtechniques, Anhui Great Wall Military Industry, Sandeep Metalcraft, Action Manufacturing Company, Inc. |
| By Type | Mortars Fuzes, Artillery Fuzes, Rocket & Missile Fuzes, Mines Fuzes, and Others |
| By Tactical Application | Air-to-Air, Air-to-Ground, Ground-to-Air, and Ground-to-Ground |
| By End User | Military & Defense, Mining & Demolition, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Mechanical & Electronic Fuzes Market Growth Drivers:
- Rising geopolitical tension is resulting in regional instability which in turn drives the demand for mechanical and electronic fuzes
- Growing mining & demolition industry is driving the demand for mechanical and electronic fuzes
Restraints
- Stringent regulatory requirements
Opportunities
- Increased spending on modernization and upgradation of defense equipment
Global Mechanical & Electronic Fuzes Market Segmentation Details:
Based on Type, the mortar fuzes segment accounted for the maximum revenue share in the year 2022. The increasing demand for mortar in close combat is driving the market growth of mortar fuzes. The fuzes play an important role in close combat operations by neutralizing threats and providing support to the forces. Further, mortars are a crucial component of indirect fire support in military operations.
Based on the Tactical Application, the ground-to-ground segment accounted for the maximum revenue share in the year 2022. The ground-to-ground system includes a wide range of military equipment including rockets, mines, artillery, and mortars among others. The equipment relies on fuzes for proximity detonation and time delayed detonations. Further, the fuzes are utilized in artillery shells, mortar rounds, surface to surface missiles and other ground launched ordnance.
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Based on End User, the military & defense segment contributed the largest shares to the market growth in 2022. The growing expenditure on military & defense globally is driving the demand for mechanical and electronic fuzes. Further, growing geopolitical conflicts including Russia-Ukraine conflict, South China Sea conflict, and Israel-Palestine conflict among others are resulting in increased defense expenditure. The defense industry uses mechanical and electronic fuzes for a wide range of applications including mortar, rocket, missiles, and mines among others. Thus, the growing expenditure on defense equipment is resulting in growth of the mechanical and electronic fuzes market.
Based on Region, The North America region accounted for the largest revenue share in the year 2022. The growth aerospace & defense industry in the region is spurring the market growth of mechanical & electronic fuzes. The aerospace industry uses mechanical fuzes in air-to-air missiles to arm and detonate warheads. Further, the fuses are used in rocket propelled grenades to trigger the explosion when warhead strikes the target. Thus, growth in aerospace & defense industry in North America is driving the demand for mechanical and electronic fuzes.
Key Market Highlights
- Globally, Mechanical & Electronic Fuzes Market is divided based on the type into mortars fuzes, artillery fuzes, rocket & missile fuzes, mines fuzes, and others.
- In the context of tactical application, the market is separated into air-to-air, air-to-ground, ground-to-air, and ground-to-ground.
- Based on end user, the market is separated into military & defense, mining & demolition, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and North America are estimated to support market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Mechanical & Electronic Fuzes Market.
Recent Developments
- In August 2021, Kaman Corporation announced the order of Joint Programmable Fuze (JPF) contract worth USD 43 Million with the U.S. Air Force (USAF)
- In October 2021, Fuchs Electronics (Pty) Ltd a member of Reunert Group announced the amalgamation of DoppTech (Pty) Ltd into the Electronic fuze fold. DoppTech’s focusses on design and development of technology for medium caliber fuzes (prominently 40mm fuze).
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List of Major Global Mechanical & Electronic Fuzes Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Reshef Technologies
- L3 Technologies
- Kaman Corporation
- Expal
- JUNGHANS Microtec GmbH
- Fuchs Electronics
- DIXI Microtechniques
- Anhui Great Wall Military Industry
- Sandeep Metalcraft
- Action Manufacturing Company, Inc.
Global Mechanical & Electronic Fuzes Market Segmentation:
- By Type
- Mortars Fuzes
- Artillery Fuzes
- Rocket & Missile Fuzes
- Mines Fuzes
- Others
- By Tactical Application
- Air-to-Air
- Air-to-Ground
- Ground-to-Air
- Ground-to-Ground
- By End User
- Military & Defense
- Mining & Demolition
- Others
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Key Questions Covered in the Mechanical & Electronic Fuzes Market Report
- What are mechanical & electronic fuzes?
- Mechanical & electronic fuzes are devices that are used to ensure that the explosive device detonates at the desired moment, maximizing the effectiveness while minimizing the risk of accidental detonation.
- What are some of the most important applications of deck machinery and how do they impact the industry's growth potential?
- Mechanical and electronic fuzes such as mortars fuzes, artillery fuzes, rocket & missile fuzes, and mines fuzes are essential for cotrilling the detonation of warheads and are widely used in industries including military & defense and mining.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the wind turbine pitch system market's growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The growing investment in research & development of fuzes and presence of a large military & defense industry in the region is spurring the market growth.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to register the fastest CAGR growth during the forecast period. The growing expenditure on military & defense, mining and construction are driving the market growth in the region.
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