Artillery Systems Market: Growth Analysis By Revenue, Size, Share, Scenario on Latest Trends, Types and Applications and Forecast: 2022-2031

Japan, Japan, Thu, 31 Mar 2022 03:17:39 / Comserve Inc. / -- The artillery systems market is anticipated to register a CAGR of over 2% during the forecast period 2022-2031.

The artillery systems market is anticipated to register a CAGR of over 2% during the forecast period 2020 - 2025.

- Change in the nature of warfare and demand for high precision arms and ammunition to support friendly troops while minimizing collateral damage are two major factors driving the artillery systems market during the forecast period.
- The increasing military spending of the emerging countries is helping the countries to invest in the development of new and advanced artillery systems and modernize their equipment, thereby driving the growth prospects of the market in focus.

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Key Market Trends

Increasing Defense Expenditure Supporting the Growth of the Artillery Systems Market

The increasing defense spending around the world is propelling the growth of the artillery systems market. In 2019 the global defense expenditure witnessed a YoY growth of 3.6 percent to amount to USD 1,917 billion. The external conflicts among various countries, the enhanced threat of terrorism, and the illegal border trespassing issues are some of the major reasons for the increase in global military expenditure. Significant investments made by countries to modernize their military may support the artillery systems market growth during the forecast period. Countries are focused on developing long-range fire capabilities to achieve a tactical advantage on the battlefield. In order to develop long-range precision fire capabilities, countries, like the United States, are initiating the procurement of artillery systems. For instance, in July 2019, Lockheed Martin received a contract of USD 492 million to produce high mobility artillery rocket system launchers and associated hardware for the US Army, the US Marine Corps, Romania, and Poland. Also, in March 2020, the US Army awarded a contract worth USD 339 million to BAE Systems plc for the production of 48 vehicle sets of MIO9A7 Self-propelled Howitzer. The contract also includes M992A3 Carrier, Ammunition, Tracked (CAT) vehicle. Moreover, in the defense budget of FY 2019, the United States Department of Defense allocated USD 6 billion for the manufacturing of 3 DDG-51 Arleigh Burke Destroyers and USD 1.3 billion for 1 Littoral Combat Ship which will create demand for naval artillery systems, therefore, driving the growth of artillery systems market during the forecast period.

Asia-Pacific is Expected to Witness the Highest CAGR During the forecast period

Asia-Pacific is expected to register a high CAGR during the forecast period. The escalated tensions between the countries in this region have encouraged the rapid modernization of the armed forces. Countries like China, India, Australia, Japan, South Korea in the region are significantly investing in the development, building, and procurement of artillery systems. For instance, in April 2020, the Chinese People Liberation Army (PLA) induced a new advanced vehicle-mounted 155mm howitzer, the PC-181. The Chinese military is also preparing to test magnetized plasma artillery capable of firing hypervelocity rounds at speeds of Mach 6 (six times the speed of sound). The country is advancing a comprehensive military modernization program aimed at competing for modernization by 2035. Similarly, in November 2018, the Indian Army received the first batch of its new artillery weapons. The artillery gun systems included M-777 ultra-light howitzers, K9 Vajra, and a Composite Gun Tractor. The M-777 ultra-light howitzers were part of 145 gun order deal with the BAE Systems for USD 700 million. India has also developed 155 mm towed howitzer named Dhanush. After completing initial trials in 2018, the gun entered series production in 2019, and the Indian Army ordered 114 guns with a possibility of 414 more guns. Such developments are expected to drive the growth of the market in the region.

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Competitive Landscape

Some of the major companies in the artillery systems market are BAE Systems PLC, Lockheed Martin Corporation, Elbit Systems Ltd, General Dynamics Corporation, and Denel SOC Ltd, among others. The companies are mainly focusing on enhancing the capabilities of their artillery systems portfolio to increase their market share. In September 2019, BAE Systems plc unveiled a new modular ARCHER Mobile Howitzer at Defense and Security Equipment International (DSEI). According to the company, the new system features a 21-round auto-loader and onboard ballistic calculation and has the ability to fire up to eight rounds per minute at ranges approaching 40 kilometers with conventional 155 mm ammunition and 60 kilometers with precision-guided munitions.

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