Global Artillery Systems Market: Key Highlights
Global Artillery Systems Market: Key Market Dynamics
Global Artillery Systems Market: Regional Overview
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 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 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.
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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