(EMAILWIRE.COM, November 18, 2021 ) According to the new research report "Artillery Systems Market by Type (Howitzer, Mortar, Anti-air, Rocket), Component (Gun Turret, Engine, Fire Control System, Ammunition Handling System, Chassis, Auxiliary System), Caliber (Small, Medium, Heavy), Range, Region - Global Forecast to 2022", The artillery system market is projected to grow from USD 9.83 Billion in 2017 to USD 13.94 Billion by 2022, at a CAGR of 7.23% from 2017 to 2022. Increasing demand for artillery systems from the military sector and ongoing military modernization programs worldwide are driving the growth of the market for artillery system.

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=69844596

Based on type, the howitzer segment is leading the artillery system market

Based on type, the howitzer segment is leading the artillery system market and is expected to continue its dominance till 2022. Howitzers are widely used for long range bombardment and for supporting ground forces. The demand for towed howitzer as well as self-propelled howitzer is increasing among various regions.

Based on caliber, the medium caliber segment of the artillery system market is expected to grow at a high rate during the forecast period

Based on caliber, the artillery system market has been segmented into small caliber, medium caliber, and heavy caliber. The medium caliber segment leads the artillery system market and is also projected to grow at a high rate during the forecast period. Medium caliber segment consists of artillery systems having caliber in between 105mm to 155mm. This growth can be attributed to the increase in procurement of 155mm artillery guns, 120 mm mortars, and other medium caliber artillery guns.

The market for artillery system in Asia Pacific is projected to grow at the highest rate during the forecast period

The rapid growth of the artillery system market in Asia Pacific can be attributed to the increased defense spending of emerging countries such as India and China in this region. India is upgrading its old artillery systems with indigenously produced towed artillery guns. South Korea is also rapidly expanding its fleet of artillery due to threat from North Korea.

Major players operating in the artillery system market are BAE Systems (UK), Lockheed Martin (US), Elbit System (Israel), General Dynamics (US), NORINCO (China), Hanwha Techwin (South Korea), and others.

Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=69844596


About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.