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Artillery Systems Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Artillery Systems Market Trends
According to The Business Research Company's, The artillery systems market size has grown strongly in recent years. It will grow from $10.18 billion in 2023 to $11.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to growth of indirect fire support systems, rising demand for counter-drone artillery solutions, rising demand for long-range artillery, growth of urbanization and megacity conflicts.
The artillery systems market size is expected to see strong growth in the next few years. It will grow to $14.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing global defense spending, growing threats of armed conflict, rising geopolitical, rising demand for counter-drone artillery solutions, the increased focus on military modernization, emphasis on sustainability and fuel efficiency. Major trends in the forecast period include integration of artificial intelligence in artillery systems, shift towards network-centric warfare, integration of electronic warfare capabilities, strategic partnership, integration of anti-jamming features in artillery systems.
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Market Drivers and Trends:
The growing threats of armed conflict are expected to propel the growth of the artillery systems market going forward. Armed conflict refers to a state of organized violence between two or more parties, such as states, non-state actors, or factions within a state, involving the use of armed force to resolve disputes. The growing complexity and interconnectedness of global challenges, combined with geopolitical rivalries, regional instabilities, and societal tensions, contribute to the perception that threats of armed conflict are on the rise. Artillery systems are versatile and effective weapons that can shape the battlefield, support ground operations, and influence the outcome of armed conflicts. For instance, in January 2024, according to the Armed Conflict Location and Event Data Project (ACLED), a US-based non-governmental organization, the number of conflict events increased by over 40% from 2020 to 2023 and by 12% in 2023 from 2022. The number of fatalities and events in 2023 also increased by 14% and 28%, respectively. Therefore, growing threats of armed conflict will drive the artillery systems market.
Major companies operating in the artillery systems market are focusing on developing technologically advanced products such as automatic truck-mounted howitzers to bolster mobility, firepower, and operational efficacy in military settings. This self-propelled artillery system integrates a howitzer onto a truck chassis, allowing for mobility and rapid deployment on the battlefield. For instance, in February 2024, China North Industries Group Corporation Limited (Norinco), a China-based company primarily involved in the manufacturing of defense and military technology, unveiled a new truck-mounted howitzer. This innovative system features a highly automated design, combining a 6x6 truck chassis with an unmanned turret housing a 155mm L/52 howitzer. The latest platform integrates the familiar 14-ton SH16 unmanned turret onto a 6x6 truck chassis. With a combat weight of 32 tons (equivalent to 70,000 pounds), stability during firing is ensured by an earth spade located at the rear. The system is operated by a mere two crew members within an armored cab.
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Major Key Players of the Market:
China North Industries Corporation (NORINCO), Raytheon Technologies Corporation, Lockheed Martin Corporation, Hanwha Corporation, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems, Thales Group, Leonardo S.p.A., ST Engineering, Singapore Technologies Engineering Ltd., Science Applications International Corporation, Rheinmetall AG, Serco Group plc, Elbit Systems Ltd., Israel Aerospace Industries Ltd., Saab AB, Bharat Forge Limited, Kongsberg Defence & Aerospace AS, KMW+Nexter Defense Systems N.V., ASELSAN A.S., Hyundai Rotem Company, CMI Defence LLC., Cockerill Maintenance & Ingénierie, Nexter Group, Denel SOC Ltd.
Artillery Systems Market 2024 Key Insights:
• The Artillery Systems Market is expected to grow to $14.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Role Of Addressing Growing Threats Of Armed Conflict
• Advancements In Artillery Systems Focus On Demand For Advanced Technologies
• North America was the largest region in the artillery systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artillery systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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