At 9.9% CAGR, Asia Pacific Artillery Systems Market is Projected to be Worth US$ 6,646.75 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific artillery systems market was valued at US$ 3,118.94 million in 2023 and is expected to reach US$ 6,646.75 million by 2031, registering a CAGR of 9.9% from 2023 to 2031.increasing number of contracts for supply of artillery systems and deployment of countermeasure systems are among the critical factors attributed to drive the Asia Pacific artillery systems market growth.

Manufacturers operating in the artillery systems market strongly focus on collaborating with different governments and armed forces to comprehend their respective demands and offer them suitable solutions. The military forces of various countries are providing numerous contracts to artillery systems manufacturers to procure several communication, surveillance, and navigation systems. Moreover, the defense forces of different nations are investing substantially in procuring artillery systems such as rocket artillery, mortars, and howitzers. Artillery systems are reliable for taking down short, medium, and long-range targets. They enable armed forces to facilitate enhanced remote firing on ground or naval platforms.

The majority of the countries' armed forces have been investing heavily in the procurement of artillery systems. A few examples are mentioned below:

• In December 2023, Poland's State Armament Agency announced that it had purchased K9 Howitzers from South Korea as a part of the US$ 2.6 billion deal with Hanwha Defense.
• In November 2023, BAE Systems won a contract worth US$ 63 million from the US DoD to produce self-propelled Paladin howitzers and ammunition carrier vehicles.
• In September 2023, the Indian Army passed a proposal to purchase 400 units of howitzers worth US$ 48 million from Indian firms.
• In November 2023, Hanwha Aerospace awarded a contract to supply 155 mm artillery bi-modular charge systems to BAE Systems Plc.
• In December 2022, the Indian Defence Ministry issued a Request for Proposal to L&T for producing 100 units of K9 Howitzers through Hanwha Defense Technology.
• In April 2023, Elbit Systems Ltd won a contract worth US$ 102 million to Supply ATMOS Artillery Systems to an undisclosed international customer.

Such contracts have been pushing the artillery systems market growth across different regions.

On the contrary, limited space for ammunitions in artillery systems hampers the growth of Asia Pacific artillery systems market.

Based on component, the Asia Pacific artillery systems market is segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. The fire control system segment held 31.9% market share in 2023, amassing US$ 996.50 million. It is projected to garner US$ 2,315.95 million by 2031 to register 11.1% CAGR during 2023–2031.

In terms of range, the Asia Pacific artillery systems market is segmented into short range, medium range, and long range. The medium range segment held 45.0% share of Asia Pacific liquid nitrogen market in 2023, amassing US$ 1,402.03 million. It is anticipated to garner US$ 2,923.90 million by 2031 to expand at 9.6% CAGR during 2023–2031.

By caliber, the Asia Pacific artillery systems market is divided into small caliber, medium caliber, and large caliber. The medium caliber segment held 47.2% share of Asia Pacific artillery systems market in 2023, amassing US$ 1,471.74 million. It is projected to garner US$ 2,965.23 million by 2031 to expand at 9.2% CAGR from 2023 to 2031.

Based on type, the Asia Pacific artillery systems market is categorized into howitzer, mortar, and rocket artillery. The howitzer segment held 44.8% share of Asia Pacific artillery systems market in 2023, amassing US$ 1,397.74 million. It is predicted to garner US$ 3,165.25 million by 2031 to expand at 10.8% CAGR between 2023 and 2031.

Based on country, the Asia Pacific artillery systems market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 36.5% share of Asia Pacific artillery systems market in 2023. It was assessed at US$ 1,138.64 million in 2023 and is likely to hit US$ 2,404.70 million by 2031, registering a CAGR of 9.8% during 2023–2031.

Key players operating in the Asia Pacific artillery systems market are BAE Systems Plc, Lockheed Martin Corp, Elbit Systems Ltd, Rheinmetall AG, and Singapore Technologies Engineering Ltd, among others.

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