The global artillery system market is anticipated to grow at a steady CAGR during the forecast period. The adoption of the artillery system by the militaries is increasing constantly especially in the militaries of those countries that are involved in any territorial dispute with other countries. Additionally, the increasing focus towards the purchasing of advanced artillery will drive the artillery market significantly over the forecast period. In addition to this, the increasing security concerns of the countries will also increase the artillery system market size. 

Besides, the high cost associated with self-propelled artillery will present a challenge for the growth of the artillery system market. Moreover, the limited space offered by the artillery systems for ammunition storage will hamper the adoption of the artillery system by the militaries. However, the increasing replacement of conventional artillery systems with advanced artillery systems will present a new growth opportunity for the artillery system market. Moreover, the surge in the defense expenditure, especially by emerging economies, will be an opportunity for the artillery market growth during the forecast period.

Segmental Outlook 

The global artillery system market is segmented based on type and range. Based on the type, the market is sub-segmented into howitzer, rocket, mortar, anti-air, and others. Further, based on end-user, the market is sub-segmented into long-rangeartillery systems, medium-rangeartillery systems, and short-rangeartillery systems.

Global Artillery System Market Share by Type, 2019 (%)

Howitzer to Hold a Significant Share in the Market 

The howitzer segment is anticipated to hold a significant share market share in the artillery system market owing to technological advancements in the howitzer manufacturing techniques in recent years. Howitzer is a type of short gun used in the military application for firing shells over a short distance on high trajectories at low velocities. The increasing adoption of self-propelled howitzers and towed howitzers by the militaries across the globe is significantly driving the segmental growth of the artillery system market during the forecast period.

Regional Outlooks

The global artillery system market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to hold the largest market share in the artillery system during the forecast period. The growth of the market in the region is attributed to the growth in the defense and military budget. For instance, in 2020, the defense budget of the US accounted for around $721.5 billion. Additionally, the presence of global market players such as BAE Systems plc and Elbit Systems Ltd. coupled with the strong defense R&D activities across the region will also fuel the artillery market significantly across the region.

Global Artillery System Market Growth by Region, 2020-2026

Asia-Pacific to Augment with the Considerable Growth Rate in the Artillery System Market

Asia-Pacific is anticipated to hold the fastest growth rate in the artillery system market owing to the increasing military activities in countries such as India, China, and North Korea. Additionally, the escalation in the defense budget of countries across the region will also grow the artillery system market across the region. For instance, in 2019, China’s defense spending accounts for approximately $177.61 billion. Additionally, the increasing tension on borders between countries such as India-China, India-Pakistan, China-the US, and many more will also fuel the artillery system market growth.

Market Players Outlook

Some of the key players operating in the global artillery system market include BAE Systems plc, Elbit Systems Ltd., IMI Systems Ltd., Lockheed Martin Corp., Hanwha Group, Avibras Industria Aeroespacial S/A, LARSEN & TOUBRO Ltd., and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, mergers and acquisitions, collaborations with government, and new product launches to stay competitive in the market.

Recent Activities

• In March 2020, Elbit Systems Ltd. received a contract of $200 million in its US subsidiary, Elbit Systems of America, LLC. The contract is a part of the Israeli Ministry of Defense (IMOD) automatic self-propelled howitzer gun systems program. The contract will be performed over 12 years.
• In December 2019, BAE Systems Plc received a $249 million contract by the US Army for 60 additional M109A7 self-propelled howitzers. Along with this, the company would also provide M992A3 Carrier, Ammunition, Tracked (CAT) vehicles to the US army. This order would bring improved artillery capabilities to the US Army’s Armored Brigade Combat Teams. 
• In July 2019, Lockheed Martin Corp. received a $492 million contract for its high mobility artillery rocket system launchers by the US army. The company’s hardware system will be used by the US Army as well as the US Marine Corps.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global artillery system market. Based on the availability of data, information related to products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.