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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=69844596
Browse in-depth TOC on “Artillery Systems Market”
200 – Tables
60 – Figures
250 – Pages
Artillery Systems Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$11.8 billion |
|
Estimated Value by 2028 |
$16.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.2% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type, Range, Subsystem and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
High Costs of Artillery Systems |
|
Key Market Opportunities |
Unmanned Artillery Systems transform Battlefield due to Autonomous Firepower |
|
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.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=69844596
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.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=69844596
Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
Related Reports:
Turret System Market by Platform (Land, Airborne, Naval), Type (Manned, Unmanned), Component (Turret Drive, Turret Control System, Stabilization Unit), and Region (North America, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2027
Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), Type (Electric, Conventional), Mobility (Wheeled, Tracked), Systems, Mode of Operation, Point of sale, Region – Forecast to 2027
Unmanned Ground Vehicles Market by Mobility, Application (Military, Commercial, Law Enforcement, Federal Law Enforcement), Mode of Operation, Size, System, and Region (North America, Europe, APAC, Middle East and Rest of the World) – Forecast to 2027
Military Vehicle Electrification Market Size, Share & Industry Growth Analysis Report by Technology, System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversion, Transmission System), Platform, Mode of Operation and Region – Global Forecast to 2027
Remote Weapon Station Market by Application (Military, Homeland Security), Platform (Land, Airborne, Naval), Weapon Type (Lethal, Non-lethal), Mobility (Moving, Stationary), Technology, Component and Region- Global Forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/artillery-system-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/artillery-system.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets