Turret Systems Market: Key Facts and Forecast Predictions Presented and Forecast: 2022-2031

Japan, Japan, Sun, 03 Apr 2022 23:51:29 / Comserve Inc. / -- The turret systems market is projected to grow with a CAGR of more than 4% during the forecast period.

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.

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Key Market Trends

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.

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.

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Competitive Landscape

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.

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