At 8.0% CAGR, Asia Pacific Mortar Systems Market is Projected to be Worth US$ 1,088.58 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific mortar systems market was valued at US$ 587.73 million in 2023 and is anticipated to reach US$ 1,088.58 million by 2031, registering a CAGR of 8.0% from 2023 to 2031. Rising number of contracts for mortar systems and deployment of countermeasure systems are among the critical factors attributed to drive the Asia Pacific mortar systems market growth.

Manufacturers operating in the mortar 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 mortar systems. A few examples are mentioned below:

• 2024: According to the UK manufacturer Milanion NTGS, the Indian Army will receive its Vehicle Mounted Infantry Mortar System by the end of 2024. Mahindra Defence from India secured the contract to supply these systems. The exact number of units remains undisclosed.
• In December 2022, Hanwha Aerospace signed a contract with the South Korean Defense Acquisition Program Administration (DAPA) to mass-produce the Skyfall 120mm Self-Propelled Mortar (SPM) systems and fire command vehicles for the Korean Army.

The growing number of contracts and deals to procure advanced military forces to combat the rise in ground warfare attacks is acting as a major growth factor for the mortar systems market size globally.

On the contrary, limited space for ammunitions in the towed mortar systems hamper the growth of Asia Pacific mortar systems market.

Based on calibre, the Asia Pacific mortar systems market is segmented into small calibre, medium calibre, and large calibre. The medium calibre segment held 46.8% market share in 2023, amassing US$ 274.92 million. It is projected to garner US$ 486.56 million by 2031 to register 7.4% CAGR during 2023–2031.

In terms of type, the Asia Pacific mortar systems market is bifurcated into towed/hand-held and self-propelled. The self-propelled segment held 69.3% share of Asia Pacific mortar systems market in 2023, amassing US$ 407.39 million. It is projected to garner US$ 788.38 million by 2031 to expand at 8.6% CAGR from 2023 to 2031.

Based on country, the Asia Pacific mortar systems market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 36.2% share of Asia Pacific mortar systems market in 2023. It was assessed at US$ 212.74 million in 2023 and is likely to hit US$ 397.85 million by 2031, registering a CAGR of 8.1% during 2023–2031.

Key players operating in the Asia Pacific mortar systems market are Thales SA, Elbit Systems Ltd, Rheinmetall AG, RUAG Group, Northrop Grumman Corp, Singapore Technologies Engineering Ltd, Hanwha Corp, and Hirtenberger Defence Asia Pacific GmbH, among others.

• In June 2022, Arquus, Thales and NTGS have officially presented the new Sherpa A2M (Advanced Mobile Mortar), during a ceremony organized on Arquus' booth at Eurosatory 2022. The alliance of Arquus, NTGS and Thales allows the application of a truly complete solution delivering a unique indirect fire support solution, suitable for infantry support, collaborative armed forces troops and Special Forces, as well as autonomous artillery units looking for a high level of mobility and protection. The Sherpa A2M is an adequate answer to the tactical challenges met and created by artillery in the high-intensity warfare: mobility, protection, close support to the troops on the ground and mobile counter-battery options at the fraction of the price of a Self-Propelled Gun (SPG).

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