Artillery Systems Market Size Worth $20.98 Billion, Globally, by 2031 – Exclusive

Artillery Systems Market Size Worth $20.98 Billion, Globally, by 2031 – Exclusive Report by The Insight Partners

The artillery systems market size is projected to reach US$ 20.98 billion by 2031 from US$ 11.99 billion in 2023 to register a CAGR of 7.2% during 2023–2031.

NEW YORK, Oct. 15, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global artillery systems market is observing healthy growth owing to the rise in procurements of self-propelled artilleries and howitzer systems.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, Artillery systems refer to the large sized firearms that are used by various armed forces to perform firing operations in any of their missions. The major artillery systems include howitzers, mortars, and rocket artilleries. Artillery systems allow the armed forces to neutralize or destroy any target during any combat or fire operations. Some of the major factors driving the growth for artillery systems include the rising global military expenditure, increasing number of contracts for supply of artillery systems, and the rising deployment of self-propelled artillery systems by various armed forces worldwide.

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Overview of Report Findings:

1. Market Growth: The artillery systems market is expected to reach US$ 20.98 billion by 2031 from US$ 11.99 billion in 2023, at a CAGR of 7.2% during the forecast period. Manufacturers operating in the artillery systems market strongly focus on collaborating with different governments and armed forces to comprehend their respective demands and offer them suitable solutions.