Military systems and artillery market to grow around 3.6% per year globally, study says
AMSTERDAM. The global market for military artillery and systems is expected to pass $76 billion during 2019- 2027, a combined annual growth rate of approximately 3.6%, according to a study by Market Forecast, "Global Artillery and Systems -- Market and Technology Forecast to 2027."
The study's authors found that towed artillery accounts for more than 50% of the global inventory at present, mainly driven by the artillery inventories in countries like Russia, China and India. The study notes that Russia accounts for approximately 12% of the global inventory, followed by China, which accounts for around 10%. The U.S. accounts for about 2.5% of the global artillery inventory.
According to the study, the increased focus on high-technology platforms have been a major challenge for the artillery market in the U.S.
For additional information on this study, visit the Market Forecast website.