The modular combat turret market was valued at US$ 2,390.75 million in 2020 and is projected to reach US$ 4,261.51 million by 2028; it is expected to grow at a CAGR of 8.1% during 2021–2028. The increasing demand for battle tanks and armored combat vehicles is a major factor driving the modular combat turret market. Countries located in various regions, including Asia-Pacific, Europe, North America, Middle East & Africa, and South America, are heavily investing in procuring the most advance and highly capable main battle tanks and armored combat. Due to the growing demand for new and advanced vehicle fleet, there is an increase in need for systems and parts that are used in these vehicles, including turrets. In 2019, the Indian Army planned to acquire main battle tanks and armored combat vehicles at a cost of US$ 1.83 Billion. The acquisition is expected to be done during the timeframe of 2022–2026. Moreover, Brazil is undergoing a significant modernization program which includes the revitalization of M60 combat vehicles and Leopard 1A1 and M113 armored vehicles. Similarly, several other countries are upgrading and modernizing defense vehicle fleet, thereby helping in the growth of 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 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 and is anticipated to gain pace over the years, 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.
The global modular combat turret system market is segmented on the basis of offerings and platform. Based on offerings, the market is bifurcated into manned turret and unmanned turret. Based on platform, the market is segmented into land, naval, and airborne. By geography, the modular combat turret market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
A few key players operating in the global modular combat turret market and profiled in the market study are 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., and Rheinmetall AG.
The overall global modular combat turret market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the modular combat turret market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the modular combat turret market.