Modular Combat Turret Market is expected to reach US$ 4,261.51 million by 2028

by Sameer Joshi or 22-Apr-2021
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Report : Modular Combat Turret Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings (Manned Turret and Unmanned Turret) and Platform (Land, Naval, and Airborne)

According to the new research report titled “Modular Combat Turret Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 4261.51 million by 2028, registering 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. 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.

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.

Key Findings of Study:
The modular combat turret market is segmented on the basis of offerings, platform, and geography. By geography, the market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM).  North America held the largest share of the 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. Based on offerings, the modular combat turret 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 modular combat turret market is segmented into land, naval, and airborne. In 2020, the land segment accounted for the substantial share of the market.

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