With increasing military expenditure, owing to a rise in potential border tensions and ongoing modernization programs that focus on inducting advanced artillery systems, the global artillery systems market is forecast to grow at a compound annual growth rate (CAGR) of 2.7% between 2022 and 2032 to reach $6.8 billion in 2032, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Artillery Systems Market Size and Trend Analysis, Key Programs, Competitive Landscape and Forecast, 2022-2032,’ reveals that the key trends driving the demand for these systems over the next decade will be the modernization initiatives undertaken by military forces to replace their aging artillery systems with advanced ones. A rise in military expenditure due to border skirmishes and geopolitical uncertainty is also anticipated to contribute to the market growth.

Rithik Rao, Aerospace and Defense Associate Analyst at GlobalData, comments: “Artillery systems are considered a relatively cost-effective option to meet defense requirements, due to their relative mobility and ability to produce high volumes of concentrated and sustained fire, with decent accuracy. Their utility in conflict can be seen by their deployment to border areas between India and China and use in the Armenia-Azerbaijan conflict in 2020 and 2022.”

The improvement and maturity of the existing capabilities of artillery systems, coupled with technological advancements made in the domains of sensors, guidance and control systems, has enabled countries to enhance their long-range indirect fire support on the frontline and is expected to bolster spending on artillery systems.

Integrating these systems with the information gathered from various intelligence and surveillance platforms, sensors and satellites, shared through network linked nodes will increase the effectiveness and accuracy of these weapons. For instance, the US Army has developed the Joint Effects Targeting System (JETS), which relies on an advanced sensor technology to relay more precise targeting data to artillery command. Similarly, the UK is upgrading its M270B1 Multiple Launch Rocket System (MLRS) to support an increased engagement range of up to 150km.

Rao concludes: “Extended range capabilities and incorporation of advanced fire control and precision guidance kits have improved accuracy to within 10 meters in all weather conditions. With the changing nature of warfare and the growing demand for precision arms to support troops while minimizing collateral damage, artillery systems have become an ideal choice for both land and naval forces.”