Report : Europe Mortar Systems Market Forecast to 2031 - Regional Analysis - by Calibre (Small Calibre, Medium Calibre, and Large Calibre) and Type (Towed/Hand-Held, and Self-Propelled)
At 4.3% CAGR, Europe Mortar Systems Market is Projected to be Worth US$ 839.84 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Europe mortar systems market was valued at US$ 597.41 million in 2023 and is anticipated to reach US$ 839.84 million by 2031, registering a CAGR of 4.3% from 2023 to 2031. Deployment of countermeasure systems and rising number of contracts for mortar systems are among the critical factors attributed to drive the Europe mortar systems market growth.
The changing geopolitical scenario worldwide boosts the requirement for strong defense countermeasure systems. The constant tension between the nations such as Russia-Ukraine, India-China, Pakistan-India, Israel-Palestine, and US-China is compelling their governments to strengthen their respective armed forces, which is also propelling the procurement of warfare systems such as different types of mortars and howitzers. Hence, the armed forces across different countries are investing in procuring artillery systems such as surface-to-air rocket artillery, self-propelled howitzers, early warning systems, and border surveillance systems. BAE Systems, General Dynamics Corporation, Honeywell International Inc., Israel Aerospace Industries Inc., Leonardo S.p.A, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, SAAB AB, and Thales Group are among the companies focusing on developing defense countermeasure systems, including radar systems, artillery systems, communication and surveillance systems, and navigation devices. Thus, the increasing procurement and deployment of countermeasure systems is expected to fuel the growth of the mortar systems market in the coming years.
On the contrary, limited space for ammunitions in the towed mortar systems hampers the growth of Europe mortar systems market.
Based on calibre, the Europe mortar systems market is segmented into small calibre, medium calibre, and large calibre. The medium calibre segment held 46.5% market share in 2023, amassing US$ 277.93 million. It is projected to garner US$ 371.08 million by 2031 to register 3.7% CAGR during 2023–2031.
In terms of type, the Europe mortar systems market is bifurcated into towed/hand-held and self-propelled. The self-propelled segment held 84.1% share of Europe mortar systems market in 2023, amassing US$ 502.67 million. It is projected to garner US$ 719.49 million by 2031 to expand at 4.6% CAGR from 2023 to 2031.
Based on country, the Europe mortar systems market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 32.8% share of Europe mortar systems market in 2023. It was assessed at US$ 195.71 million in 2023 and is likely to hit US$ 257.91 million by 2031, registering a CAGR of 3.5% during 2023–2031.
Key players operating in the Europe mortar systems market are Thales SA, Elbit Systems Ltd, Rheinmetall AG, RUAG Group, Northrop Grumman Corp, Singapore Technologies Engineering Ltd, Arquus SAS, and Hirtenberger Defence Europe GmbH, among others.
- In June 2022, Arquus, Thales and NTGS have officially presented the new Sherpa A2M (Advanced Mobile Mortar), during a ceremony organized on Arquus' booth at Eurosatory 2022. The alliance of Arquus, NTGS and Thales allows the application of a truly complete solution delivering a unique indirect fire support solution, suitable for infantry support, collaborative armed forces troops and Special Forces, as well as autonomous artillery units looking for a high level of mobility and protection. The Sherpa A2M is an adequate answer to the tactical challenges met and created by artillery in the high-intensity warfare: mobility, protection, close support to the troops on the ground and mobile counter-battery options at the fraction of the price of a Self-Propelled Gun (SPG).
- In May 2024, Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) Elbit Systems announced that it was awarded a contract worth approximately $53 million to supply the Crossbow Unmanned Turreted 120mm Soft Recoil Mortar Systems to General Dynamics European Land Systems (GDELS) for the installation on Pandur 6×6 APC wheeled armored vehicle for a European customer. The contract will be performed over a period of 6 years.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com