Global Artillery and Systems market, valued at US$7.9 billion in 2018, is projected to grow at a CAGR of 3.04% over the forecast period, to reach US$10.6 billion by 2028 and cumulatively value US$97.1 billion. The market consists of five categories: Turret Systems, Self-Propelled Artillery Systems, Towed Artillery Systems, Other Artillery Systems and Mortars. The market is anticipated to be dominated by Turret Systems, which will account for 41.1% of the market, followed by the Self Propelled Artillery Systems and Towed Artillery Systems segments with shares of 31.3% and 14.1% respectively. Other Artillery Systems will and Mortars will account for 9.7% and 3.5% of the market respectively.
Asia Pacific to lead the Global Artillery and Systems sector
Asia Pacific is expected to account for the largest share of Global Artillery and Systems market, with a 48.2% share in the forecast period. High demand in the region is primarily driven by countries such as China, India, South Korea and Australia. India and China are followed in terms of investment by South Korea which has been spending significantly on advanced howitzers in light of North Korea’s aggressive stance on developing nuclear weapons. Sustained spending by other countries such as Japan, Pakistan, Taiwan and Indonesia is anticipated to further drive the market in the Asia Pacific region.