Asia Pacific Mortar Systems Market
No. of Pages: 85 | Report Code: BMIRE00030849 | Category: Aerospace and Defense
No. of Pages: 85 | Report Code: BMIRE00030849 | Category: Aerospace and Defense
The Asia Pacific mortar systems market was valued at US$ 587.73 million in 2023 and is anticipated to reach US$ 1,088.58 million by 2031; it is estimated to record a CAGR of 8.0% from 2023 to 2031. Deployment of Countermeasure Systems Fuels Asia Pacific Mortar Systems Market
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.Asia Pacific Mortar Systems Market Overview
Upgrades and acquisitions of advanced artillery systems are integral components to enhance defense capabilities. Several APAC nations, including China, India, and Australia, are actively investing in military modernization and increasing their defense budgets. This rise in spending allows for the procurement of advanced artillery technologies for military readiness. In 2020, the military expenditure was US$ 497.4 billion, which increased to US$ 549.7 billion in 2021. In 2022, Asia Pacific's military expenditure was US$ 541.5 billion. In 2022, China dominated in terms of military expenditure, followed by India and South Korea. The majority of military expenditure is dedicated to meeting the requirement for advanced equipment, devices, aircraft, ships, and armored vehicles during modern war.
Heightened geopolitical tensions in the region, particularly in the South China Sea and the Korean Peninsula, have led to increased focus on strengthening military capabilities. This includes the acquisition of sophisticated artillery systems for strategic deterrence. In December 2023, Rob Phillips, spokesperson for the US Army Pacific, announced the US military's intention to deploy land-based intermediate-range missiles in APAC in the coming year. This strategic move represents the first potential deployment of such weapons in the region since the US withdrew from the Intermediate-Range Nuclear Forces (INF) Treaty in 2019. This development underscores the evolving dynamics of the APAC mortar systems market, as geopolitical factors influence military strategies and deployments in the region. The deployment of intermediate-range missiles could contribute to shaping the landscape of artillery systems in the APAC market.
Significant insights drawn from the prolonged Ukraine conflict, as of September 2023 spanning 570 days, have left a lasting impact on the Indian Army's strategic vision for enhancing firepower. The lessons learned are steering the army's focus toward greater mobility, precision attacks, extended range, swift strikes, and enhanced survivability. This shift aligns with India's heightened efforts to procure a diverse range of weaponry, encompassing guns, rocket systems, and missiles. The evolving priorities in India's artillery modernization reflect broader trends in the APAC mortar systems market as regional forces adopt strategies based on current geopolitical challenges and warfare dynamics.
In September 2023, the Indian Army set forth a proposal amounting to INR 6,000 crore for the procurement of next-generation guns, emphasizing their development and manufacturing by domestic companies. These cutting-edge weapons are envisioned to serve as a cornerstone in bolstering the artillery force of the Indian Army. The initiative aligns with broader trends in the APAC mortar systems market, emphasizing a shift toward indigenous development and modernization efforts among regional armed forces.
The APAC mortar systems market is characterized by a confluence of geopolitical, technological, and strategic factors. The region's commitment to military modernization, combined with a focus on indigenous capabilities and collaborative defense initiatives, positions APAC as a pivotal player in the global artillery systems landscape.
Strategic insights for the Asia Pacific Mortar Systems provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific Mortar Systems refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2023
US$ 587.73 Million
Market Size by 2031
US$ 1,088.58 Million
Global CAGR (2023 - 2031)
8.0%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Calibre
By Type
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
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Asia Pacific Mortar Systems Market Segmentation
The Asia Pacific mortar systems market is categorized into calibre, type, and country.
Based on calibre, the Asia Pacific mortar systems market is segmented into small calibre, medium calibre, and large calibre. The medium calibre segment held the largest market share in 2023.
In terms of type, the Asia Pacific mortar systems market is bifurcated into towed/hand-held and self-propelled. The self-propelled segment held a larger market share in 2023.
By country, the Asia Pacific mortar systems market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific mortar systems market share in 2023.
Thales SA, Elbit Systems Ltd, Rheinmetall AG, RUAG Group, Northrop Grumman Corp, Singapore Technologies Engineering Ltd, Hanwha Corp, and Hirtenberger Defence Asia Pacific GmbH are some of the leading companies operating in the Asia Pacific mortar systems market.
The Asia Pacific Mortar Systems Market is valued at US$ 587.73 Million in 2023, it is projected to reach US$ 1,088.58 Million by 2031.
As per our report Asia Pacific Mortar Systems Market, the market size is valued at US$ 587.73 Million in 2023, projecting it to reach US$ 1,088.58 Million by 2031. This translates to a CAGR of approximately 8.0% during the forecast period.
The Asia Pacific Mortar Systems Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Mortar Systems Market report:
The Asia Pacific Mortar Systems Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Mortar Systems Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Mortar Systems Market value chain can benefit from the information contained in a comprehensive market report.
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