Global Artillery Systems Market Report: Information by Type (Mortar, Howitzer, & Rocket Artillery), Component (Gun Turret, Fire Control System, Ammunition Handling System, & Auxiliary System), Range (Short, Medium, & Long), & Region—Forecast till 2023
The rising demand for national border security solutions has led to a fueled demand for advanced artilleries across the defense sector on the global front. Market Research Future (MRFR)’s analysis unravels that the global artillery systems market is expected to register 6.8% CAGR during the review period 2018 to 2023.
The rising conflicts in certain regions such as the Middle East, Asia Pacific, Europe, etc. are expected to fuel demand for the artillery systems in the years to come. Also, the disputes in the South China sea are anticipated to expand the artillery systems market during the forecast period. On the other side, the limitations associated with the storage of large systems is expected to check the growth rate of the market.
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Avibras (Brazil), China North Industries Corporation (Norinco) (China), BAE Systems (UK), Denel SOC Ltd (South Africa), General Dynamics (US), Elbit Systems (Israel), Hanwha Group (South Korea), Kmw+Nexter Defense Systems (Netherlands), IMI Systems (Israel), and Lockheed Martin (US) are some of the prominent manufacturers of the global artillery systems market. These players are investing massively in the development of technologically advanced products in order to strengthen their footholds in the market place. This is supposed to intensify competition in the global market in the forthcoming years.
The type-based segments of the global artillery systems market are mortars, rocket artillery, howitzers, and others. Among these, the mortars segment is projected to dominate the global market in the forthcoming years. Meanwhile, the howitzers segment is prognosticated to expand at the highest CAGR over the assessment period.
On the basis of component, the artillery systems market is segmented into gun turret, ammunition handling system, fire control system, auxiliary system, and others. The fire control system segment is anticipated to account for the highest share of the global market in the forthcoming years. In addition, the ammunition handling system segment is also projected to witness substantial growth and is likely to strike the highest CAGR over the evaluation period.
Short, medium, and long are the three segments of the global artillery systems market covered in this MRFR study. The medium range segment is projected to lead the largest share of the market. Among these, the long range segment, on the other hand, is projected to register the highest growth rate across the assessment period.
The assessment of the artillery systems market on the global front spans across five key regional segments – Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and Latin America. North America is currently the largest regional market and is expected to witness remarkable growth trajectory over the next couple of years. The U.S. and Canada are likely to lead the region in terms of revenue during the assessment period. The region houses key manufacturers of the product which is projected to benefit the growth pattern of the artillery systems market in the region across the review period.
Europe is prognosticated to maintain the second sport through the prognosis period. The UK, France, Russia, and Germany are likely to exhibit tremendous growth potential over the next couple of years. Increasing terror attacks in the region have intensified the growth of the artillery systems market. Asia Pacific is also poised to witness swift growth on account of rising cross border conflicts. The region is likely to register the highest CAGR across the forecast period.
The focus on the expansion of global footprint is likely to catalyze the existing competition in the artillery systems market. Some of the growth strategies that are anticipated to be executed by these players to gain an edge over other competitors are – technological innovations, mergers & acquisitions, product development, partnerships, agreements, etc.
Scope of the Report:
This study provides an overview of the global artillery systems market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years in each region.
Table of Content:
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
4. Market Dynamics
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
Continued. . .
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