At 3.2% CAGR, South America Artillery Systems Market is Projected to be Worth US$ 939.75 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South America artillery systems market was valued at US$ 728.32 million in 2023 and is expected to reach US$ 939.75 million by 2031, registering a CAGR of 3.2% from 2023 to 2031.Deployment of self-propelled artillery systems and deployment of counter measure systems are among the critical factors attributed to drive the South America artillery systems market growth.

The increasing application of unmanned systems for various purposes, including weapon delivery, surveillance, or detection, boosts the demand for self-propelled artillery systems. The increasing adoption of self-propelled artillery systems reduces the logistics and transportation challenges faced while moving any artillery system. Self-propelled artillery systems allow for the reduction of the operational manpower required to operate any artillery systems such as howitzer or rocket artilleries.

Many companies have already developed self-propelled artillery systems to provide their customers with reliable and desired mission solutions to remain competitive in the highly competitive marketplace. For instance, in 2021, Czech company EXCALIBUR ARMY announced the launch of its DITA 155 mm wheeled self-propelled howitzer system at IDEX 2021. Similarly, many other companies have been collaboratively working for the development and advancements in the self-propelled artillery systems that is expected to cater the emerging needs for the customers in the coming years as well. Moreover, the majority of the companies are pushing their investments in terms of procurement of self-propelled howitzer systems. Hence, the increase in the deployment of self-propelled artillery systems is anticipated to be a trend in the artillery systems market.

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

Based on component, the South America artillery systems market is segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others. The fire control system segment held 31.8% market share in 2023, amassing US$ 231.70 million. It is projected to garner US$ 324.24 million by 2031 to register 4.3% CAGR during 2023-2031.

In terms of range, the South America artillery systems market is segmented into short range, medium range, and long range. The medium range segment held 45.2% share of South America liquid nitrogen market in 2023, amassing US$ 329.46 million. It is anticipated to garner US$ 417.88 million by 2031 to expand at 3.0% CAGR during 2023-2031.

By caliber, the South America artillery systems market is divided into small caliber, medium caliber, and large caliber. The medium caliber segment held 47.0% share of South America artillery systems market in 2023, amassing US$ 342.19 million. It is projected to garner US$ 418.82 million by 2031 to expand at 2.6% CAGR from 2023 to 2031.

Based on type, the South America artillery systems market is categorized into howitzer, mortar, and rocket artillery. The howitzer segment held 45.2% share of South America artillery systems market in 2023, amassing US$ 329.51 million. It is predicted to garner US$ 447.43 million by 2031 to expand at 3.9% CAGR between 2023 and 2031.

Based on country, the South America artillery systems market is categorized into Brazil and the Rest of South America. Our regional analysis states that Brazil captured 77.9% share of South America artillery systems market in 2023. It was assessed at US$ 567.24 million in 2023 and is likely to hit US$ 746.45 million by 2031, registering a CAGR of 3.5% during 2023-2031.

Key players operating in the South America artillery systems market are BAE Systems Plc, Lockheed Martin Corp, Avibras Industria Aeroespacial SA, Elbit Systems Ltd, and Rheinmetall AG, among others.

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