MLRS Market : Everything You Need To Know Before Investment
Posted by Akshata Sharma on September 13th, 2019
NY, USA, September-13, 2019 /Aerospace --
Market NEWS: The Multiple Launch Rocket Systems (MLRS) market was USD 532.8 Million in 2016 and is projected to reach USD 797.4 Million by 2022, at a CAGR of 6.19% during the forecast period.
Factors such as the increase in spending on artillery modernization programs and acquisition of new MLRS systems are expected to drive the market. This report forecasts the multiple launch rocket systems market and its dynamics over the next five years, recognizing market application gaps, recent developments in the market, and high potential countries. The objectives of the report are to study the factors influencing the market, map major industry players, and provide vendor analysis and competitor landscapes. The base year considered is 2016 and the forecast period is from 2017 to 2022.
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The ecosystem of the multiple launch rocket systems market comprises manufacturers, raw material suppliers, distributors, and end users. The key end user of the multiple launch rocket systems market is the artillery segment of militaries across the world. Key manufacturers in the multiple launch rocket systems market are Lockheed Martin (US), Roketsan A.S. (Turkey), IMI Systems (Israel), Avibras Industria Aeroespacial S.A. (Brazil), and NPO Splav (Russia).
The multiple launch rocket systems market has been segmented by launch vehicle, caliber, range, pod capacity, and region. Among launch vehicle types, the tracked MLRS segment is projected to grow at the highest CAGR during the forecast period; the caliber segment is projected to lead the multiple launch rocket systems market during the forecast period. Factors such as military artillery upgrade programs and new system acquisitions are expected to drive the market.
By range, the multiple launch rocket systems market has been segmented into 10-100 km and 100-300 km. The 100-300 km range MLRS segment is projected to lead the market during the forecast period owing to the increase in procurement and indigenous development of long range rocket launchers.
Based on caliber, the 180-300 mm MLRS system segment of the multiple launch rocket systems market is projected to grow at the highest CAGR during the forecast period. The growth of this segment market can be attributed to an increase in the number of long range multiple launch rocket systems across the globe and replacement of conventional systems with MLRS systems with guided ammunition.North America, particularly the US, accounted for the largest share of the multiple launch rocket systems market in 2016, followed by Europe and Asia Pacific. The reasons for the dominance of the US is predominantly due to the increasing artillery modernization programs and shifting focus to high mobility, lightweight artillery systems.
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About the AuthorAkshata Sharma
Joined: July 22nd, 2019
Articles Posted: 107
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