Artillery Systems Market Projected to reach $16.0 billion by 2028

This report analyzes the artillery systems market from 2023 to 2028. It discusses various industry and technology trends currently prevailing in the artillery systems market along with the factors that drive, restrain, and challenge the market growth globally. The artillery systems market is estimated to be USD 11.8 billion in 2023 and is projected to reach USD 16.0 billion by 2028, at a CAGR of 6.2% from 2023 to 2028. Artillery systems provide significant firepower and can engage targets at long distances. They are versatile and can be used in various operational scenarios, including conventional warfare, counterinsurgency operations, and peacekeeping missions. The ability to deliver indirect fire support and neutralize enemy targets makes artillery systems indispensable in modern warfare.

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Based on Type, Based on type, the artillery systems market has been segmented into howitzers, rocket launchers, mortars, anti-air weapon, and artillery. The howitzer segment is expected to lead the artillery systems market in 2023. Howitzers are designed to fire high-explosive projectiles at relatively steep trajectories. This allows them to engage targets behind cover or in defilade positions. They can deliver both direct and indirect fire, making them suitable for various combat scenarios. Howitzers are versatile weapons that can engage a wide range of targets. They can deliver high-explosive rounds for anti-personnel or anti-materiel purposes, smoke rounds for obscuring vision, illumination rounds for lighting up the battlefield at night, and even specialized projectiles like cluster munitions or sensor-fused munitions.

Based on Subsystem, The artillery systems market has been segmented into turret, engine, fire control systems, ammunition handling systems, chassis, and auxiliary systems. Turrets segment will account for the largest share by subsystem. Turrets play a crucial role in artillery systems, offering several significant benefits. Turrets provide enhanced mobility and flexibility to artillery platforms. With a turret, the artillery piece can rotate horizontally, allowing it to engage targets from various directions without the need for repositioning the entire system. This agility enables rapid response and quick target acquisition, making it highly effective in dynamic battlefield scenarios.

Based on Range, The artillery systems market has been segmented Short-Range, Medium-Range, Long-Range. Long range artillery systems are estimated to register the highest CAGR during the forecasted period. Long-range artillery systems offer several significant benefits in modern warfare. Their extended reach enables military forces to engage targets at greater distances, providing a tactical advantage by allowing them to strike targets that are beyond the range of other conventional weapons. This capability enhances the military's ability to project power and conduct operations across vast areas, effectively neutralizing threats from a safe distance.

Based on Region, the Asia pacific region is estimated to lead the market in 2023. This region includes China, Japan, India, South Korea, Singapore and rest of Asia Pacific. The increasing investments in development of artillery systems and technological improvements drive the region in market. Artillery systems is growing at the highest CAGR in Asia Pacific region owing to border tensions, rising military budget, and development of new artillery systems technologies.

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Lockheed Martin Corporation (US), Bae Systems (UK), Hanwha Group (South Korea), Rheinmetall AG (Germany), Nexter Group (France), Norinco Internation Cooperation Ltd. (China), Rostec (Russia), are some of the leading companies in the artillery systems market. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe & Asia pacific. These companies have products with wider applications, a larger product footprint, significant market share and, broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.

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