Artillery Systems Market Size, Unveiling the Potential Scope for 2024-2032

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Artillery Systems Market to Reach USD 19.3 Billion by 2032 Driven by Increasing Military Expenditure

The demand for Artillery Systems is accelerating due to advancements in military technology and rising geopolitical tensions. Increased government investments in defense capabilities are driving growth in the market.

The Artillery Systems Market is characterized by wide growth because of the surging geopolitical tensions, increasing military spending, and modernization of defense capabilities. Consumers are shifting paradigms from traditional to precision-guided artillery systems. That is why these are highly vital in modern warfare as they offer flexibility and multi-role capabilities that have enhanced the precision and deadliness of operations. The battlefield is changing with the emergence of technological innovation, such as automation and integration with unmanned systems, new systems like self-propelled howitzers, and advanced targeting. The coming years are going to witness immense investment in these technologies with a focus on joint operations and standardization of artillery systems demand for such a market is expected to increase.

What is the growth of the Artillery Systems market?

The Artillery Systems Market Size was valued at USD 11.4 billion in 2023 and is expected to reach USD 19.3 billion by 2032 and grow at a CAGR of 6.0% over the forecast period 2024-2032. Key Factors in the growth of the artillery systems market Some of the major factors driving growth include increasing military spending globally, the need to upgrade existing artillery systems that are aging, and demand in conflict regions for better weapons. Additionally, a growing focus on improving military preparedness and capabilities has led governments to invest more in the development and acquisition of advanced artillery systems.

Top 10 Companies Operating in the Artillery Systems Industry Worldwide

BAE Systems
Lockheed Martin
Northrop Grumman
General Dynamics
Raytheon Technologies
Elbit Systems
Rheinmetall AG
Hanwha Defense
Thales Group
Kongsberg Gruppen
Which Segment Dominated the Artillery Systems Market?

The Howitzer segment dominated and accounted for the majority of the market share of around 35% in the Artillery Systems Market in 2023. Howitzers are preferred due to their versatility and long-range capability, which makes them a part of modern artillery units. With the growing demand for precision-guided munitions and enhanced firepower in a battle scenario, the demand for howitzers is further driven. For example, developed advanced self-propelled howitzers, including the Paladin M109A7, in response to the increasing trend toward automated systems, promoting battlefield operational efficiencies.

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Key Players:

RUAG Group.
IMI Systems
General Dynamic
Elbit Systems
Lockheed Martin
Avibras
Denel SOC Ltd
BAE Systems
Hanwha Group
ST Engineering
Trend Analysis of Artillery Systems Market

The trends that are going to shape the future of the Artillery Systems market include rising automation and digital artillery operations. Hence, automated artillery systems are built to ensure higher precision in target capture and reduce the time required to deploy artillery fires. There is also an increased trend for developing mobile and versatile artillery solutions that are going to empower forces to respond rapidly to dynamic combat environments. Hybrid systems that amalgamate traditional and modern artillery systems with all the technology upon them are also gaining ground, thus allowing armed forces to deploy the best possible combination of both.

What are the opportunities for the Artillery Systems Market?

Developing countries are always building up their defense capabilities, therefore growth in the sector will exist for manufacturers of artillery systems. The market is enthusiastic about the modernization of the military forces and the obtaining of high-tech war equipment.
Joint ventures and cooperation in defence between countries will also be an opportunity for firms participating in the artillery systems market. This automatically results in collaborative technology development, thereby increasing sales.
Which Region Dominated in the Artillery Systems Market?

In 2023, Europe dominated the Artillery Systems market and accounted for the highest share of the Artillery Systems Market with an approximate market share of about 40%. Defense spending is on the increase in the region with an increasing emphasis on conserving defense systems to respond to geopolitical challenges. Advanced artillery systems procurement has consequently boosted operational capabilities and offers deterrence against actual or potential threats. European countries are seen to be keen on increasing the modernization of their artillery units to boost capabilities. In addition to these efforts, collective defense projects across Europe resulted in far more advanced artillery systems and left Europe better positioned than any other competitor in the global market for artillery systems.

The growth of the Artillery Systems market in the forthcoming years is likely to be significant due to the increasing military expenditures by nations, advancements in technology, and the emergence of tension among nations. Precision-guided munitions are the main drivers that are pushing this market, as the modernization of artillery systems is in its current process, and these weapons require the launching of such munitions.

Recent Developments

October 2024: Hanwha Aerospace announced it was developing an unmanned artillery system K9A3, which indicated that there is significant progress in automation and firepower capabilities in artillery technology.

May 2024: The US Army opened a new 155mm artillery munitions plant in Texas to upgrade its plant production capabilities, fulfilling the urgent needs of modern military with high-tech artillery.

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