The modular combat turret market  size is projected to reach US$ 5.62 billion by 2031 from US$ 2.66 billion in 2023. The market is expected to register a CAGR of 9.8% during 2023–2031. The rising demand for unmanned turrets is likely to remain a key trend in the market.

Modular Combat Turret Market  Analysis

The large and well-established turret manufacturers are investing substantial amount in the manufacturing of both unmanned and manned turret. Defense forces and armored vehicle manufacturers are the key buyers of modular combat turrets. Since the procurement of personal carriers armored vehicles, naval ships, aircraft carriers, frigates, and tanks among the military forces are increasing at a considerable rate, which has been showcasing constantly higher bargaining power of buyers in the modular combat turret market. Also, the defense forces are pressurizing the armored vehicle manufacturers to supply higher volumes vehicles which is highlighting the pressure on the turret manufacturers. The constant rise in adoption of the vehicles mentioned above is also foreseen to develop the bargaining power of buyers during the forecast period.

Modular Combat Turret Market  Overview

The major stakeholders in the global modular combat turret market ecosystem include component manufacturers, turret manufacturers and suppliers and end-user. With the rising demand for modular combat turret across the globe, the component providers of turret are also experiencing a rise in demand. The components of turret system include motor controller, power unit, stabilization unit, turret drive, among others. The direct impact of the high demand is however on the modular combat turret providers/manufacturers who cater to variety of military and defense needs. The rising expenditure of military and defense capability and the growing need for replacing old and obsolete tanks and system is creating the demand for modular combat turret. Some of the key modular combat turret solution providers operating in the global market include: BAE Systems, Control Solution LLC, Curtiss-Wright Corporation, Denel Dynamics, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., Rheinmetall AG among others

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Modular Combat Turret Market: Strategic Insights

Market Size Value in	US$ 2,390.75 Million in 2020
Market Size Value by	US$ 4,261.51 Million by 2028
Growth rate	CAGR of 8.1% from 2021-2028
Forecast Period	2021-2028
Base Year	2021

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Modular Combat Turret Market Drivers and Opportunities

Rise in Military Expenditure

The swift change in modern-day warfare has been urging the governments to allocate higher amounts toward respective military forces. The budget allocated to military helps the military forces to engage themselves in the development of robust indigenous technologies and procurement of advanced weapons, armaments, vehicles, and other equipment from international manufacturers. There is a rise in modernization of soldiers and military vehicles among most of the military forces in order to keep the personnel and vehicles mission ready. With an objective to modernize soldiers and vehicles, the defense ministries across the globe are investing substantial amounts in newer technologies, including advanced modular combat turret. This factor is boosting the growth of the global modular combat turret market. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to US$ 2,443 billion in 2023 witnessing around 13% rise compared to 2022. The key countries in 2023, which accounted for ~60% of global expenditure, include the US, China, India, Russia, and Saudi Arabia. Such investments have been boosting the procurement and orders for military modular combat turret from across different countries worldwide which is further driving the market growth.

Upgrade of Older or Existing Fleet

There is a growing need for upgrading or replacing old tanks and armored vehicles. Countries have been spending huge amount in this direction. For instance, five of the biggest spenders on these fleet includes China, India, Australia, Pakistan, and South Korea. China invested more than US$ 15 billion to replace thousands of aging and outdated vehicles in 2023. India is also one of the prominent markets for main battle tanks. The country is expected to spend significantly on Future Infantry Combat Vehicle program, which is aiming to replace over 2000 BMP-2 IFVs. Moreover, the Indian army is likely to issue a Request for Proposal (RFP) in 2024 for a mega project worth an estimated US$ 6.84 billion. Pakistan is also responding to the increased procurement of such vehicles by the Indian government. The country is investing heavily in its own projects and therefore emerging as one of the leading procurers of defense and military vehicle fleet. Apart from these countries, Singapore and Indonesia are also procuring new and upgraded vehicle fleets. Such factors are likely to generate new opportunities for modular combat turret in the coming years across different regions.

Modular Combat Turret Market  Report Segmentation Analysis

Key segments that contributed to the derivation of the modular combat turret market  analysis are offerings and platfrom.

• Based on offering, the modular combat turret market  is segmented into manned turret and unmanned turret. The manned turret segment held a larger market share in 2023.
• Based on platform, the modular combat turret market  is segmented into land, naval, and airborne. The land segment held a larger market share in 2023.

Modular Combat Turret Market Share Analysis by Geography

The geographic scope of the modular combat turret market  report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America has dominated the market in 2023 followed by Europe and Asia Pacific regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. The US dominated the North America modular combat turret market in 2023. The US is a technologically advanced country known for adopting technologies at an early phase. The country maintains the top spot position as an undisputed military power across the globe both in context to personnel and technology. In 2023, the US has spent US$ 916 billion on its military expenditure. The stronger the country's military, the more the expenditure on procuring technologies, including modular combat turret. Furthermore, the country witness’s presence of companies such as CMI Group, Control Solutions LLC, Curtiss-Wright Corporation, and Lockheed Martin Corporation is another factor after highest military expenditure which will help in impacting the market growth. Also, the country has experienced few initiatives that are anticipated to contribute significantly towards the market growth.

Modular Combat Turret Market Report Scope

Modular Combat Turret Market News and Recent Developments

The modular combat turret market  is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the modular combat turret market  are listed below:

• The Challenger 3 programme has reached an important milestone. The contract has now been signed for Rheinmetall BAE Systems Land (RBSL) to deliver a new modular armour system on the Challenger 3 Main Battle Tank. (Source: Rheinmetall BAE Systems Land, Press Release, Jan 2024)
• John Cockerill is proud to present at DSEI 2023 its innovative range of products that combine modularity, reliability and high performance, the Cockerill i-X vehicle and the Cockerill 1030 turret. John Cockerill also presents the 30 mm version of the Tank Boat. (Source: John Cockerill, Press Release, Sep 2023)

Modular Combat Turret Market  Report Coverage and Deliverables

The “Modular Combat Turret Market  Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Modular combat turret market market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Modular combat turret market market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed porter’s five forces analysis
• Modular combat turret market market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the modular combat turret market
• Detailed company profiles