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Written by Business News » Updated on: July 01st, 2024
IMARC Group, a leading market research company, has recently released a report titled "Artillery Systems Market Report by Type (Rocket, Anti-Air, Howitzer, Mortar, and Others), Component (Fire Control System, Chassis, Engine, Gun Turret, and Others), Caliber (Small, Medium, Heavy), Range (Short-range, Medium range, Long-range), End User (Aerospace and Defense, Homeland Security), and Region 2024-2032". The study provides a detailed analysis of the industry, including the artillery systems market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global artillery systems market size reached US$ 4.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.
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Factors Affecting the Growth of the Artillery Systems Industry:
Increasing Strategic Military Modernization:
The modernization of military forces focuses on upgrading their military capabilities to address evolving security threats and to maintain a strategic advantage over potential adversaries. This modernization includes the replacement of obsolete artillery systems with new, technologically advanced models that offer improved range, accuracy, and lethality. As geopolitical tensions rise and defense strategies evolve, governments are investing in the procurement of state-of-the-art artillery systems to strengthen their defense capabilities and deter potential threats, which is creating a positive outlook for market expansion.
Rising Demand for Precision:
There is an increasing demand for precision-guided munitions (PGMs) within the artillery market for greater accuracy in combat operations to minimize collateral damage and enhance mission effectiveness. Precision-guided artillery rounds, equipped with advanced targeting systems, allow for the precise engagement of targets at extended ranges, thereby increasing the tactical advantages on the battlefield. As a result, the growing emphasis on minimizing civilian casualties and the operational necessity to hit high-value targets with minimal ammunition expenditure is contributing to the market expansion.
High-Tech Advancements in Warfare:
Innovations in areas such as automation, artificial intelligence (AI), and real-time data analytics are transforming artillery platforms into more sophisticated and networked systems. These technologies enable faster decision-making, enhanced situational awareness, and improved coordination with other military assets. The incorporation of advanced targeting systems, communication links, and electronic warfare capabilities ensures that artillery units operate effectively in diverse and challenging environments. Moreover, the ongoing advancements in propulsion and ammunition technologies are extending the range and destructive power of artillery systems, thereby broadening their strategic utility in modern warfare and strengthening the market growth.
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Artillery Systems Market Report Segmentation:
By Type
Based on the type, the market is categorized into rocket, anti-air, howitzer, mortar, and others.
By Component
On the basis of the components, the market is segmented into fire control systems, chassis, engine, gun turret, and others.
By Caliber
Based on the caliber, the market is divided into small, medium, and heavy.
By Range
On the basis of range, the market is segregated into short-range, medium-range, and long-range.
By End User
Based on the end user, the market is bifurcated into aerospace and defense, and homeland security.
By Regional Insights
On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Global Artillery Systems Market Trends:
The escalating investments in defense research and development (R&D), fostering innovation in hypersonic technology, and advanced ballistic computation are impelling the market growth. Additionally, the increase in defense budgets, enabling nations to invest in cutting-edge artillery solutions to bolster their military preparedness and strategic deterrence capabilities is aiding in market expansion. Moreover, the escalating need for extended-range artillery systems, enabling forces to engage targets effectively from greater distances while remaining beyond enemy reach, is fostering market expansion. Apart from this, the rising emphasis on securing national borders against illicit activities and insurgencies spurring the demand for advanced artillery solutions is propelling the market forward.
Top Companies Operated in Artillery Systems Industry:
Hanwha Group
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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