30 January 2021
Visiongain has published a new report on Artillery Systems Market Report 2021-2031: By Sub System (Propulsion System, Ammunition Handling System, Turret System, Control System) By Type (Towed Artillery, Self propelled Artillery, Multiple Rocket Launcher System, Mortar System, Naval Artillery) By Caliber (Small, Medium, Large) By Range (Short Range, Medium Range, Long Range) By End user (Land, Naval) and Leading Regional/ Country market analysis.
Global Artillery System market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. The growth of this market can be attributed to the focus of armed forces across the globe on modernization programs, significant Growth in military budget in Middle East and Asia Pacific Countries and demand for high precision artillery. The global defense industry is focused in employing military modernization program with the objective of enhancing military capabilities and providing armed forces with advanced military systems. This focus of armed forces across the globe on modernization programs is expected to contribute to the growth of artillery systems market.
The military budget of Asia Pacific and Middle Eastern countries has been increasing significantly in the past years. This increase in military budget can be attributed to the growing tensions between the countries in the respective regions. With this rise in military budget, it is expected that the artillery systems market will grow significantly during the forecast period.
The nature of battlefield operations has been changing and in order to support armed forces during missions and reduce collateral damage, there has been an increasing a demand for high precision artillery. This demand for high precision artillery may attribute to the growth of artillery systems market.
COVID-19 Impact on Artillery System Market
The COVID-19 outbreak has created a huge impact across the globe. Due to this pandemic, there is a possibility that the military expenditure allotted by various government agencies such as the U.S. Department of Defense (DoD) and U.K. Ministry of Dense may decrease as they will be investing more on developing medical capabilities to tackle the on-going pandemic.
The players operating in the military sector are highly focused on modernizing their military capabilities and have been investing on numerous military modernization programs. Some of the companies profiled in the report include Elbit Systems, RUAG Group, BAE Systems, Lockheed Martin, Hanwha Group, Thales Group, General Dynamics, KNDS, Rheinmetall AG, and Saab AB, among others.
• In July 2020, BAE Systems received a multi-year contract worth USD 33 million from the U.S. Army to further develop its Long Range Precision Guidance Kit (LR-PGK) for 155mm artillery shells, enabling the Army to conduct long range precision strikes in challenging electromagnetic environments.
• In July 2018, Systematic received a contract from the Danish Defence Acquisition and Logistics Organisation (DALO) to deliver a new fire support capability for the Danish Army’s latest artillery systems. The new capability enabled fire mission data to be digitally transferred into an artillery fire-control system (FCS), where the ballistic calculations are made.
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