Asia-Pacific Modular Combat Turret Market
No. of Pages: 123 | Report Code: TIPRE00022968 | Category: Aerospace and Defense
No. of Pages: 123 | Report Code: TIPRE00022968 | Category: Aerospace and Defense
The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan helps make Asia a developing nation. Growth in economies and technological advancement supports the growth of diversified industries and markets, including military, in the continent. India, China, South Korea, and Japan are among the major countries with greater military strength in the region. These countries invest huge resources in the military operations, which allows them to deploy advanced systems and technologies, including modular combat. Furthermore, China, India, Japan, South Korea, and Australia allocated US$ 261,081.9 million, US$ 71,125 million, US$ 47,609 million, US$ 43,890.9 million, and US$ 25,912.4 million, respectively, in 2019, to strengthen their military operations. The Asian countries are expected to witness rise in the penetration of modular combat products in the coming years owing to the ongoing territorial disputes between several Southeast Asian countries and China. Also, unmanned turrets are getting popular is the major factor driving the APAC modular combat turret market.
The COVID-19 outbreak has resulted in a massive financial loss in APAC. The governments in Asia Pacific countries are taking possible steps to reduce its effects by announcing lockdown, which is negatively affecting the manufacturing sector. China is one of the leading defense manufacturing countries in APAC, and the most affected country in the region. Therefore, there are disruptions in the defense equipment manufacturing facilities across the region. India, another major defense spender in APAC, is heavily hit by the COVID-19 outbreak. The country’s manufacturing sector experienced standstill situation owing to the lockdown restrictions imposed by the government in the wake of containing the spread of the novel coronavirus. However, disordered supply chain has negatively influenced the procurement of defense equipment, including modular combat turret, since the late February 2021.
Strategic insights for the Asia-Pacific Modular Combat Turret provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 482.36 Million |
| Market Size by 2028 | US$ 968.37 Million |
| Global CAGR (2021 - 2028) | 10.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Modular Combat Turret refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The modular combat turret market in APAC is expected to grow from US$ 482.36 million in 2021 to US$ 968.37 million by 2028; it is estimated to grow at a CAGR of 10.5% from 2021 to 2028. Defense organization across the APAC have been testing unmanned turrets for years. Also, according to Leonardo officials, the demand for unmanned turrets have been on the rise in the recent years. The rise in demand is especially since, the unmanned turrets are lighter in weight which meets the specifications of the armored vehicle manufacturer’s demands. Moreover, according to weapon systems and core engineering manager of FNSS, the unmanned turrets are becoming the preferred choice for the medium-calibre segment, especially in the 30mm and 40mm categories. Thus, these facts highlight the modular combat turret market is anticipated to be driven by the increasing adoption of unmanned turrets.
The APAC modular combat turret market is segmented into type and platform. In terms of type, the APAC 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 APAC modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.
A few major primary and secondary sources referred to for preparing this report on the modular combat turret market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BAE Systems, Curtiss-Wright Corporation, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc.,
The Asia-Pacific Modular Combat Turret Market is valued at US$ 482.36 Million in 2021, it is projected to reach US$ 968.37 Million by 2028.
As per our report Asia-Pacific Modular Combat Turret Market, the market size is valued at US$ 482.36 Million in 2021, projecting it to reach US$ 968.37 Million by 2028. This translates to a CAGR of approximately 10.5% during the forecast period.
The Asia-Pacific 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 Asia-Pacific Modular Combat Turret Market report:
The Asia-Pacific Modular Combat Turret Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Modular Combat Turret Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Modular Combat Turret Market value chain can benefit from the information contained in a comprehensive market report.
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