Report : South & Central America 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 1.8% CAGR, South & Central America Mortar Systems Market is Projected to be Worth US$ 172.96 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the South & Central America mortar systems market was valued at US$ 150.30 million in 2023 and is anticipated to reach US$ 172.96 million by 2031, registering a CAGR of 1.8% from 2023 to 2031. Deployment of self-propelled mortar systems and deployment of counter measure systems are among the critical factors attributed to drive the South & Central America mortar systems market growth.
The increasing application of unmanned systems for various purposes, including weapon delivery, surveillance, or detection, boosts the demand for self-propelled artillery systems. The increasing adoption of self-propelled artillery systems reduces the logistics and transportation challenges faced while moving any artillery system. Self-propelled artillery systems allow for the reduction of the operational manpower required to operate any artillery systems such as howitzer or rocket artilleries.
Many companies have already developed self-propelled artillery systems to provide their customers with reliable and desired mission solutions to remain competitive in the highly competitive marketplace. For instance, in 2021, Czech company EXCALIBUR ARMY announced the launch of its DITA 155 mm wheeled self-propelled howitzer system at IDEX 2021. Similarly, many other companies have been collaboratively working for the development and advancements in the self-propelled artillery systems that are expected to cater the emerging needs for the customers in the coming years as well. Moreover, the majority of the companies are pushing their investments in terms of procurement of self-propelled howitzer systems. Hence, the increase in the deployment of self-propelled artillery systems is anticipated to be a trend in the mortar systems market.
On the contrary, limited space for ammunitions in the towed mortar systems hampers the growth of South & Central America mortar systems market.
Based on calibre, the South & Central America mortar systems market is segmented into small calibre, medium calibre, and large calibre. The medium calibre segment held 45.3% market share in 2023, amassing US$ 68.01 million. It is projected to garner US$ 77.08 million by 2031 to register 1.6% CAGR during 2023-2031.
In terms of type, the South & Central America mortar systems market is bifurcated into towed/hand-held and self-propelled. The self-propelled segment held 68.9% share of South & Central America mortar systems market in 2023, amassing US$ 103.54 million. It is projected to garner US$ 121.49 million by 2031 to expand at 2.0% CAGR from 2023 to 2031.
Based on country, the South & Central America mortar systems market is categorized into Brazil and the Rest of South & Central America. Our regional analysis states that Brazil captured 78.5% share of South & Central America mortar systems market in 2023. It was assessed at US$ 118.01 million in 2023 and is likely to hit US$ 137.91 million by 2031, registering a CAGR of 2.0% during 2023-2031.
Key players operating in the South & Central America mortar systems market are Thales SA, Elbit Systems Ltd, Rheinmetall AG, and Northrop Grumman Corp, among others.
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