Middle East And Africa Military Optronics Surveillance And Sighting Systems Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report on the military optronics surveillance and sighting systems market in the Middle East and Africa puts forth that the market is likely to grow with a CAGR of 5.32% in the forecasting period from 2023 to 2030.
Saudi Arabia, the United Arab Emirates, South Africa, Israel, and Rest of Middle East & Africa are analyzed in the market in this region.
Saudi Arabia presents intriguing investment prospects for international defense corporations. By 2030, the nation intends to spend 50% of its military budget to diversify its domestic economy. According to estimates, in FY2020, its military expenditures accounted for nearly 8.4% of its GDP. Additionally, there is an increasing demand for night vision equipment from all branches of the Saudi Armed Forces.
In view of this, the Saudi General Authority for Military Industries (GAMI) has collaborated with local manufacturers as well as international companies to produce various such equipment. This indicates an overall positive outlook for the military optronics surveillance and sighting systems market in the KSA.
Morocco, Algeria, Ethiopia, and Nigeria are now investing in their defense industries in order to increase their domestic competence. Algeria, Nigeria, and Namibia are also focusing on the manufacture, maintenance, and assembly of naval vessels.
Whereas, Algeria, along with Egypt, is also focusing on the assembly of armored and other vehicles as completely knock-down kits. Morocco is invested in the manufacture of aircraft components and maintenance of the aircraft. These developments are anticipated to boost the growth of the studied market in Rest of Middle East & Africa over the forecast period.
COMPETITIVE OUTLOOK
A few noteworthy players in the military optronics surveillance and sighting systems market include Airbus Group SE, Rafael Advanced Defense Systems Ltd, General Dynamics Corporation, Lockheed Martin Corporation, and Northrop Grumman Corporation.
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