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

According to a new market research study on “SAM Modular Combat Turret Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Platform” is expected to reach US$ 164.64 million by 2028 from US$ 124.10 million in 2021. The market is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The report provides trends prevailing in the SAM modular combat turret market along with the drivers and restraints pertaining to the market growth. Military budget growing at significant rate is the major factor driving the growth of the SAM modular combat turret market. However, issues associated with dependability and maintenance in modular combat turrets hinders the growth of SAM modular combat turret market.     

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.

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.    

BAE Systems, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., and Rheinmetall AG are among the leading companies in the SAM 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, Jenoptik AG operates the mechatronic business through the new brand name VINCORION. The mechatronic business presents its products and key competencies in aviation, security & defense as well as the railway industry in a focused way in the future.     

The report segments the SAM Modular Combat Turret Market follows:

SAM Modular Combat Turret Market – By Type

• Manned Turret
• Unmanned Turret

SAM Modular Combat Turret Market – By Platform

• Land
• Naval
• Airborne

SAM Modular Combat Turret Market – By Country  

• Brazil
• Rest of SAM