Artillery Systems Market Trend Shows a Rapid Growth, Competitive Analysis, Future Prospects And Forecast 2031

The artillery systems market was valued at US$ 11,378.36 million in 2022 and is projected to reach US$ 19,287.32 million by 2030; it is expected to register a CAGR of 6.80% during 2022-2030.The deployment of self-propelled artillery systems is likely to remain a key artillery systems market trend.

Many countries have been investing a significant portion of their respective military expenditure for the procurement of advanced fire control systems for their existing artilleries. Rising procurement of new artillery systems by different countries and increasing modification of existing artillery systems are among the factors propelling the demand for fire control systems across different regions. For instance, in March 2023, the Indian Navy awarded a contract worth nearly US$ 204 million to BEL for the procurement of fire control systems for their respective naval fleet of artillery guns. Similarly, in September 2023, Elbit Systems Ltd won a contract worth US$ 200 million for supplying C4I solution to artillery battalions and a Hostile Fire Counter Attack (HFCA) system to an undisclosed customer in the European Union. Such factors are promoting the growth of the fire control system segment in the global artillery systems market.

The List of Companies - Mortar Systems Market

Avibras Indústria Aeroespacial S/A
BAE Systems Plc
Nexter Groupe KNDS
Denel Land Systems
Elbit Systems Ltd
General Dynamics
ST Engineering
Lockheed Martin Corporation
Rheinmetall AG
Leonardo DRS Inc

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NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

The major stakeholders in the global artillery systems market ecosystem include component suppliers, artillery system manufacturers, and end-users. The raw material /component providers are the crucial stakeholders in the ecosystem of the artillery systems market. The major components used in artillery systems includes gun barrels, auxiliary systems, fire systems, ammunition handling systems and other components. The timely supply of all these components is crucial for efficient operation across artillery system manufacturing plants. Thus, any operational impact on these component providers directly impacts the artillery systems market.

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Artillery Systems Market Share Analysis by Geography

In 2023, North America accounted for a major share in the global artillery systems market followed by Europe and Asia Pacific. Also, the North America region is likely to retain its dominance during the forecast period as well. This is due to the presence of large number of artillery systems manufacturers such as BAE Systems, General Dynamics Ordnance and Tactical Systems, American Rheinmetall Munitions Inc, Lockheed Martin, and many more. These companies are collaboratively working with different armed forces of North American countries to understand their respective demands and provide them with reliable solutions.

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This release was published on openPR.