Modular Combat Turret Market 2021: Industry Overview by Manufacturers Such as BAE Systems, Control Solution LLC, Curtiss-Wright Corporation, Denel Dynamics, Elbit System, Jenoptik AG, Leonardo S.P.A, Moog

The Modular Combat Turret Industry report provides a basic overview of the market including definitions, classifications, applications and industry chain structure. The Modular Combat Turret Market analysis is provided for the international market including development history, competitive landscape analysis, and major regions' development status.

According to our latest market study on “Modular Combat Turret Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings and Platform,” the market was valued at US$ 2,390.75 million in 2020 and it is projected to reach US$ 4,261.51 million by 2028; it is expected to grow at a CAGR of 8.1% from 2021 to 2028.

The increase in warfare is persuading the military forces to opt for advanced defense capability. Due to this, the demand for armored personnel carriers (APC) and light armored vehicles (LAV) is continuously increasing. The rising need for advanced solutions and increasing military budgets year on year are leading to increased attraction for armored vehicles among the military forces. Another key factor creating demand for armored vehicles is its capability to combat cross-border conflicts. The manufacturers of armored vehicles are using advanced components and technologies such as sensors, modular combat turrets, command, and control systems (C2), countermeasure systems, and fire control systems for their vehicles. Several military forces are procuring armored vehicles in the recent years. For instance, in 2020, BAE Systems secured two new contracts to produce US Army’s Armored Multi-Purpose Vehicle (AMPV) worth US$ 575 million. As the armored vehicles can carry machine guns and rocket launchers, the demand for modular combat turret on armored vehicles is accentuating rapidly. Therefore, this is supporting the growth of the modular combat turret market.

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Key vendors engaged in the Modular Combat Turret market and covered in this report:
BAE Systems, Control Solution LLC, Curtiss-Wright Corporation, Denel Dynamics, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., Otokar Otomotiv ve Savunma Sanayi A.S., Rheinmetall AG

The modular combat turret market is segmented on the basis of offerings, platform, and geography. Based on offerings, the market is bifurcated into manned turret and unmanned turret. The manned turret segment represented a larger share of the overall market in 2020. In terms of platform, the market is segmented into land, naval, and airborne. In 2020, the land segment accounted for the substantial share of the market.

Geographically, North America held the largest share of the modular combat turret market in 2020, followed by Europe and Asia Pacific. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period.
The increase in warfare is persuading the military forces to opt for advanced defense capability. Due to this, the demand for armored personnel carriers (APC) and light armored vehicles (LAV) is continuously increasing. The rising need for advanced solutions and increasing military budgets year on year are leading to increased attraction for armored vehicles among the military forces. Another key factor creating demand for armored vehicles is its capability to combat cross-border conflicts. The manufacturers of armored vehicles are using advanced components and technologies such as sensors, modular combat turrets, command, and control systems (C2), countermeasure systems, and fire control systems for their vehicles. Several military forces are procuring armored vehicles in the recent years. For instance, in 2020, BAE Systems secured two new contracts to produce US Army’s Armored Multi-Purpose Vehicle (AMPV) worth US$ 575 million. As the armored vehicles can carry machine guns and rocket launchers, the demand for modular combat turret on armored vehicles is accentuating rapidly. Therefore, this is supporting the growth of the modular combat turret market.

There is a surge in demand for main battle tanks (MBTs) due to aging fleets of MBTs. Therefore, countries are pouring more money into the procurement of advanced and new generation MBTs. Further, there is an increase in investments in MBTs from various countries including India, China, Russia, Germany, Thailand, and France. Due to the increasing investments in such vehicles, the need for modular combat turrets is significantly increasing, thereby boosting the growth of the market. Additionally, there is a rapid growth in the demand for military vehicle from the APAC defense forces. It can be attributed to the rising indigenous R&D activities undertaken to design advanced technology hybrid armored vehicles for enhanced maritime and border patrolling, or intelligence, surveillance, reconnaissance (ISR) functions.
Increasing threats of cross-border terrorism and increasing defense expenditures are boosting the production of light or medium-sized armored vehicles. The increase in armored vehicle manufacturing is anticipated to boost the growth of the modular combat turret market.

Modular Combat Turret Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

Major highlights of the report:
• All-inclusive evaluation of the parent market
• Evolution of significant market aspects
• Industry-wide investigation of market segments
• Assessment of market value and volume in past, present, and forecast years
• Evaluation of market share
• Study of niche industrial sectors
• Tactical approaches of market leaders
• Lucrative strategies to help companies strengthen their position in the market

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