DUBLIN, July 11, 2023 /PRNewswire/ — The “Artillery Systems Market – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The artillery systems Market is estimated to be USD 11.8 billion in 2023 and is projected to reach USD 16.0 billion by 2030, at a CAGR of 6.2 % during the forecast period.
Due to several factors, the global market for artillery systems is expanding significantly. Artillery systems deliver several key advantages which include Long-Range Firepower, Precision and Accuracy, Mobility, Versatility, Deterrence and Strategic Value. Artillery systems have changed the way of modern warfare.
Multiple launch rocket system MLRS
The largest share of the Artillery systems Market by Rocket Launcher Segment in 2023. Based on Rocket launchers, the artillery systems market has been segmented into Man-Portable Air-Defense Systems (MANPADS) and Multiple launch rocket systems (MLRS), MLRS is expected to account for the largest market share. MLRS can simultaneously launch multiple rockets equipped with various warhead types, such as high-explosive, cluster, or guided munitions.
This capability allows for the rapid saturation of targets, effectively neutralizing enemy positions, artillery batteries, air defense systems, or other high-value targets. The destructive power of the MLRS makes it a formidable asset in both offensive and defensive operations.
Counter Rocket, Artillery, and Mortar C-RAM
The fastest-growing segment of the artillery systems Market by Anti-air weapons during the forecasted period. Based on Anti-air weapons, the artillery systems market has been segmented into Air Defense gun and Counter Rocket, Artillery and Mortar (C-RAM).
The use of C- RAM artillery systems is growing due to their ability to detect and track incoming projectiles in real time. This quick detection enables a rapid alert and response, allowing the C-RAM system to engage and intercept incoming threats before they reach their intended targets. This rapid response capability greatly reduces the potential for damage and casualties caused by enemy rocket, artillery, and mortar attacks.
Medium Caliber: The fastest growing segment of the artillery systems Market by Mortar in 2023
Medium-caliber mortar systems provide a balance between portability and firepower. They are generally lighter and more compact compared to larger artillery systems, allowing for increased mobility and ease of deployment.
This makes them highly versatile and suitable for various operational scenarios, including dismounted infantry operations, urban warfare, and rapid response missions. Their portability enables infantry units to provide close and immediate fire support to their comrades on the ground.
India to account for the fastest CAGR in the Artillery systems Market in the forecasted year
India has witnessed significant growth in the development of artillery systems in recent years. Several factors contribute to this trend:
Defense Budget Allocation: The Indian government has been increasing the defense budget over the years, providing more resources for research, development, and procurement of artillery systems. This increased funding has facilitated the growth of artillery systems development in the country. Indigenous Manufacturing and Self-Reliance: India has been promoting indigenous manufacturing and self-reliance in defense production through initiatives like “Make in India.”
By developing its own artillery systems, India reduces its dependence on foreign imports, boosts its defense industry, and creates job opportunities in the country.
Premium Insights
- Increased Adoption of Artillery Systems and Technologies
- Howitzers to Surpass Other Segments During Forecast Period
- Turrets to Acquire Largest Market Share in 2028
- Medium-Range to Register Highest CAGR Between 2023 and 2028
- Asia-Pacific to be Largest Market During Forecast Period
- India to be Fastest-Growing Country from 2023 to 2028
Market Dynamics
Drivers
- Incorporation of Latest Technologies and Equipment
- Strategic Importance of Artillery in Modern Warfare
- Rising Preference for Multi-Role Capabilities
Restraints
- Limited Ammunition Storage Space in Artillery Systems
- Need for High Maintenance and Logistics in Artillery Operations
Opportunities
- Adaptability of Unmanned Artillery Systems
- Increased Defense Budgets
Challenges
- Complex Procurement Procedures
- High Cost of Artillery Systems
Companies Mentioned
- Arsenal Jsco
- Aselsan A.S.
- Avibras
- Bae Systems
- Denel Soc Ltd.
- Elbit Systems
- General Dynamics Corporation
- Hanwha Group
- Kalyani Group
- Leonardo
- Lockheed Martin Corporation
- Navantia
- Nexter Group
- Norinco International Cooperation Ltd.
- Oto Melara
- Otokar
- Poongsan Corporation
- Rheinmetall Ag
- Roketsan As
- Rostec
- Ruag Group
- Soltam Systems
- St Engineering
- Tata Advanced Systems Limied
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/b8vlwe
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