Market Research Report
Artillery Systems - Global Market Outlook (2017-2026)
|Published by||Stratistics Market Research Consulting||Product code||652609|
|Published||Content info||176 Pages
Delivery time: 2-3 business days
|Artillery Systems - Global Market Outlook (2017-2026)|
|Published: April 1, 2018||Content info: 176 Pages||
According to Stratistics MRC, the Global Artillery Systems market is accounted for $9.23 billion in 2017 and is expected to reach $19.89 billion by 2026 growing at a CAGR of 8.9%. Increasing demand for artillery systems from the military sector and modernization initiatives in the form of advanced models by various countries are some of the key factors influencing the market growth. However, factors such as limited space for ammunition storage and high cost of self-propelled artillery are restraining the market growth.
Amongst range, the medium caliber segment is expected to lead the market due to rising demand for medium caliber artillery systems, such as howitzers, mortars, MLRS and other systems. 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. Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The upgrade of warfare platforms by military forces of different countries in this Asia Pacific region is likely to impell the growth of the market in this region. China, India, and South Korea are major countries investing in the procurement of artillery systems and related technologies.
Some of the key players in the global market include ST Engineering, RUAG Group, Lockheed Martin, KMW+Nexter Defense Systems (KNDS), IMI Systems, Hanwha Group, General Dynamics, ELBIT Systems, Denel SOC LTD, China North Industries Corporation (NORINCO), BAE Systems and Avibras.
NOTE: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in the same manner above.