Turret Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Turret Systems Market is segmented by Platform (Air, Sea and Land), Type (Manned and Unmanned) and Geography

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Turret Systems Market Size

turret systems market
Study Period: 2018 - 2028
Fastest Growing Market: North America
Largest Market: North America
CAGR: > 4 %

Major Players

turret systems market size

*Disclaimer: Major Players sorted in no particular order
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Turret Systems Market Analysis

The Turret Systems Market is projected to grow with a CAGR of more than 4% during the forecast period.

  • The market is primarily driven by the growth in defense spending by various countries and the growing focus on the modernization and procurement programs for the latest technology weapons to increase military strength.
  • The incorporation of autonomous capabilities into the existing turret systems increases the weapon system accuracy, effectiveness, and lethality, and will help the growth of the industry during the forecast period.

Turret Systems Industry Segmentation

The Turret systems market study includes details regarding the firing systems, turret drives, control, and stabilization units that are under development and in production, and their demand from the military sector.

Plaform
Air
Sea
Land
Type
Manned
Unmanned
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Israel
Rest of Middle-East and Africa

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Turret Systems Market Trends

This section covers the major market trends shaping the Turret Systems Market according to our research experts:

The Unmanned Segment is Expected to Grow with the Highest CAGR During the Forecast Period:

Based on the platform type Unmanned segment is expected to grow with the highest CAGR during the forecast period. With the growing procurement of development of unmanned turret systems for various platforms, the unmanned segment is expected to grow faster, due to an increase in installations and the corresponding market revenues. The technological advancement in turret systems has given rise to unmanned turrets which are now providing a competitive edge to the ground forces. The unmanned turret systems are being powered with the latest technologies like artificial intelligence and machine learning, which increase their effectiveness in the battlefield. With the help of unmanned turret systems, militaries can operate the weapon remotely and can avoid any fatalities by exposing their army personnel directly, which is helping their installations over several land, air, and sea-based vehicles. For instance, in March 2019, Singapore’s modern armored fighting vehicle called the Next Generation armored fighting vehicle (NGAFV) received a new unmanned turret developed by Rafael Advanced Defense Systems Ltd. Likewise, in June 2019, Navantia, EXPAL, and Elbit Systems officially unveiled their Tizona 30mm unmanned turret offered for the Spanish Army’s 8×8 Wheeled Combat Vehicle program. Such developments are expected to help the growth of the segment during the forecast period.

turret systems market share

North America is Projected to Dominate the Market During the Forecast Period:

In terms of geography, North America is projected to lead the market share during the forecast period. In North America, United States is expected to dominate the market owing to factors such as high spending by the government on weapon systems and the research and development of new turret systems by the major players to enhance the military power of the US. The inclusion of the turret system is beneficial in many aspects as it not only aims at one single target, as it is a rotatable weapon mount that houses the crew or mechanism of a projectile-firing weapon and at the same time lets the weapon be aimed and fired in some degree of elevation. This serves the purpose of the army not only on land but also in the air, that is why the government in the region is spending heavily for modernization and inclusion of turret systems in their vehicles. For instance, in October 2019, the United States Army awarded Lockheed Martin a USD 40.6 million contract to produce Modernized Turrets for the AH-64E Apache helicopter, an upgrade to the Modernized Target Acquisition Designation Sight and Pilot Night Vision Sensor system with enhanced operational and performance capabilities. Such developments are expected to enhance the market prospects in the region during the forecast period.

turret systems market forecast

Turret Systems Industry Overview

Some of the prominent companies in the Turret System market are BAE Systems plc, Leonardo SpA, Elbit Systems Ltd., Rheinmetall AG, General Dynamics Corporation among others. Several companies have formed long-term partnerships with the armed forces to upgrade and enhance the turret systems of the militaries. Companies are also investing heavily in research and development for the innovation of advanced turret systems that may help the militaries to have a tactical advantage over the rivals. For instance, EOS Defense Systems, Australia conducted initial live-fire trials of its prototype T2000 modular medium caliber turret in the fourth quarter of 2019. Likewise, the United States Army has announced in June 2019, that the Army's Night Vision and Electronic Sensors Directorate is awarded a contract to develop an experimental automated tank turret for live-fire testing in mid-2020. Such developments are expected to help the advent of newer technologies into the market during the forecast period.

Turret Systems Market Leaders

  1. BAE Systems plc

  2. Leonardo SpA

  3. Elbit Systems Ltd.

  4. Rheinmetall AG

  5. General Dynamics Corporation

*Disclaimer: Major Players sorted in no particular order

Rheinmetall AG, BAE Systems plc, Elbit Systems Ltd., Leonardo SpA, Denel SOC Ltd, General Dynamics Corporation, Kongsberg Gruppen

Turret Systems Market News

In August 2021, the US Army Contracting Command was awarded a USD 99 million contract to Oshkosh Defense to upgrade an additional Stryker Brigade Combat Team (SBCT) with the 30 mm Medium Caliber Weapon System (MCWS), an unmanned turreted autocannon. Earlier in June 2021, the US Army selected Oshkosh Defense for a six-year program to integrate the 30 mm MCWS onto the Stryker Double V Hull Infantry Carrier Vehicle (ICVVA1).

In May 2021, Rheinmetall received a contract by the British Ministry of Defence to upgrade the fleet of Challenger 2 main battle tanks (148 units) with the 120mm smoothbore main armament. The contract was worth approximately EUR 770 million and is expected to run during 2021 – 2027.

Turret Systems Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Plaform

      1. 5.1.1 Air

      2. 5.1.2 Sea

      3. 5.1.3 Land

    2. 5.2 Type

      1. 5.2.1 Manned

      2. 5.2.2 Unmanned

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Latin America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Mexico

        3. 5.3.4.3 Rest of Latin America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Israel

        4. 5.3.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Rheinmetall AG

      2. 6.2.2 BAE Systems plc

      3. 6.2.3 Elbit Systems Ltd.

      4. 6.2.4 Leonardo SpA

      5. 6.2.5 Denel SOC Ltd

      6. 6.2.6 General Dynamics Corporation

      7. 6.2.7 Kongsberg Gruppen

      8. 6.2.8 Textron Inc.

      9. 6.2.9 John Cockerill Group

      10. 6.2.10 Moog Inc.

      11. 6.2.11 Rafael Advanced Defense Systems Ltd.

      12. 6.2.12 Electro Optic Systems Pty Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Turret Systems Market Research FAQs

The Turret Systems Market is studied from 2018 - 2028.

The Turret Systems Market is growing at a CAGR of >4% over the next 5 years.

North America is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

BAE Systems plc, Leonardo SpA, Elbit Systems Ltd. , Rheinmetall AG , General Dynamics Corporation are the major companies operating in Turret Systems Market.

Turret Systems Industry Report

Statistics for the 2023 Turret Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turret Systems analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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