Dublin, Nov. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Artillery Systems Market to 2031" report has been added to ResearchAndMarkets.com's offering.
The global artillery systems market is valued at $4.6 billion in 2021 and will grow at a CAGR of 3.74% to reach a value of $6.7 billion by 2031. The cumulative market for global artillery systems is anticipated to value $56.9 billion over the forecast period.
Market growth is expected to be driven by increased requirements for the latest military equipment across all the countries in the near future. Also, the need to automate these systems in order to be effective in a network-centric environment is projected to spur investments in this market.
In addition, demand for artillery systems is anticipated to be driven by the ongoing territorial disputes across all regions, as well as the military modernization initiatives undertaken by major militaries to replace and upgrade their old artillery systems. Moreover, war affected countries, such as the Central African Republic, Egypt, Nigeria, Afghanistan, Syria and Yemen, are anticipated to invest in the artillery systems market over the coming years.
The need to upgrade and replace various artillery systems is anticipated to drive spending in European region. In addition, companies such as PGZ Group, Lockheed Martin, Rostec, Yugoimport SDPR, Aselsan, and Hirtenberger Defense Europe (HDE), among others, are augmenting their artillery system product portfolios with an array of products.
Ongoing territorial conflicts in various regions, such as Asia-Pacific, Europe, the Middle East and Africa, are expected to drive the respective governments of these regions to provide their militaries with necessary and strategically vital arms, such as artillery systems to perform retaliatory strikes against their adversaries.
The global artillery systems market is expected to grow at a CAGR of 3.74% over the forecast period.
The global artillery systems market is classified across six categories; self-propelled artillery systems, multiple rocket launch systems, naval guns, towed artillery systems, close-in weapon systems and mortar systems.
The global artillery systems market is expected to be led by Europe with a revenue share of 53.7%. The region's significant share is primarily due to high demand from the Armed Forces of European countries for artillery systems. Europe is working on joint projects to develop a new howitzer model for uniform deployment across all regiments in order to save costs and provide enhancements in speed and mobility.
Self-propelled artillery systems is expected to be the largest segment of the Artillery Systems market over the forecast period.
Who Should Buy
Defence Startup's, Original Equipment Manufacturers (OEMs), Defence Planners, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
Market size and drivers: Detailed analysis during 2021-2031, including highlights of the demand drivers and growth. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing artillery systems projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
Major programs: details of the key programs in each segment, which are expected to be executed during 2021-2031.
Competitive landscape and strategic insights: analysis of the competitive landscape of the global artillery systems market. It provides an overview of key players, their strategic initiatives, and financial analysis.
BAE Systems Plc
Ordnance Factories Board
For more information about this report visit https://www.researchandmarkets.com/r/qloyuf
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