Artillery Systems Market Insights to be Driven by Growing Demand in Industry 2032
Artillery Systems Market Overview
Artillery Systems Market Size was valued at USD 5.8 Billion in 2022. The artillery systems market industry is projected to grow from USD 6.218 Billion in 2023 to USD 10.8620 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.22% during the forecast period (2023 - 2032).
The global mortar artillery systems market has been segmented by type, component, range, and region.
Based on type, the market has been divided into mortars, howitzers, rocket artillery, and others. The howitzers segment is expected to grow at the highest rate during the forecast period due to the increasing adoption of howitzers by armed forces globally. By range, the market has been classified as short, medium, and long. Based on component, the market has been segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others.
The Mortar Artillery Systems Market insight has been analysed for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
Market Segmentation:
The scope of the study segments the Mortar Artillery Systems Market by type, component, range, and region.
Type Outlook
Mortars, Howitzers, Rocket Artillery, Others
Component Outlook
Gun Turret, Fire Control System, Ammunition Handling System, Auxiliary System, Others
Range Outlook
Short Range, Medium Range, Long Range
Region Outlook
North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
Key Players:
The mortar artillery systems market key players 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 (KNDS) (Netherlands), and Lockheed Martin (US).
Regional Analysis:
This study provides an overview of the Mortar Artillery Systems, 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.
North America held the largest share of the global Mortar Artillery Systems Market in 2017 due to a significant increase in defense spending in the US and Canada. Likewise, the ongoing military modernization program in the US is also expected to drive the demand for artillery systems during the review period.
Europe is one of the leading markets for artillery systems owing to rising demand in the UK, France, Russia, and Germany. The growth of the regional market can be attributed to the increasing number of terrorist attacks and border disputes.
The market in Asia-Pacific is projected to register the highest growth rate during the forecast period. The increase in border disputes and rising government spending on equipment are expected to drive market growth in this region. In the Middle East & Africa, the demand for artillery systems is expected to increase due to the rising number of terrorist attacks and high military budgets in Israel and Iran.
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