Market Overview:
The Artillery Systems Industry may worth USD 9.17 billion by 2030, and this is predicted to grow at a CAGR of up to 7.22% over the next years (2020-2030).
Despite a rise in global defense spending in 2020, the expanding scope of the COVID-19 pandemic and its various waves are projected to affect the economies of many countries around the world. This could push governments to cut their defence spending during the projection period, reducing future growth. Around 2020, the pandemic’s impact on artillery system production was seen in numerous manufacturing plants.
Key Players:
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+NexterDefense Systems (Netherlands), Lockheed Martin (US)
Market Segmentation:
The Artillery Systems Industry Analysis is divided into segments based on component type, range, and component type.
By Type
Mortar, rocket artillery, and howitzer are all part of the Artillery Systems Industry. The mortar segment is the most popular among these, which is expected to account for the largest proportion of the Artillery Systems Industry. Because of the tiny size and lightweight qualities, mobility is increased. The mortar segment is benefiting from these features. Because of the increased use of self-propelled and towed howitzers in the military sector around the world, the howitzer segment is predicted to rise fast.
By Component
The gun turret, auxiliary system, fire control system, ammunition handling system, and many others make up the component section of the Artillery Systems Industry. Among these segments, the fire control system segment is expected to have the largest market share. The ammunition handling system is expected to have the greatest CAGR throughout the time frame.
By Range
Depending on the range, the Artillery Systems Industry is divided into medium-range, short-range, and long-range segments. Due to the widespread use of medium-range artilleries throughout military sectors, the medium-range segment has the biggest market share of the Artillery Systems Industry Share.
Regional Analysis:
The Artillery Systems Industry Forecast’s regional updates are spreading its growth rate over numerous areas around the globe, including the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Since it has been dominating the market in recent years, the North American area is expected to hold the greatest share of global Artillery Systems Industry Share.
The United States and Canada are the primary areas driving the North American regional market. Because of the surge of terror incidents, the European Market is regarded as the second-largest share-holding sector, after only North America. The expansion of the market in Europe is aided by regions such as the United Kingdom, Russia, France, plus Germany. Due to cross-border disputes in rising nations such as India, South Korea, and China, the Asia Pacific Market is expected to grow rapidly.
Industry news:
Emerging nations’ rising military spending allows them to spend on developing new and modern artillery systems. The start of weapon modernization initiatives to build sophisticated artillery is expected to boost the use of new-gen artillery in the next years, boosting market prospects.
The changing character of warfare and the increased requirement for high-precision weaponry and ammunition to assist friendly soldiers while avoiding collateral damage have boosted the Artillery Systems Industry demand.
Many artillery system acquisition plans have been delayed because of many circumstances ranging from developmental concerns to political unrest. This has had an impact on the players’ market prospects.
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