Market Introduction
The governments of SAM countries are taking several initiatives to support the technological developments. The modular combat turret market in SAM is growing gradually. Growth in defense spending by South American countries such as Brazil, Chile, Colombia, and Ecuador; rising focus on modernizing the air, naval, and land-based vehicles, and procurement of innovated weapons to boost military strength are a few of the factors supporting the modular combat turret market in the region. In SAM, Brazil, Colombia, and Venezuela are among the countries with the largest number of active military personnel. Growing military budgets in these countries are allowing the military forces to deploy advanced technologies, such as modular turrets, for combating external threats and opponent vehicles. As per SIPRI, Brazil, Chile, and Colombia allocated US$ 26, 945.9 million, US$ 5,182.2 million, and US$ 10,084.4 million, respectively, in military operations in 2019.
In SAM, Brazil recorded the highest number of COVID-19 confirmed cases, followed by Ecuador, Peru, Chile, and Argentina. The governments of various countries in the region are taking several initiatives, such as lockdowns and trade bans, to protect people and to contain the spread of novel coronavirus in the region. Brazil is the largest spender in the defense industry, followed by Colombia and Chile. The COVID-19 outbreak has adversely affected these countries. Moreover, the defense forces in the countries are substantially dependent on the international defense equipment suppliers. The closure of international borders, restrictions on international trades, and government focus toward containing the spread of the novel coronavirus are disrupting the demand and supply of modular combat turret, which is hindering the growth of the SAM modular combat turret.
Market Overview and Dynamics
The modular combat turret market in SAM is expected to grow from US$ 124.10 million in 2021 to US$ 164.64 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The US defense considers Argentina, Brazil, Colombia, and Chile as opportunistic countries to strengthen their respective forces and vehicles with advanced technologies. Therefore, the US defense expertise are aiming to enter military partnerships and alliances with these the military forces in these South American countries. Potential partnerships between forces and turret providers are anticipated to boost the modular combat turret market growth in the coming years.
Key Market Segments
The SAM modular combat turret market is segmented into type and platform. In terms of type, the SAM 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 SAM modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the modular combat turret market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BAE Systems, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., and Rheinmetall AG.
Reasons to buy report
SAM Modular Combat Turret Market Segmentation
SAM Modular Combat Turret Market - By Type
SAM Modular Combat Turret Market - By Platform
SAM Modular Combat Turret Market - By Country
SAM Modular Combat Turret Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 124.10 Million |
| Market Size by 2028 | US$ 164.64 Million |
| CAGR (2021 - 2028) | 4.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Modular Combat Turret Market is valued at US$ 124.10 Million in 2021, it is projected to reach US$ 164.64 Million by 2028.
As per our report South America Modular Combat Turret Market, the market size is valued at US$ 124.10 Million in 2021, projecting it to reach US$ 164.64 Million by 2028. This translates to a CAGR of approximately 4.1% during the forecast period.
The South America Modular Combat Turret 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 South America Modular Combat Turret Market report:
The South America Modular Combat Turret Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Modular Combat Turret Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Modular Combat Turret Market value chain can benefit from the information contained in a comprehensive market report.
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