Artillery Systems Market Intelligence Report: Analyzing Key Futuristic Trends, Research Methodologies, and Competitive Landscape until 2028

The artillery systems market is estimated to be USD 11.8 billion in 2023 and is projected to reach USD 16.0 billion by 2030, at a CAGR of 6.2% during the forecast period.

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Prominent companies in the artillery systems market are Lockheed Martin Corporation (US), Bae Systems (UK), Hanwha Group (South Korea), Rheinmetall AG (Germany), Nexter Group (France), NorincoInternation Cooperation Ltd. (China), Rostec (Russia), General Dynamics Corporation (US), Avibras (Brazil), Elbit Systems (Israel).

Due to several factors, the global market for artillery systems is expanding significantly. Artillery systems deliver several key advantages which includes Long-Range Firepower, Precision and Accuracy, Mobility, Versatility, Deterrence and Strategic Value. Artillery systems have changed the way of modern warfare.

"Multiple launch rocket system MLRS": The largest share of the Artillery systems Market by Rocket Launcher Segment in 2023."

Based on Rocket launchers, the artillery systems market has been segmented into Man-Portable Air-Defense Systems (MANPADS) and Multiple launch rocket system (MLRS), MLRS is expected to account for the largest market share. MLRS can simultaneously launch multiple rockets equipped with various warhead types, such as high-explosive, cluster, or guided munitions. This capability allows for the rapid saturation of targets, effectively neutralizing enemy positions, artillery batteries, air defense systems, or other high-value targets. The destructive power of the MLRS makes it a formidable asset in both offensive and defensive operations.

"Counter Rocket, Artillery and Mortar C-RAM": The fastest growing segment of the artillery systems Market by Anti-air weapons during the forecasted period."

Based on Anti-air weapons, the artillery systems market has been segmented into Air Defense gun and Counter Rocket, Artillery and Mortar (C-RAM). The use of C- RAM artillery systems is growing due to their ability to detect and track incoming projectiles in realtime. This quick detection enables a rapid alert and response, allowing the C-RAM system to engage and intercept the incoming threats before they reach their intended targets. This rapid response capability greatly reduces the potential for damage and casualties caused by enemy rocket, artillery, and mortar attacks.

"Medium Caliber": The fastest growing segment of the artillery systems Market by Mortar in 2023"

Medium caliber mortar systems provide a balance between portability and firepower. They are generally lighter and more compact compared to larger artillery systems, allowing for increased mobility and ease of deployment. This makes them highly versatile and suitable for various operational scenarios, including dismounted infantry operations, urban warfare, and rapid response missions. Their portability enables infantry units to provide close and immediate fire support to their comrades on the ground.

"India to account for the fastest CAGR in the Artillery systems Market in forecasted year"

India has witnessed significant growth in the development of artillery systems in recent years. Several factors contribute to this trend:

Defence Budget Allocation: The Indian government has been increasing the defense budget over the years, providing more resources for research, development, and procurement of artillery systems. This increased funding has facilitated the growth of artillery systems development in the country.

Indigenous Manufacturing and Self-Reliance: India has been promoting indigenous manufacturing and self-reliance in defense production through initiatives like "Make in India." By developing its own artillery systems, India reduces its dependence on foreign imports, boosts its defense industry, and creates job opportunities in the country.

Break-up of profiles of primary participants in the multispectral camera market:

By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-Level Executives- 35%, Director level - 25%, and Others - 40%
By Region: North America - 25%, Asia Pacific - 45%, Europe - 15%, Middle East - 10%, RoW - 5%

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𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The market study covers the artillery systems market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as type, range, subsystem, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

𝐊𝐞𝐲 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐛𝐮𝐲𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭:
This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall artillery systems market and its sub segments. The report covers the entire ecosystem of the artillery systems industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

This release was published on openPR.