CHICAGO, June 29, 2023 /PRNewswire/ — 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 % during the forecast period according to a new report by MarketsandMarkets™. The artillery systems market is experiencing a notable increase for several reasons. Firstly, technological advancements have significantly improved the capabilities of artillery systems. Modern artillery platforms now possess enhanced range, accuracy, and firepower, thanks to innovations in targeting systems, ammunition, and propulsion technologies. These advancements make artillery systems more effective and reliable, attracting increased demand from military forces seeking to upgrade their capabilities.
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Artillery Systems Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$11.8 billion |
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Estimated Value by 2028 |
$16.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.2% |
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Market Size Available for |
2019–2028 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, Range, Subsystem and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
High Costs of Artillery Systems |
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Key Market Opportunities |
Unmanned Artillery Systems transform Battlefield due to Autonomous Firepower |
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Key Market Drivers |
Advancing Artillery Enhancing Capabilities for Modern Warfare |
Secondly, the evolving nature of warfare and security challenges is driving the growth of the artillery systems market. As conflicts become more complex and geographically dispersed, there is a greater need for long-range and precision firepower. Artillery systems provide a cost-effective means of engaging targets at extended distances, allowing military forces to project power and respond to threats effectively. Additionally, the versatility and adaptability of artillery systems make them valuable assets in various operational scenarios, including conventional warfare, counterinsurgency operations, and peacekeeping missions.
Based on Type, Anti-air weapons segment is expected to grow at the highest CAGR during the forecast period.
Anti-air weapons offer significant benefits in modern warfare by providing effective defense against airborne threats. These weapons enhance the overall air defense capabilities of military forces. By deploying anti-aircraft systems, such as anti-aircraft guns, military units can create a layered defense network that can engage and neutralize hostile aircraft, drones, and other aerial threats. This defense is vital for protecting critical infrastructure, military bases, and populated areas from potential aerial attacks.
By engaging hostile aircraft or drones, these weapons can limit the enemy’s freedom of movement, restrict their reconnaissance capabilities, and disrupt their command-and-control systems. This disruption hampers the enemy’s ability to conduct effective airstrikes, gather intelligence, and coordinate aerial operations, thereby diminishing their overall combat effectiveness.
Based on Range segment, the Medium-Range segment acquire largest market share in market during the forecast period.
Medium-range artillery systems currently have the largest market share in the artillery systems due to several reasons. Medium range provides a balance between long-range and short-range capabilities, making them versatile assets on the battlefield. Medium-range artillery can engage targets at distances that exceed the reach of short-range systems but are closer and more accessible than long-range systems. This flexibility allows military forces to effectively engage enemy targets within a specific operational area, providing essential fire support to ground forces. Additionally medium-range artillery systems provide more range than short-range artillery systems and are comparatively easier to manufacture than long-range artillery systems due to less technological investments.
Based on Subsystem, the auxiliary systems segment is projected to grow at the highest CAGR during the forecast period.
The auxiliary systems in subsystems segment are projected to lead the artillery systems industry Auxiliary systems play a crucial role in artillery systems, contributing to their overall effectiveness, efficiency, and operational readiness. These systems provide essential support functions that enhance the performance and reliability of the main artillery components. In addition, auxiliary systems contribute to the mobility and protection of artillery units. Mobile auxiliary systems, such as transport vehicles, self-propelled ammunition resupply vehicles, and armored personnel carriers, enable artillery units to quickly move, reposition, and redeploy their assets as needed.
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Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.
The artillery systems market is anticipated to register highest growth rate in the Asia Pacific region in 2023. China, India, Japan, South Korea, Singapore and the rest of Asia Pacific are the regions that were looked at in this market. One of the primary international players operating in the Asia Pacific region is China, India, and Japan, which makes significant investments in the development and procurement of artillery systems technologies.
Key Players-
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 companies. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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