Asia Pacific Modular Combat Turret Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Manned Turret and Unmanned Turret) and Platform (Land, Naval, and Airborne)

Asia Pacific Modular Combat Turret Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Manned Turret and Unmanned Turret) and Platform (Land, Naval, and Airborne)

The modular combat turret market in APAC is expected to grow from US$ 482.36 million in 2021 to US$ 968.37 million by 2028; it is estimated to grow at a CAGR of 10.5% from 2021 to 2028. 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, countries in APAC spent approximately US$ 55 billion to procure new and advanced armored main battle tanks and IFVs in 2020. 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 China invested more than US$ 15 billion to replace thousands of aging and outdated vehicles. 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. Pakistan is also responding to the increased procurement of such vehicles by the Indian government. India 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. Additionally, unmanned turrets are getting popular, which is among the other factors expected to fuel the demand for modular combat turrets in APAC.

Based on type, the APAC modular combat turret market for the unmanned turret segment is expected to grow faster during the forecast period. Unmanned turret, also known as automated turret, is another type of modular combat turret. In this variant, in 2017, a turret was developed Raytheon on LV-AT. The new unmanned turret is mounted with two TOW tube-launched, wireless-guided ATGMs, new commander/gunner video sight displays, far target location system, electric elevation & azimuth drive system, and associated targeting & tracking sensors. Better maintainability, greater crew safety, and accuracy are some of the benefits of new unmanned turret. Similarly, Leonardo has presented an unmanned turret for the HitFist overhead weapon system (OWS). Leonardo’s new turret is a remotely operated weapon station designed by using advanced technologies in signature, electronics, and Man Machine Interface. Nexter, Cockerill, Kongsberg, Elibit Systems, and Rheinmetall AG are among other prominent players offering unmanned turrets. It is anticipated that there will be an increase in the demand for unmanned turrets and remote weapon stations in recent years. The unmanned turret is becoming an ideal selection for a medium-calibre weapons, especially in a 40mm and 30mm categories.

The COVID-19 outbreak has resulted in a massive financial loss in APAC. The governments in Asia Pacific countries are taking possible steps to reduce its effects by announcing lockdown, which is negatively affecting the manufacturing sector. China is one of the leading defense manufacturing countries in APAC, and the most affected country in the region. Therefore, there are disruptions in the defense equipment manufacturing facilities across the region. India, another major defense spender in APAC, is heavily hit by the COVID-19 outbreak. The country’s manufacturing sector experienced standstill situation owing to the lockdown restrictions imposed by the government in the wake of containing the spread of the novel coronavirus. However, disordered supply chain has negatively influenced the procurement of defense equipment, including modular combat turret, since the late February 2021.

The overall APAC 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 APAC 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 APAC modular combat turret market. BAE Systems, Curtiss-Wright Corporation, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., Otokar Otomotiv ve Savunma Sanayi A.S, and Rheinmetall AG are among the key players operating in the market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC modular combat turret market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the APAC modular combat turret market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the modular combat turret market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution