According to the new research report, now available on ASDReports, "The Artillery Systems Market", the artillery system market is projected to grow from USD 9.83 billion in 2017 to USD 13.94 Billion by 2022, at a CAGR of 7.23% from 2017 to 2022. Increasing demand for artillery systems from the military sector and ongoing military modernization programs worldwide are driving the growth of the market for artillery system.
Based on type, the howitzer segment is leading the artillery system market and is expected to continue its dominance till 2022. Howitzers are widely used for long range bombardment and for supporting ground forces. The demand for towed howitzer as well as self-propelled howitzer is increasing among various regions.
Based on caliber, the artillery system market has been segmented into small caliber, medium caliber, and heavy caliber. The medium caliber segment leads the artillery system market and is also projected to grow at a high rate during the forecast period. Medium caliber segment consists of artillery systems having caliber in between 105mm to 155mm. This growth can be attributed to the increase in procurement of 155mm artillery guns, 120 mm mortars, and other medium caliber artillery guns.
The rapid growth of the artillery system market in Asia Pacific can be attributed to the increased defense spending of emerging countries such as India and China in this region. India is upgrading its old artillery systems with indigenously produced towed artillery guns. South Korea is also rapidly expanding its fleet of artillery due to threat from North Korea.
Major players operating in the artillery system market are BAE Systems (UK), Lockheed Martin (US), Elbit System (Israel), General Dynamics (US), NORINCO (China), Hanwha Techwin (South Korea), and others.
Source: ASDReports - Market Research
Date: Feb 12, 2018