Land Segment is Expected to be Fastest Growing During the Forecast Period for MEA Region

According to a new market research study on “MEA Modular Combat Turret Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Platform” is expected to reach US$ 373.77 million by 2028 from US$ 243.49 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the MEA modular combat turret market along with the drivers and restraints pertaining to the market growth. Technological changes in older or existing fleet is the major factor driving the growth of the MEA modular combat turret market. However, issues associated with reliability and maintenance in modular combat turrets hinders the growth of MEA modular combat turret market.    

The MEA modular combat turret market is segmented into type and platform. In terms of type, the MEA modular combat turret market is bifurcated into manned turret and unmanned turret. The manned turret segment held a substantial market share in 2020. Based on platform, the MEA modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.

The COVID-19 pandemic is expected to have a negative impact on the MEA modular combat turret market in the coming years. Since the outbreak of the pandemic, all manufacturing processes have been negatively impacted to combat the spread of the novel coronavirus and comply with the social distancing norms imposed by local and federal government bodies. These factors disrupted the supply chain of armored vehicles, naval warfare systems, and aircraft or aircraft components across the world, which thereby directly impacted the MEA modular combat turret market. Pertaining to the closure of borders of countries, the supply chain of several components and parts have been disturbed, which has restrained the market growth. The demand for advanced defense equipment and components, such as modular combat turret, for modernizing and strengthening the military vehicles has weakened over the past couple of months. This has resulted in a loss of business among the local and international modular combat turret manufacturers in MEA.

BAE Systems, Curtiss-Wright Corporation, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., Otokar Otomotiv ve Savunma Sanayi A.S, and Rheinmetall AG are among the leading companies in the MEA modular combat turret market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Leonardo S.p.A. had launched Lionfish new family of naval defense turrets. The new product line consists of four models: ultralight, inner reloading, and top of 12.7 mm calibre, and the model 20 of 20 mm calibre.     

The report segments the MEA Modular Combat Turret Market follows:

MEA Modular Combat Turret Market – By Type

• Manned Turret
• Unmanned Turret

MEA Modular Combat Turret Market – By Platform

• Land
• Naval
• Airborne

MEA Modular Combat Turret Market – By Country  

• Saudi Arabia
• South Africa
• UAE
• Rest of MEA