Artillery Systems Market Analysis:
Growing acts of terrorism in key regions such as Asia Pacific and globally as well has caused a surge in the expenditure of militaries to tackle violent and terror attacks profoundly in the recent times. Also, there have been some recent activities of a similar kind observed in European regions, which has prompted countries to additionally spend and maintain a stock on artillery systems to defend better against terror threats.
On such accounts, increasing necessity of security of nation interests on international level is highly expected to drive the artillery systems market to grow at faster pace. up on this, Market Research Future has published a report on artillery systems market stating that the Artillery Systems Market is on the verge to proliferate at a CAGR of 6.8% by 2023 owing to surge in defense expenditure.
Global Artillery Systems Market: Drivers and Trends
Artillery systems has a wide spectrum which includes large military weapons that are built of fire munitions at a high range. The recent artillery systems are improved with technology, comparatively lighter and have more mobility in the battlefield. The demand for the artillery systems is mainly driven by the procurement of key defense expenditure by developing economies as well as countering insurgencies. Additionally, high demand for training systems are likely to have a positive impact on demand of the artillery systems.
Defense authorities across the world are highly focused on purchasing advanced artillery systems owing to the increasing number of conflicts. In recent time, there is a greater need to maintain a enough inventory of munitions is driving the artillery systems market growth. moreover, the militaries in several countries are being modernized and replaced by new technology in weapons systems.
Apart from these, most important factors that is taking all the credits to grow the artillery systems market with future possibilities is increased firing accurateness and reduction in artillery response. Furthermore, the capacity to fire different weapons simultaneously at a few targets is another fueling factor which is propelling the market with lucrative opportunities in the future time.
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Going forward, the ongoing upgradation programs over military artillery systems across the globe is also flouring the artillery systems market at a higher CAGR. However, the amount of restricted space for artillery munition storage may hinder the growth of the artillery systems market. Moreover, growing defense expenditure of developing countries would offer new opportunities for players in this market.
Global Artillery Systems Market Segmentation
In the reports of MRFR, the global artillery systems market has been segmented by type, component, range, and region.
By type, the global artillery systems market has been segmented into mortars, howitzers, rocket artillery, and more. Of these, the mortars segment is likely to lead the market during the forecasted period, owing to its small, lightweight, and mobile. Whereas, the howitzers segment is expected to grow at the highest rate owing to the increasing adoption of self-propelled and towed howitzers by militaries globally.
By range, the market has been segmented as short, medium, and long. The medium range segment holds the largest share of the global artillery systems market since 2017 owing to the widespread adoption of it by military forces. Besides, long range segment is expected to register the highest CAGR during the forecaster time, owing to the increasing number of disputes over border around the world.
By component, the market has been segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. Of them, the fire control system segment is expected to lead the market while the ammunition handling system segment is projected to register the highest CAGR during the review period.
In the reports of MRFR, the global artillery systems market has covered the regions of North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
Of them, North America is accounting for the largest market share since 2017 due to significant investments made in artillery systems in the US and Canada. The US is one of the major manufacturers of artillery systems and is root of most of the key manufacturers.
Whereas, Europe is projected to be the second-largest market owing to the rise in terror attacks and disputes in the region. The high demand for artillery systems in the UK, France, Russia, and Germany is expected to contribute momentously to market growth.
Followed by Europe, Asia-Pacific is expected to develop as the fastest-growing regional market during the forecast period owing to the increase in cross-border disputes in India, China, and South Korea. Moreover, the increasing government expenses for obtaining arms and equipment are expected to drive market growth in the region.
Key Players in Artillery Systems Market:
The key players in the global artillery systems market are Avibras (Brazil), BAE Systems (UK), China North Industries Corporation (Norinco) (China), Denel SOC Ltd (South Africa), Elbit Systems (Israel), General Dynamics (US), Hanwha Group (South Korea), IMI Systems (Israel), Kmw+Nexter Defense Systems (Netherlands), and Lockheed Martin (US).
Industry Player News:
February 2018: Indonesia placed orders for additional 18 CAESAR wheeled self-propelled howitzer systems from Nexter Group. The new order followed a 2012 order for 36 CAESAR artillery systems by the Indonesian National Armed Forces.
December 2018: The Norwegian Defence Material Agency signed a contract with Hanwha Land Systems to procure 24 K9 155mm, 52-caliber self-propelled howitzers.
TABLE OF CONTENTS
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.2. Research Objective
2.2.3. List Of Assumptions
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
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