Artillery Systems Market To Reach USD 17.2 Billion In 2025 | CAGR 6.9% - Forencis Research

Artillery Systems Market Size, Share, Trends, Growth, Analysis, Research

Global Artillery Systems Market: Key Highlights

  • According to the new market research report Artillery Systems Market by Type (Field Artillery, Anti-Air Artillery, Naval Artillery, Coastal Artillery, and Others) by Component (Gun Turret, Ammunition Handling System, Auxiliary System, Fire Control System, and Others) by Caliber (Small Caliber, Medium Caliber, and Large Caliber) by Range (Short Range, Medium Range, and Long Range) by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America) – Global Forecast From 2020 To 2025”, the global artillery systems market is estimated to reach USD 17.2 Billion in 2025 at a CAGR of 6.9% during forecast period 2020-2025.
  • The growth of the artillery systems market is gaining momentum owing to increasing demand for artillery systems and increasing focus on defense expenditure by emerging economies.
  • However, the high maintenance cost of the artillery systems is expected to hinder the market growth during the forecast period.

Artillery Systems Market

Global Artillery Systems Market: Key Market Dynamics

  • The artillery systems market is growing at a sustainable pace owing to soaring demand from developing economies to achieve self-reliance.
  • Moreover, most of the countries focused on developing their defense industry is also a key factor behind the growth of the market.
  • As technology improved in the artillery system, light weighted and more mobile field artillery cannons developed for battlefield use. Thus, technological advancement in the artillery systems is anticipated to create a new opportunity for the market growth uphill.
  • However, the high maintenance cost of the artillery systems to maintain their range, up-gradation of the new ammunition and fast and precision guidance is hampering the market upto a certain extent.

Global Artillery Systems Market: Regional Overview

  • Asia-Pacific

The Asia Pacific region is projected to be the fastest-growing region in the artillery systems market. This growth is driven by increased defense spending by the  developing economies such as India and China. India is upgrading its systems with the updated technologies, products, and the overall defense production is gradually heading towards private sector participation. In 2015-19 out of a total of 188 contracts, 121 contracts have been signed with Indian vendors including Defense Public Sector Undertakings (DPSUs) or Public Sector Undertakings (PSUs) or Ordnance Factory Board (OBD) and private vendors for capital procurement of defense equipment. China is exploiting military modernization, influence operations.  As China continues its economic and military dominance, asserting power through an all-of-nation long-term strategy, it will pursue the military modernization program that help the Asia Pacific region to grow at a high growth rate in the near future.

  • North America

North America emerged as the clear leader in the artillery systems, owing to the rapid growth in robotics technology in the US. Over the last few years the US integrated with thousands of technologies and added thousands of systems into the force structure, thus US army is one of the best-equipped armies in the world. Moreover, the U.S. army focuses on the modernization as well as engage in developing new operational concepts that will help the country to dominate the North America region in the artillery system market.

 Global Artillery Systems Market: Key Players Overview

  • BAE Systems:

BAE Systems is a UK based company which offers a wide range of products and services for air, land and naval forces, advanced electronics, security, information technology solutions and customer support services. The company engages in the design, development and manufacture of  a wide ranging electronic systems and sub-systems for the military as well as commercial applications. In 2019, BAE Systems engaged in a contract with the US army of USD 45 million for the provision of Extended Range Cannon Artillery (ERCA) prototype.

  • General Dynamics Corporation:

Sweden based, General Dynamics Corporation operates though five business segment namely: Combat Systems, Aerospace, Mission Systems and Marine Systems, Information Technology. The company has a presence in 43 countries globally with over 100,000 employees. In 2019, the company got the contract from the US Army of USD 15 million to develop the next generation 155mm artillery ammunition prototype as well as it extended its cannon range with more than 24 miles.

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Rep Id : AnD 041

Published : 2020-01-27