The Market Is Projected To Register A CAGR Of Approximately 6.8% During The Forecast Period.
The global artillery systems market has been segmented by type, component, range, and region.
Based on type, the market has been divided into mortars, howitzers, rocket artillery, and others. The howitzers segment is expected to grow at the highest rate during the forecast period due to the increasing adoption of howitzers by armed forces globally. By range, the market has been classified as short, medium, and long. On the basis of component, the market has been segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others.
The global artillery systems market has been analyzed for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America held the largest share of the global artillery systems market in 2017 due to a significant increase in defense spending in the US and Canada. Likewise, the ongoing military modernization program in the US is also expected to drive the demand for artillery systems during the review period.
Europe is one of the leading markets for artillery systems owing to rising demand in the UK, France, Russia, and Germany. The growth of the regional market can be attributed to the increasing number of terrorist attacks and border disputes.
The market in Asia-Pacific is projected to register the highest growth rate during the forecast period. The increase in border disputes and rising government spending on equipment are expected to drive market growth in this region. In the Middle East & Africa, the demand for artillery systems is expected to increase due to the rising number of terrorist attacks and high military budgets in Israel and Iran.
The key players in the global artillery systems market are Avibras (Brazil), BAE Systems (UK), China North Industries Corporation (Norinco) (China), Denel SOC Ltd (South Africa), Elbit Systems (Israel), General Dynamics (US), Hanwha Group (South Korea), IMI Systems (Israel), Kmw+Nexter Defense Systems (KNDS) (Netherlands), and Lockheed Martin (US).
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Scope of the Report
This study provides an overview of the global artillery systems market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years in each region. The scope of the study segments the artillery systems market by type, component, range, and region.