At 5.9% CAGR, Europe Artillery Systems Market is Projected to be Worth US$ 4,856.12 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe artillery systems market was valued at US$ 3,063.21 million in 2023 and is expected to reach US$ 4,856.12 million by 2031, registering a CAGR of 5.9% from 2023 to 2031. Deployment of self-propelled artillery systems and deployment of countermeasure systems are among the critical factors attributed to drive the Europe artillery systems market growth.

The changing geopolitical scenario worldwide boosts the requirement for strong defense countermeasure systems. The constant tension between the nations such as Russia-Ukraine, India-China, Pakistan-India, Israel-Palestine, and US-China is compelling their governments to strengthen their respective armed forces, which is also propelling the procurement of warfare systems such as different types of mortars and howitzers. Hence, the armed forces across different countries are investing in procuring artillery systems such as surface-to-air rocket artillery, self-propelled howitzers, early warning systems, and border surveillance systems. BAE Systems, General Dynamics Corporation, Honeywell International Inc., Israel Aerospace Industries Inc., Leonardo S.p.A, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, SAAB AB, and Thales Group are among the companies focusing on developing defense countermeasure systems, including radar systems, artillery systems, communication and surveillance systems, and navigation devices. Thus, the increasing procurement and deployment of countermeasure systems is expected to fuel the growth of the artillery systems market in the coming years.

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

Based on component, the Europe artillery systems market is segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. The fire control system segment held 32.0% market share in 2023, amassing US$ 979.85 million. It is projected to garner US$ 1,676.52 million by 2031 to register 6.9% CAGR during 2023-2031.

In terms of range, the Europe artillery systems market is segmented into short range, medium range, and long range. The medium range segment held 45.9% share of Europe liquid nitrogen market in 2023, amassing US$ 1,406.92 million. It is anticipated to garner US$ 2,176.85 million by 2031 to expand at 5.6% CAGR during 2023-2031.

By caliber, the Europe artillery systems market is divided into small caliber, medium caliber, and large caliber. The medium caliber segment held 46.8% share of Europe artillery systems market in 2023, amassing US$ 1,433.63 million. It is projected to garner US$ 2,144.71 million by 2031 to expand at 5.2% CAGR from 2023 to 2031.

Based on type, the Europe artillery systems market is categorized into howitzer, mortar, and rocket artillery. The howitzer segment held 45.3% share of Europe artillery systems market in 2023, amassing US$ 1,387.80 million. It is predicted to garner US$ 2,319.10 million by 2031 to expand at 6.6% CAGR between 2023 and 2031.

Based on country, the Europe artillery systems market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 33.7% share of Europe artillery systems market in 2023. It was assessed at US$ 1,031.21 million in 2023 and is likely to hit US$ 1,550.25 million by 2031, registering a CAGR of 5.2% during 2023-2031.

Key players operating in the Europe artillery systems market are BAE Systems Plc, Lockheed Martin Corp, Elbit Systems Ltd, Rheinmetall AG, KMW+NEXTER Defense Systems NV, General Dynamics European Land Systems SLU, Singapore Technologies Engineering Ltd, and Denel Land Systems Pty Ltd, among others.


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