Modular Combat Turret Market Analysis and Forecast up to 2028

According to the new research report published by The Insight Partners, titled "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.

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.

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The COVID-19 outbreak has adversely affected the world and is continuing to shatter several countries. Until the outbreak, the defense industry was experiencing substantial growth in terms of production and services. However, the outbreak has disrupted the supply chain and manufacturing of defense equipment. The defense manufacturing industry is heavily dependent on manual labor. Due to strong lockdown regulations imposed by many countries across the world, the defense equipment manufacturing sector is experiencing a significantly lower number of labors in respective manufacturing facilities. However, several governments are deprioritizing defense spending owing to the emergence of pandemic; instead, most of the governments are focusing on investing in combatting the outbreak of the novel coronavirus. This factor disrupted the production of various defense equipment during 2020, which is hindering the growth modular combat turret market. Companies such as Elibit Systems ltd. witnessed a decline in defense activities in 2020. However, most of their businesses were not materially impacted due to pandemic, though some of their defense businesses have experienced disruptions because of precautionary measures directed by the government including safety measures and supply chain delays. The recovery period of the pandemic impact on the defense industry is foreseen to be quicker as compared to various other industries. This is because various defense forces are awarding contracts for armored vehicles and other equipment to the manufacturers. The production of the equipment is expected to start at a slower pace in 2020 and is anticipated to gain pace from 2021, which is expected to positively influence the defense equipment manufacturing including modular combat turret. This factor would propel the growth of modular combat turret market during the forecast period.

BAE Systems plc, Control Solutions LLC, Curtiss-Wright Corporation, Denel Land Systems, Elbit Systems Ltd., Jenoptik AG, Leonardo S.p.A., Moog Inc., Otokar Otomotiv ve Savunma Sanayi A.S., and Rheinmetall AG are among the major companies operating in the modular combat turret market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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