Market Size of Artillery Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.84 Billion |
| Market Size (2029) | USD 12.54 Billion |
| CAGR (2024 - 2029) | 7.24 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Artillery Systems Market Analysis
The Artillery Systems Market size is estimated at USD 8.84 billion in 2024, and is expected to reach USD 12.54 billion by 2029, growing at a CAGR of 7.24% during the forecast period (2024-2029).
- The COVID-19 pandemic affected the market in two key ways. Firstly, disruptions in global supply chains and manufacturing facilities may have caused delays in the production and delivery of artillery systems, impacting procurement timelines for various countries. Secondly, with governments allocating significant resources to address the pandemic's immediate challenges, defense budgets might have been reallocated or constrained, potentially affecting investments in new artillery systems.
- The increasing military spending of emerging countries is helping them to invest in the development of new and advanced artillery systems. The initiation of weapon modernization programs to develop sophisticated artillery is anticipated to bolster the adoption of newer generation artillery, thus bolstering the market prospects in the coming years. Escalating regional conflicts and geopolitical tensions have led to a growing demand for sophisticated artillery systems capable of precision strikes and quick response times. Also, the changing nature of warfare and the growing demand for high-precision arms and ammunition to support friendly troops while minimizing collateral damage has bolstered the demand for the artillery systems market.
