The modular combat turret market in SAM is expected to grow from US$ 124.10 million in 2021 to US$ 164.64 million by 2028; it is estimated to grow at a CAGR of 4.1% 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. 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 South America modular combat turret market. The increasing armored vehicle manufacturing and growing military budget are anticipated to boost the growth of the market during the forecast period.
Based on platform, the SAM modular combat turret market for the land segment is expected to grow fastest during the forecast period. The modular combat turrets are available in ground-based platform. Kent Periscopes has received a production phase contract to provide their Sabre sight as an auxiliary gunner’s sight (AGS) on MCT-30 turrets to Armscor as a part of its Project Hoefyster. In addition, Denel Land Systems designed and produced Badger to fulfill the demands of a modern army engaged in both peace-keeping operations and high-intensity warfare. MBDA’s multipurpose combat vehicle (MPCV) is a new generation of high firepower weapon systems designed to fulfill needs of ground-based air defense operations at a very short range. In addition, the system includes a motorized turret fixed on an armored vehicle. The turret comprises a small caliber gun, electro-optical sensors, and four ready-to-fire missiles which can be operated through a firing console installed inside the vehicle. Rheinmetall AG, Elibit Systems, and MBDA are among the companies providing turret for land applications.
In SAM, Brazil recorded the highest number of COVID-19 confirmed cases, followed by Ecuador, Peru, Chile, and Argentina. The governments of various countries in the region are taking several initiatives, such as lockdowns and trade bans, to protect people and to contain the spread of novel coronavirus in the region. Brazil is the largest spender in the defense industry, followed by Colombia and Chile. The COVID-19 outbreak has adversely affected these countries. Moreover, the defense forces in the countries are substantially dependent on the international defense equipment suppliers. The closure of international borders, restrictions on international trades, and government focus toward containing the spread of the novel coronavirus are disrupting the demand and supply of modular combat turret, which is hindering the growth of the SAM modular combat turret.
The overall SAM 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 SAM modular combat turret market with respect to all the segments pertaining to the region. 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 SAM modular combat turret market. BAE Systems, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., and Rheinmetall AG are among the key players operating in the SAM modular combat turret market.