Mortar Systems Market Size, Share & Global Insights 2022-2031

The North America mortar systems market was valued at US$ 757.36 million in 2023 and is anticipated to reach US$ 1,177.64 million by 2031; it is estimated to record a CAGR of 5.7% from 2023 to 2031.

The evolving modern warfare scenario has compelled governments of various countries across the globe to assign significant funds and financial aid toward respective defense and military forces. The defense budget allocation supports the army and military forces to obtain enhanced technologies and equipment from domestic or international developers. On the other hand, military and army vehicle upgrades are on the rise owing to growing defense budget allocation. Furthermore, the increasing governmental expenditure showcases governments' focus on strengthening national security forces. There is an increased need to reinforce military and border security forces with advanced surveillance, communication, navigation equipment, artilleries, armaments, and vehicles, among others; hence, military forces worldwide are focusing on investing significant amounts in procuring artillery systems and other advanced technologies. Defense forces' constant inclination to acquire new technologies for noncombat and combat operations further boosts military expenditure worldwide.

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As per the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased to US$ 2,148 billion in 2022, representing a 3.5% increase from 2021. The US, China, India, Russia, and Saudi Arabia were the top five spenders in 2022, accounting for 63% of global expenditures. For instance, the US military expenditure accounted to US$ 778,397.2 million, US$ 800,672.2 million, and US$ 876,943.2 million for the years 2020, 2021, and 2022, respectively.

MARKET INTRODUCTION

The increasing military expenditure encourages incorporating advanced warfare technologies such as high-range antennas, self-propelled artillery, advanced communication devices, unmanned vehicles, radars, missile detection systems, surveillance and navigation systems, and modern warfare technologies. In addition, a high military budget supports the countries in assigning resources for the advancement and upgrade of their existing air, ground-based, and naval defense systems.

List of Companies Profiled in the Satellite Propulsion Markets Report are:
• General Dynamics Ordnance and Tactical Systems.
• Thales SA.
• Elbit Systems Ltd.
• Rheinmetall AG.
• RUAG Group.
• Northrop Grumman Corp.
• Singapore Technologies Engineering Ltd.

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Key Segmentation:

Deployment Mode (Cloud Based and On-Premise),
The Mortar Systems Market categorized into type, application, and country.
• Based on type, the Mortar Systems Market segmented into pellets, blocks, and others. The blocks segment held the largest market share in 2022.
• In terms of application, the Mortar Systems Market segmented into food and beverage, storage and transportation, healthcare, industrial applications, and others. The storage and transportation held the largest market share in 2022.
• By country, the Mortar Systems Market segmented into the US, Canada, and Mexico. The US dominated the Mortar Systems Market share in 2022.
Satellite Propulsion Market, in 2021. The growth of the segment is primarily attributed to the increase in need for maintenance and repair activities in order to make sure its internal and external parts are in good condition and to maintain a record of its condition. Based on application, the power transformers segment held the largest share of the Satellite Propulsion Market. The rise in energy demand, increase in renewable power generation, growing initiatives for smart cities & urbanization are the key factors responsible for the demand of power transformer. Thus, such factors are driving the Mortar Systems Market growth.

Table of Contents

Based on material, the Mexico Logistics market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held the largest share of the Mortar Systems Market in 2022.
Based on size, the Mexico Logistics market is segmented into 75-120 feet, 121-250 feet, and Above 250 feet. The 121-250 feet segment held the largest share of the Mortar Systems Market in 2022.

Based on country, the Mortar Systems Market segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the share of the Mortar Systems Market in 2022.

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