Middle East And Africa Vetronics Market 2022-2028
MARKET OUTLOOK
As per Triton's research report, the Middle East and Africa vetronics market are anticipated to surge at a CAGR of 4.71% during the forecast years 2022-2028. The countries considered in the market in this region include Egypt, Israel, Turkey, Saudi Arabia, Algeria, Morocco, Iran, and Rest of Middle East & Africa.
Egypt has made significant financial investments in several defense-related industries. In April 2021, the country's Minister of Military Production held a meeting with the company Hyundai Rotem to co-produce the K2 Black Panther Main Battle Tank (MBT). This tank will be sold in the country under a new customized variation called K2EGY. Additionally, on the sidelines of the International Defense Exhibition and Conference (IDEX), which was hosted in the United Arab Emirates (UAE), Egypt and South Korea began discussing jointly producing the K2 Black Panther and K9 K9 155mm self-propelled howitzers from Hanwha Defense. Such financial investments in the defense system are expected to propel the country's market growth.
FNSS, a Turkish defense company, had supplied tracked armored combat vehicles and updated M113 armored personnel carriers for the Royal Saudi Land Forces. For nearly fifteen years, the business managed the Royal Saudi Land Forces' Automotive and Upgrade Centre (AUC) in Al-Kharj and performed M113 vehicle upgrades. Over 1,000 M113s have been upgraded, and the RSLF already has them in stock. In addition, the company delivered several armored command post vehicles based on the FNSS ACV-19, which helped the Turkish military industry grow.
COMPETITIVE OUTLOOK
The key players in the vetronics market include BAE Systems, Leonardo S.p.A, Thales Group, Lockheed Martin Corporation, and Rheinmetall AG.
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