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Global Artillery System Market Growth, Size, Share, Industry Report and Forecast to 2026
The global artillery system market is estimated to grow at a steady CAGR during the forecast period. Artillery systems are considered as a heavy grade military weapon. One of the major advantages of the artillery system includes that it can be operated from a safe distance. In addition to this, artillery systems provide the military with the speed and precision required in the modern-day war fields. Hence, the adoption of the artillery system is considerably high in recent times, which in turn, will drive the artillery system market size. Several countries' military agencies are working themselves or in collaboration with other companies to develop artillery systems that can meet the Warfield requirements which are expected to grow the artillery system industry.
Moreover, howitzer, a type of artillery system is capable of firing various high-explosive standard and rocket-assisted high explosive-fragmentation (HE-FRAG) projectiles, standard and rocket-assisted high explosive-fragmentation (HE-FRAG) projectiles as well as precision-guided munitions. This is anticipated to increase the adoption of howitzer by militaries. Additionally, the modern self-propelled howitzers available in the artillery system market offer high lethality and maneuverability and are the essential parts of the artillery corps which will drive the artillery system industry significantly. Several modern self-propelled howitzers in the market include 2S35 Koalitsiya-SV, Archer, Donar, PzH 2000, and many more.
Among these, PzH 2000 is a highly mobile artillery system developed by KMW for the German Army. More than 330 PzH 2000 systems have been delivered to four Nato member countries till now. The high demand of such self-propelled howitzers across the globe will expand the artillery system market size significantly. Moreover, the artillery system has become the mainstay of most modern armies such as the US, Koreas, China, Russia, and many more in recent times.
Besides, the armies from all across the globe are investing heavily in the artillery system development which is also anticipated to fuel the growth of the market. For instance, in May 2020, the US Army hired Raytheon with a grant of $7.9 million for the development of ramjet artillery shell, also referred to as the XM1155. Additionally, the presence of a large number of artillery system manufacturers such as BAE Systems plc, Elbit Systems Ltd., Singapore Technologies Engineering Ltd., and many more that are recognized globally, is also anticipated to drive the artillery system market.
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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