Global Artillery and Systems Market to Grow at 4.59% Over 2016-2026
This report, now available on ASDReports, the global Artillery and Systems market, valued at US$6.2 billion in 2016, is projected to grow at a CAGR of 4.59% over 2016-2026, to reach US$9.7 billion by 2026. The market consists of five categories: Turret Systems, Self-Propelled-Artillery Systems, Towed-Artillery Systems, Mortars and Other Artillery Systems. The market will be dominated by the Turret Systems segment, which is expected to account for 34.8% of the market, followed by Self Propelled-Artillery Systems, Towed-Artillery Systems, Other Artillery Systems and Mortars with shares of 33.6%, 21.8%, 5.5% and 4.3% respectively. Asia Pacific is forecast to dominate the sector with a share of 43.4%, followed by North America and Europe with shares of 21.6% and 21.3% respectively.
The global Artillery and Systems market is expected to be led by the Asia Pacific with a share of 43.4% over the forecast period, followed by North America with 21.6%, and Europe with 21.3%. The Middle Eastern market is expected to account for 7.1%, followed by the African and Latin American markets with a collective share of 6.6%.
The Global Artillery and Systems Market 2016-2026
The Asia Pacific region is estimated to account for the largest share of the global artillery and systems market, with a cumulative spending of countries forecast to reach US$39.4 billion over the forecast period. The majority of spending in the region is expected to come from countries involved in territorial conflicts and currently countering insurgencies, such as India, China, Australia, and South Korea.
In the Middle East, Saudi Arabia, and Israel are expected to be the highest spenders on artillery and systems, with total regional spending amounting to US$6.4 billion over the forecast period. The demand in Africa, with its numerous conflicts is expected to increase during 2016-2026, accounting for 3.5% of the overall market. Latin American countries such as Brazil and Venezuela are expected to invest significantly in the acquisition of artillery and systems with the latest weapon systems including self-propelled howitzers, digitized mortar systems, turret systems and multiple rocket launchers.
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Source : ASDReports - Market Research - view original press release