2021 Modular Combat Turret Market New Surging Opportunities with 8.1% of CAGR by 2028 – Denel Dynamics, Elbit System, Jenoptik AG, Leonardo S.P.A

April 19 17:12 2021
2021 Modular Combat Turret Market New Surging Opportunities with 8.1% of CAGR by 2028 - Denel Dynamics, Elbit System, Jenoptik AG, Leonardo S.P.A

The Insight Partners
According to our latest market study on “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.

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.

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The key factor driving the modular combat turret market is the increasing demand for main battle tanks and armored combat vehicles. 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.

Strategic Insights

Players operating in the modular combat turret market are mainly focused on the development of advanced and efficient products.

•             In 2021, The Dutch Defence Materiel Organization (DMO) signed a US$500 million mid-life upgrade contract with BAE Systems for the Royal Netherlands Army’s fleet of 122 CV90s, with an option for an additional 19 vehicles.

•             In 2020, Curtiss-Wright Corporation announced that it has been awarded a contract by Rheinmetall Defence Australia to supply a turret drive stabilization system for the Australian Army’s Project Land 400 Phase 2 Combat Reconnaissance Vehicle (CRV). Curtiss-Wright will supply 133 of its state-of-the-art Turret Drive Servo Systems (TDSS) and related hand controllers to Rheinmetall under the terms of the contract.

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.

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