The global self-propelled artillery system market size is touted to expand at a substantial CAGR over the study period. A self-propelled artillery system, possessing its own propulsion, delivers indirect artillery support to ground forces. Installed on either tracked or wheeled vehicles, it swiftly repositions to different firing locations. The surge in military infrastructure modernization and the need for sophisticated, lightweight, and precise weapon systems propel the market.
Fortune Business Insights™ provides this information in its research report, titled “Self-Propelled Artillery System Market, 2024-2032”.
Informational Source:
https://www.fortunebusinessinsights.com/self-propelled-artillery-system-market-108365
List of Key Players Mentioned in the Report:
- Raytheon Technologies Corporation (U.S.)
- BAE Systems (U.K.)
- Aubert & Duval (France)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (U.S.)
- Lockheed Martin Corporation (U.S.)
- Nexter Systems (France)
- Denel Land Systems (South Africa)
- Leonardo S.p.A. (Italy)
- Uralvagonzavod-Rostec (Russia)
- KMW (Germany)
- Norinco Group Rheinmetall AG (China)
Russia-Ukraine Impact:
Rising Product Demand Amidst Conflict Spurred Product Demand
Increased requisition for anti-aircraft and anti-tank artillery guns, catalyzed by events such as the Russia-Ukraine conflict, stimulates the market. This trend is exemplified by Sweden’s provision of such systems to affected regions. Challenges such as fuel scarcity and sanctions on Russia disrupt the defense equipment supply chain, leading to diminished production.
Segmentation:
On the basis of component, the market is divided into turret, recoil handling mechanisms, firing control mechanisms, chassis, and others.
In terms of type, the market is divided into howitzer, rockets and missiles, anti-air, mortar, anti-tank, naval, and others.
Based on mobility, the market for self-propelled artillery systems is bifurcated into tracked and wheeled.
Based on range, the market is trifurcated into short range (0-40KM), medium range (40KM-100KM), and long range (Above 100KM).
By caliber, the market is classified into small caliber, medium caliber, and heavy caliber.
In terms of geography, the market is fragmented into Europe, North America, Asia Pacific, and the rest of the world.
Report Coverage:
Delving into market intricacies, the research report outlines pivotal aspects including leading players, components, and market size, while also shedding light on dynamic trends and notable industry advancements. Moreover, it encapsulates several growth catalysts propelling market expansion.
Drivers and Restraints:
Increased Defense Spending and Heightened Geopolitical Tensions to Boost Industry Growth
Escalating defense budgets in response to mounting geopolitical tensions, exemplified by conflicts between Russia-Ukraine, India-China, and India-Pakistan, drive demand for product. Enhanced budget allocations, such as India’s 13% hike in defense expenditure, fuel the adoption of artillery systems with enhanced border defense capabilities.
However, storing self-propelled artillery systems entails significant costs due to the need for extensive storage facilities, while high maintenance expenses can also hinder self-propelled artillery system market growth.
Regional Insights:
North America Leads Due to Strong Presence of Top Defense Contractors
North America holds the key self-propelled artillery system market share, driven by the presence of six out of the top ten defense contractors in the region. Additionally, its early adoption of technology and focus on innovation further solidify its market leadership.
The Asia Pacific region, fueled by India’s rising defense budgets and emphasis on domestic weapon system production, is poised for significant growth in self-propelled artillery systems.
Competitive Landscape:
Major Players Focus on Comprehensive Spectrum Monitoring Solutions to Expand its Market Reach
BAE Systems and Hanwa Defense are key players in the global self-propelled howitzer market. Players such as BAE Systems secured a significant contract with the U.S. Army, while Hanwa Defense expanded its reach by supplying to Poland. The consortium’s collaboration aims to bolster Ukraine’s military capabilities, showcasing a diverse market with strong international partnerships.
Key Industry Development:
February 2023- The U.S. Army awarded BAE Systems, based in the U.K., a USD 466 million contract to deliver M109A7 Paladin self-propelled howitzer artillery and M992 artillery ammunition. The contract was scheduled for completion by December 2026.
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