Contracts and New Product Developments are Key Strategies Adopted by Leading Players to Strengthen their Foothold in the Artillery Systems Market
The artillery systems market is expected to grow from USD 9.83 Billion in 2017 to USD 13.94 Billion by 2022, at a CAGR of 7.23% during the forecast period. Elbit Systems (Israel), BAE Systems (UK), China Ordnance Industries Group Corporation (NORINCO) (China), Hanwha Group (South Korea), and KMW+Nexter Defense Systems KNDS (Netherlands) are some of the key players operating in the artillery systems market.
Top two players in the artillery systems market
Elbit Systems (Israel), is a key player in the artillery systems market. The next-generation products through R&D and strategic investments made by the company, coupled with its strong product portfolio enable it to be a leading player in the artillery system market. It offers fully-integrated artillery solutions that incorporate smart technologies, automatic laying and loading capacities, Fire Control Systems (FCS), and modular weapon products. The company focuses on both, organic as well as inorganic growth strategies to enhance its position in the artillery systems market. For instance, Elbit Systems was selected by the Israel Ministry of Defense (MoD) to develop and produce a new artillery gun for the Israel Defense Forces (IDF) in 2017.
BAE Systems (UK) is another key player operating in the artillery systems market. The company has an extensive product portfolio and wide distribution network. Innovative products offered by the company and strategic relationships with its channel partners give it an edge over its competitors in the artillery systems market. The company is closely collaborating with its clients and forming strategic alliances with other key players to reinforce its position in the artillery systems market. For instance, in 2017, the Swedish Defense and Material Administration was awarded BAE Systems a contract to deliver 254 additional rounds of Bofors 155mm BONUS ammunition to the Swedish Army. Under this contract, the Swedish Army will strengthen its operational capability with the latest version of BONUS, which is developed and produced in cooperation by BAE Systems in Sweden and Nexter in France.
Other companies operating in the artillery systems market include China Ordnance Industries Group Corporation (NORINCO) (China), Hanwha Group (South Korea), KMW+Nexter Defense Systems KNDS (Netherlands), Denel SOC Ltd (South Africa), IMI Systems (Israel), Lockheed Martin (US), ST Engineering (Singapore), RUAG Group (Switzerland), General Dynamics (US), and Avibras (Brazil). They have adopted the strategy of long-term contracts and new product launches to expand their global reach and enhance their market shares.
Related Reports:
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
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