The artillery system market is expected to grow from USD 9.83 billion in 2017 to USD 13.94 billion by 2022, at a CAGR of 7.23%

NEW YORK, Feb. 13, 2018 /PRNewswire/ -- Increasing demand for artillery systems from the military sector and ongoing military modernization programs worldwide major factors driving the growth of the artillery system market.

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The artillery system market is expected to grow from USD 9.83 billion in 2017 to USD 13.94 billion by 2022, at a CAGR of 7.23% during the forecast period. This growth can be attributed to the increasing demand for artillery systems from the military sector and ongoing military modernization programs worldwide.

Based on range, the medium range segment is expected to lead the artillery system market during the forecast period.
Based on range, the artillery system market has been segmented into short range, medium range, and long range. The medium range segment is expected to lead the artillery system market from 2017 to 2022. Medium range guns have higher accuracy as compared to long-range artillery systems and are used form destruction of targets that are in moderate range. These guns have greater accuracy as compared to long-range artillery systems and are used for the destruction of targets that are in moderate range.

The artillery system market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is estimated to lead the artillery system market in 2017. Various countries, such as such as China, South Korea, India, and Pakistan in the Asia Pacific region have increased their defense budgets and are focused on undergoing military modernization programs. Thus, increase in the number of military modernization programs is projected to drive the growth of the artillery systems market in this region. China and India are considered to be major markets for artillery systems in this region. For instance, in 2017, India's two private-sector firms, Tata Power SED and the Kalyani Group received a contract worth USD 4.5 billion to jointly co-develop Advanced Towed Artillery Gun System (ATAGS) with state-owned Defense Research and Development Organization (DRDO).

Breakup of the profile of primary participants for the artillery system market:
• By Company Type - Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
• By Designation – C Level – 35%, Director Level – 25%, and Others – 40%
• By Region – North America - 45%, Europe – 20%, Asia Pacific – 30%, and RoW – 5%

Key companies profiled in this report include include Elbit Systems (Israel), BAE Systems (UK), China Ordnance Industries Group Corporation (NORINCO) (China), Hanwha Group (South Korea), KMW+Nexter Defense Systems KNDS (Netherlands), Denel SOC Ltd (South Africa), IMI Systems (Israel), Lockheed Martin (US), ST Engineering (Singapore), RUAG Group (Switzerland), General Dynamics (US), and Avibras (Brazil).

Research Coverage:
This report presents a comprehensive overview of the artillery systems market during the forecast period. The artillery systems market has been segmented on the basis of type (howitzer, mortar, anti-air, rocket, and other), range (short range, medium range, and long range), caliber (small caliber, medium caliber, and heavy caliber), component (Gun turret, engine, fire control systems, ammunition handling system, chassis, and auxiliary systems), and region.

Reasons to buy the report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis, rank analysis of top players, and company profiles, which together comprise and discuss the basic views on competitive landscape, emerging and high-growth segments of the artillery systems market, high-growth regions as well as countries and their respective regulatory policies, government initiatives, and market drivers, restraints, and opportunities.

The report provides insights into the following pointers:
• Market Penetration: Comprehensive information on the artillery system market offered by top 12 players
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the artillery systems market
• Market Development: Comprehensive information about lucrative emerging markets - the report analyses markets for artillery systems across various regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the artillery systems market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the artillery systems market

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