The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Multiple Launch Rocket Systems (MLRS) Market.
It was estimated prior to this unanticipated outbreak that the Multiple Launch Rocket Systems (MLRS) Market was likely to witness an impressive CAGR of 8.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Factors such as rise in expenditure on artillery modernization agenda and acquisition of new MLRS systems are expected to drive the global MLRS market.
Multiple Launch Rocket Systems (MLRS) Market Segment Insights:
By Launch Vehicle Type:
The tracked segment is estimated to register a higher growth during the forecast period. Factors such as military artillery upgrade agenda and new system acquisitions are expected to boost the market.
By Caliber Type:
The 180-300 mm segment is projected to depict a higher growth during the forecast period. The growth of this segment is owing to an increase in the number of long-range multiple launch rocket systems globally and the replacement of traditional systems with MLRS systems with guided ammunition.
By Range Type:
The 100-300 km range segment is expected to lead the market during the forecast period, driven by the rise in procurement and indigenous development of long-range rocket launchers across the globe.
By Region:
North America, particularly the US, held the largest share of the multiple launch rocket systems market in 2018, followed by Europe and Asia-Pacific. The dominance of the US is predominantly owing to the mounting artillery modernization agendas and everchanging focus to high mobility, lightweight artillery systems. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.