Artillery System Market projected to be worth 13.94 Billion USD by 2022
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.
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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 foreca