At 4.5% CAGR, Middle East & Africa Artillery Systems Market is Projected to be Worth US$ 1,523.50 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa artillery systems market was valued at US$ 1,071.81 million in 2023 and is expected to reach US$ 1,523.50 million by 2031, registering a CAGR of 4.5% from 2023 to 2031. Rising global military expenditure and deployment of counter measure systems are among the critical factors attributed to drive the Middle East & Africa artillery systems market growth.

The evolving modern warfare scenario has compelled governments of various countries across the globe to assign significant funds and financial aid toward respective defense and military forces. The defense budget allocation supports army and military forces to obtain enhanced technologies and equipment from domestic or international developers. On the other hand, military and army vehicle upgrades are on the rise owing to growing defense budget allocation. Furthermore, the increasing governmental expenditure showcases governments' focus on strengthening national security forces. There is an increased need to reinforce military and border security forces with advanced surveillance, communication, navigation equipment, artilleries, armaments, and vehicles, among others; hence, military forces worldwide are focusing on investing significant amounts in procuring artillery systems and other advanced technologies. Defense forces' constant inclination to acquire new technologies for noncombat and combat operations further boosts military expenditure worldwide.

As per the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased to US$ 2443 billion in 2023, representing a 13.7% increase from 2022. The US, China, India, Russia, and Saudi Arabia were the top five spenders in 2023, accounting for around 61% of global expenditures. The figure given below depicts the yearly spending of these countries.

Military Expenditure of Top Five Countries (2021–2023)

Source: SIPRI

The increasing military expenditure encourages incorporating advanced warfare technologies such as high-range antennas, self-propelled artillery, advanced communication devices, unmanned vehicles, radars, missile detection systems, surveillance and navigation systems, and modern warfare technologies. In addition, a high military budget supports the countries in assigning resources for the advancement and upgrade of their existing air, ground-based, and naval defense systems.

On the contrary, limited space for ammunitions in artillery systems hampers the growth of Middle East & Africa artillery systems market.

Based on component, the Middle East & Africa artillery systems market is segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. The fire control system segment held 32.1% market share in 2023, amassing US$ 344.29 million. It is projected to garner US$ 529.17 million by 2031 to register 5.5% CAGR during 2023–2031.

In terms of range, the Middle East & Africa artillery systems market is segmented into short range, medium range, and long range. The medium range segment held 46.4% share of Middle East & Africa liquid nitrogen market in 2023, amassing US$ 497.53 million. It is anticipated to garner US$ 696.57 million by 2031 to expand at 4.3% CAGR during 2023–2031.

By caliber, the Middle East & Africa artillery systems market is divided into small caliber, medium caliber, and large caliber. The medium caliber segment held 47.0% share of Middle East & Africa artillery systems market in 2023, amassing US$ 503.47 million. It is projected to garner US$ 678.05 million by 2031 to expand at 3.8% CAGR from 2023 to 2031.

Based on type, the Middle East & Africa artillery systems market is categorized into howitzer, mortar, and rocket artillery. The howitzer segment held 45.6% share of Middle East & Africa artillery systems market in 2023, amassing US$ 488.22 million. It is predicted to garner US$ 726.60 million by 2031 to expand at 5.1% CAGR between 2023 and 2031.

Based on country, the Middle East & Africa artillery systems market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 45.0% share of Middle East & Africa artillery systems market in 2023. It was assessed at US$ 482.78 million in 2023 and is likely to hit US$ 734.49 million by 2031, registering a CAGR of 5.4% during 2023–2031.

Key players operating in the Middle East & Africa artillery systems market are BAE Systems Plc, Lockheed Martin Corp, Elbit Systems Ltd, Leonardo DRS Inc, Rheinmetall AG, Singapore Technologies Engineering Ltd, and Denel Land Systems Pty Ltd, among others.

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