Modular Combat Turret Market Size, Trends and Growth Analysis by 2027

The Modular Combat Turret market is projected to achieve a value of US$ 4261.51 million by the year 2028, with a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028.

A significant driver of growth in the modular combat turret sector is the rising demand for battle tanks and armored combat vehicles. Nations across various regions, including Asia-Pacific, Europe, North America, Middle East & Africa, and South America, are making substantial investments to acquire advanced and highly capable main battle tanks and armored combat vehicles. This surge in demand for modern vehicle fleets has led to an increased requirement for systems and components utilized in these vehicles, particularly turrets. For instance, in 2019, the Indian Army announced plans to procure main battle tanks and armored combat vehicles worth US$ 1.83 billion, with acquisitions expected to occur between 2022 and 2026. Additionally, Brazil is implementing a comprehensive modernization initiative that includes upgrading M60 combat vehicles, as well as Leopard 1A1 and M113 armored vehicles. Likewise, numerous other countries are enhancing and modernizing their defense vehicle fleets, contributing to the expansion of the modular combat turret market.

The COVID-19 pandemic has had a detrimental impact globally, affecting numerous nations. Prior to the pandemic, the defense sector was witnessing significant growth in production and service delivery. However, the outbreak disrupted supply chains and manufacturing processes for defense equipment. The recovery period for the defense industry is anticipated to be relatively swift compared to other sectors, as various defense forces are actively awarding contracts for armored vehicles and related equipment to manufacturers. Although the production of these items is expected to commence at a slower rate, it is projected to accelerate over the coming years, positively influencing the manufacturing of defense equipment, including modular combat turrets. This trend is likely to drive the growth of the modular combat turret market throughout the forecast period.

The global modular combat turret system market is categorized based on offerings and platforms. In terms of offerings, the market is divided into manned turrets and unmanned turrets. Regarding platforms, the market is segmented into land, naval, and airborne categories. Geographically, the modular combat turret market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).

Several prominent players in the global modular combat turret market are highlighted in the market analysis, including 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 size of the global modular combat turret market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast for the modular combat turret market across all segments. Furthermore, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain deeper analytical insights into the subject matter. Participants in this process include industry experts such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the modular combat turret market.