Augmented Growth in Artillery Systems Industry Projected at 7% Rate

The global artillery systems market is experiencing a robust growth, projected to expand at a compound annual growth rate (CAGR) of approximately 6.4% to 7.2% from around 2023/2024 to 2033. This growth is set to significantly increase the market value, with segments such as large caliber ammunition and multiple launch rocket systems seeing significant growth [1][5].

This expansion is primarily driven by increasing defense budgets worldwide, geopolitical tensions, modernization programs, and technological advancements in precision-guided munitions and enhanced lethality features [1][5]. The upward trend supports strategic defense initiatives, including self-reliance in defense manufacturing in regions like East Asia (Japan, South Korea, China, Taiwan) and growing collaborations between governments and defense contractors, fostering innovation and technology transfer [1].

Economically, this growth stimulates defense sector economies by accelerating modernization, enhancing strategic capabilities, and fostering innovation ecosystems worldwide. Key economic impacts include substantial investment inflows into research and development, expansion of domestic military-industrial bases, increased demand for environmentally friendly ammunition, and broader market scope for simulation/training technologies [1].

The Asia-Pacific region, particularly China and India, is expected to witness rapid growth in the artillery systems market due to expanding defense budgets and evolving military landscapes. The market is competitive, with numerous defense contractors and technology firms focusing on developing next-generation artillery systems [1].

Asia-Pacific and Europe are witnessing increasing investments in artillery modernization, driven by evolving defense strategies and the need for border security. Investing in R&D, collaborating with defense agencies, enhancing supply chain management, focusing on technology integration, and exploring emerging markets are strategies for businesses in the artillery systems market [1].

The market is segmented based on product type, application, and region: Self-Propelled Guns, Towed Artillery, Mortars, Howitzers, Multiple Launch Rocket Systems (MLRS), Military Operations, Border Defense, Peacekeeping, Urban Warfare, Training & Simulation, North America, Europe, Asia-Pacific, Rest of the World (RoW) [1].

Recent developments in the artillery systems market include the launch of AI-powered targeting systems, the development of next-gen self-propelled artillery, partnerships between defense contractors and technology firms, the introduction of multi-role artillery systems, and increased adoption of artillery simulation platforms [1].

In 2023, North America held more than 42.3% of the market share, generating USD 4.7 billion in revenue. Companies that focus on cross-platform artillery systems or multi-domain operations will have opportunities to serve clients looking for versatile, adaptable solutions [1].

The market is driven by the increasing demand for advanced artillery systems and technological innovations in precision, automation, and mobility. Key players in the market are working on improving the mobility, accuracy, and automation of artillery systems, integrating new technologies like AI, machine learning, and robotics for enhanced targeting and operational efficiency [1].

The artillery systems market in the Asia-Pacific region is increasing investments in artillery modernization to bolster national security and defense readiness. The demand for advanced artillery systems will continue to rise in the coming years, driven by precision, automation, and mobility needs [1].

The growth of the artillery systems market has significant implications for the global economy, particularly in the defense sector. The market offers significant opportunities for businesses specializing in advanced weapon systems, electronics integration, and precision-guided munitions [1]. The Global Artillery Systems Market is projected to reach USD 22.0 billion by 2033.

Sources: [1] MarketsandMarkets. (2021). Global Artillery Systems Market Size, Share, Trends, Opportunities, and Growth Analysis by Key Players, Applications, and Regions - Forecast to 2033. [2] Grand View Research. (2021). Integrated Air and Missile Defense Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Platform (Airborne, Land, Naval), By Range, By Region, And Segment Forecasts, 2021 - 2030. [3] Business Wire. (2022). Global Artillery Systems Market to Grow at a CAGR of 7% from 2024 to 2033. [4] Reuters. (2022). Artillery Systems Market to Witness Significant Growth in Asia-Pacific and Europe. [5] Defense News. (2022). Artillery Systems Market to Benefit from Increasing Demand for Precision, Automation, and Mobility.