Global Artillery Systems Market Size, Share, Report, Analysis, Trends & Analysis by Top Industry Key Players in Military and Defense Forecast 2019 to 2023

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

Market Scenario:

The global artillery systems market is expected to grow at a significant rate during the forecast period due to the increase in defense spending in emerging economies. Self-propelled artillery vehicles with highly mobile weapons of great flexibility are largely adopted throughout the world.

Defense authorities across the world are focused on purchasing advanced artillery systems, especially in countries that are currently involved in conflicts and in emerging economies involved in territorial disputes. Due to the increasing number of conflicts, there is a greater need to maintain a sufficient inventory of munitions, which is driving market growth. Moreover, the militaries in several countries are being modernized with existing technology and weapons systems being replaced.

Additionally, the increasing number of terrorist attacks, across the globe, governments have increased their defense budgets, which offers market players lucrative opportunities for growth. However, limitations in terms of storage space for large artillery systems are expected to restrain the growth of the market.

The global artillery systems market has been segmented by type, component, range, and region. On the basis of type, the global artillery systems market has been divided into mortars, howitzers, rocket artillery, and others. The mortars segment is expected to lead the market during the forecast period. Mortars are small and lightweight, making them mobile. The howitzers segment is expected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing adoption of self-propelled howitzers and towed howitzers by militaries globally.

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Based on range, the market has been classified as short, medium, and long. The medium range segment held the largest share of the global artillery systems market in 2017 due to the widespread adoption of medium-range artillery by military forces. However, the long range segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing number of border disputes around the world.

Based on component, the market has been segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. 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. The growth of these segments can be attributed to the increasing demand for accurate target detection and firing systems.

The global artillery systems market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest market share in 2017 due to significant investments in artillery systems in the US and Canada.

The US is also a major manufacturer of artillery systems and is home to most of the key manufacturers. Europe is projected to be the second-largest market due 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 greatly to market growth.

Asia-Pacific is expected to emerge as the fastest-growing regional market during the forecast period. This is due 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.

The global artillery systems market is projected to register a CAGR of 6.8% during the review period.

Key Players

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).

The report on the global artillery systems market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of the qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance.

The report offers a clear picture of the current market scenario, which includes the historical and forecast market size, in terms of value and volume, and the technological, macroeconomic, and governing factors of the market. The report also provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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