Unmanned Turret Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region
According to this research study titled “APAC Modular Combat Turret Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Type and Platform,” the market is expected to reach US$ 968.37 million by 2028 from US$ 482.36 million in 2021. The market is estimated to grow at a CAGR of 10.5% from 2021 to 2028. The report provides trends prevailing in the APAC modular combat turret market along with the drivers and restraints pertaining to the market growth. Unmanned turrets are getting popular, and this is the major factor driving the growth of the APAC modular combat turret market. However, issues associated with malfunctioning complaints in modular combat turrets hinders the growth of APAC modular combat turret market.
The APAC modular combat turret market is segmented into type and platform. In terms of type, the APAC modular combat turret market is bifurcated into manned turret and unmanned turret. The manned turret segment held a substantial market share in 2020. Based on platform, the APAC modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.
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.
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 leading companies in the APAC modular combat turret market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Curtiss-Wright Corporation announced that it has been awarded a contract by Rheinmetall Defense 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.
The report segments the APAC Modular Combat Turret Market as follows:
APAC Modular Combat Turret Market - By Type
APAC Modular Combat Turret Market - By Platform
APAC Modular Combat Turret Market - By Country
The APAC modular combat turret market is segmented into type and platform. In terms of type, the APAC modular combat turret market is bifurcated into manned turret and unmanned turret. The manned turret segment held a substantial market share in 2020. Based on platform, the APAC modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.
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.
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 leading companies in the APAC modular combat turret market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Curtiss-Wright Corporation announced that it has been awarded a contract by Rheinmetall Defense 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.
The report segments the APAC Modular Combat Turret Market as follows:
APAC Modular Combat Turret Market - By Type
- Manned Turret
- Unmanned Turret
APAC Modular Combat Turret Market - By Platform
- Land
- Naval
- Airborne
APAC Modular Combat Turret Market - By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Table of Contents
1. Introduction
3. Research Methodology
4. APAC Modular Combat Turret Market Landscape
5. APAC Modular Combat Turret-Market Dynamics
6. Modular Combat Turret Market - APAC Analysis
7. APAC Modular Combat Turret Market - By Type
8. APAC Modular Combat Turret Market Analysis - By Platform
9. APAC Modular Combat Turret Market - Country Analysis
10. Impact of COVID-19 Pandemic on APAC Modular Combat Turret Market
11. Industry Landscape
12. Company Profile
13. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BAE Systems
- Curtiss-Wright Corporation
- Elbit System Ltd.
- Jenoptik AG
- Leonardo S.P.A
- Moog Inc.
- Otokar Otomotiv ve Savunma Sanayi A.S.
- Rheinmetall AG
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 123 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 482.36 Million |
| Forecasted Market Value ( USD | $ 968.37 Million |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Asia Pacific |
