Artillery Systems Market Size Set to Hit US$ 20.98 Billion by 2031 Driven by Self-Propelled Deployment Surge

The Artillery Systems Market size is projected to reach US$ 20.98 billion by 2031 from US$ 11.99 billion in 2023, registering a CAGR of 7.2% during the forecast period from 2023 to 2031.  This robust growth trajectory reflects the intensifying global demand for advanced firepower solutions driven by escalating geopolitical tensions, rising defense budgets, and rapid technological innovation across military forces worldwide.

Market Overview and Purpose

Artillery systems allow armed forces to neutralize or destroy targets during any combat or fire operations. A few major factors driving the growth of artillery systems include rising global military expenditure, increasing number of contracts for the supply of artillery systems, and rising deployment of self-propelled artillery systems by various armed forces worldwide. 

The report by The Insight Partners provides a comprehensive assessment covering market dynamics, competitive landscape, segmentation analysis, and regional forecasts. It serves as a critical intelligence tool for defense manufacturers, procurement authorities, investors, and policymakers seeking to understand the evolving artillery systems landscape through 2031.

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Key Market Drivers

The single most powerful growth driver in this market is escalating military spending across nations. As per the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased to US$ 2,443 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. 

Geopolitical conflicts are directly stimulating artillery procurement. Following the Russia-Ukraine conflict, the US has been taking initiatives to increase its military presence across European countries for the long haul by establishing its first permanent presence in Poland to bolster regional security, with several forces being deployed along with required ammunition and firearms. 

The introduction of smart weapons and smart ammunitions, including precision-guided missiles, guided mortars, and guided artillery systems, is likely to fuel the growth of the artillery systems market during the forecast period.  Nations are increasingly seeking systems that combine long-range reach with precision targeting, driving investment in next-generation artillery platforms.

Segmentation Insights

The market is analyzed across four key dimensions: component, range, type, and caliber.

Based on component, the market is segmented into gun turret, fire control system, ammunition handling system, auxiliary system, and others, with the fire control system segment holding the largest market share in 2023. Based on range, the short-range segment held the largest share of the market in 2023. By type, the howitzer segment held the largest share of the market in 2023. In terms of caliber, the medium caliber segment held the largest share of the market in 2023. 

Regional Analysis

North America held the largest artillery systems market share in 2023 and is projected to maintain its dominance during the forecast period. The region's leadership is bolstered by substantial US defense spending, active involvement in international military aid programs, and a strong domestic defense manufacturing base. Asia Pacific is also emerging as a high-growth region driven by rising defense budgets in India, China, Japan, and Australia.

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Recent Developments

BAE Systems secured a contract worth US$ 466 million to provide the US Army with its M109A7 Paladin self-propelled howitzers, with the contract encompassing the supply of M992 Field Artillery Ammunition Support Vehicles.  This deal underscores the strong appetite for self-propelled artillery modernization among leading military forces.

Competitive Landscape

The following key companies are profiled in the Artillery Systems Market report:

• Avibras Industria Aeroespacial S/A
• BAE Systems Plc
• Nexter Groupe KNDS
• Denel Land Systems
• Elbit Systems Ltd
• General Dynamics
• ST Engineering
• Lockheed Martin Corporation
• Rheinmetall AG
• Mandus Group

Report Scope

The report covers historical data from 2021 to 2022, uses 2023 as the base year, and provides forecasts through 2031, spanning regions including North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.

The Artillery Systems Market presents a compelling growth story shaped by evolving warfare demands, surging defense investment, and the global race toward precision-enabled, technologically superior firepower capabilities.

About The Insight Partners

The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken form an integral part of our research methodology and makes the report unique and reliable.

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