The global artillery system market is experiencing significant growth, driven by multiple factors that are reshaping the defense landscape worldwide. A comprehensive study has been conducted to unveil the various facets of this market, providing valuable insights that aid in understanding market growth during the forecast period.
Read More: https://www.fairfieldmarketresearch.com/report/artillery-system-market
Worrisome Rise in Violent Conflicts and Terrorism Boosts Market Expansion
The surge in violent conflicts, terrorism, and other forms of violence on a global scale has become a major driver propelling the growth of the artillery system market. Additionally, the market is witnessing a growing acceptance of single barrel weapon systems. Factors such as increased military spending, rising demand for long-range fire support, and the acceptance of military modernization projects have further influenced market growth.
A significant development contributing to this market growth is the introduction of the self-propelled artillery cannon ARCHER mobile howitzer by BAE Systems. This short barrel artillery system is a versatile shoot-and-scoot weapon that can be swiftly deployed or displaced in less than 30 seconds, making it adaptable to various battlefields and terrains. Moreover, investments in modular modifications of current weapon systems, resulting in smaller and more cost-effective artillery systems with rapid-fire capabilities, have also propelled market expansion.
COVID-19 Impact on Artillery System Market
The market for artillery systems was impacted by the COVID-19 epidemic as well. Due to limits put in place by the government to stop the virus's spread, manufacturers of artillery were forced to stop production. Travel limitations affected defense contractors' operations, leading to operational challenges due to a lack of labor. Moreover, trade restrictions hindered the production and delivery of artillery cannon shells to military agencies. The pandemic-induced travel prohibition also impeded testing and development activities, as defense system developers rely heavily on an international workforce.
Increased Defense Expenditure Spurs Revenue Growth
Rising geopolitical tensions and territorial claims have led governments worldwide to bolster their security measures, resulting in increased defense spending. Major military powers like the United States, China, India, and the United Kingdom have significantly enhanced their military equipment and combat capabilities. As a result, development and procurement operations to modernize existing weapon systems are underway, driving the global military spending to new heights. According to SIPRI, global military spending reached US$1,981 Bn in 2020, with the United States, China, India, Russia, and the United Kingdom accounting for 62% of the total spending.
Technological Advancements as a Catalyst for Market Growth
Recent advancements in guidance systems have significantly improved the accuracy of artillery systems, allowing for a higher probability of hitting targets with the first round, providing tactical advantages. Precision guidance kits (PGK) are being developed to upgrade regular ammunition to precision munitions. Armed forces are increasingly deploying advanced artillery systems, with a focus on increasing projectile firing ranges.
Planned Development and Purchase Delays Pose Challenges
Despite the growing demand for artillery systems, the development and procurement processes often encounter delays and disruptions due to unforeseen occurrences. These challenges have led to program schedule delays, impacting the overall growth of the artillery system market.
Howitzer Category and Short Range Segment Driving Market Dominance
In the global artillery system market, the howitzer category has exhibited strong growth, primarily due to its ability to accurately hit targets and its versatility as a battle support weapon. The short range segment has also shown significant growth, especially in the Asia Pacific region, as countries invest in modernizing their armed forces.
North America and Asia Pacific Lead the Market
North America, led by the United States, dominates the artillery system market, with a focus on superior protective solutions in the defense and military sectors. Meanwhile, Asia Pacific is experiencing stable revenue growth, driven by rapid military development and significant investments in advanced artillery systems by countries such as China, India, Australia, Japan, and South Korea.
Key Players Shaping the Artillery System Market
Prominent players in the artillery system market include BAE Systems, General Dynamics, Denel SOC Ltd, Hanwha Group, Elbit Systems, ST Engineering, Lockheed Martin, IMI Systems, Avibras, and RUAG Group.
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