Turret Systems Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 20.39 Billion |
| Market Size (2029) | USD 23.36 Billion |
| CAGR (2024 - 2029) | 2.76 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turret Systems Market Analysis
The Turret Systems Market size is estimated at USD 20.39 billion in 2024, and is expected to reach USD 23.36 billion by 2029, growing at a CAGR of 2.76% during the forecast period (2024-2029).
The market is primarily driven by the growth in defense spending by various countries and the growing focus on modernization and procurement programs for the latest weapon technologies to increase military strength. These systems enhance a military's firepower and situational awareness, attracting substantial investments. Moreover, the rising demand for turret systems in urban warfare scenarios, where maneuverability and quick response are vital, further boosts the market growth.
The increasing need for border security and counter-terrorism operations is increasing the demand for turret systems by various defense forces. Turret systems equipped with advanced surveillance sensors and remotely operated weapons are essential in monitoring and protecting borders, critical infrastructure, and sensitive areas. The ongoing global concerns related to terrorism and cross-border threats have led to a higher demand for turret systems capable of providing continuous surveillance and rapid response.
Budget constraints in certain regions can hinder procuring advanced turret systems, as they often involve substantial research, development, and implementation costs. Additionally, the complexity of integrating sophisticated technologies, such as advanced sensors and targeting systems, into turret systems can pose challenges, as it requires compatibility with existing platforms and rigorous testing for reliability and safety. These factors may slow down the overall expansion of the turret systems market.
Turret Systems Market Trends
The Unmanned Segment is Expected to Grow with the Highest CAGR During the Forecast Period:
Based on the platform type, the unmanned segment is expected to grow with the highest CAGR during the forecast period. With the growing procurement of unmanned turret systems for various platforms, the unmanned segment is expected to grow faster due to increased installations and the corresponding market revenues. The technological advancement in turret systems has given rise to unmanned turrets, which now provide a competitive edge to the ground forces.
The unmanned turret systems are being powered by the latest technologies, such as artificial intelligence and machine learning, which increase their effectiveness on the battlefield. With the help of unmanned turret systems, militaries can operate the weapon remotely. They can avoid fatalities by exposing their army personnel directly, helping their installations over several land, air, and sea-based vehicles. For instance, 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. 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). Such developments are expected to help the segment's growth during the forecast period.
North America is Projected to Dominate the Market During the Forecast Period:
In North America, the US is expected to dominate the market owing to factors such as high government spending 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 army's purpose not only on land but also in the air, which is why the government in the region is spending heavily on modernization and the inclusion of turret systems in their vehicles.
In August 2023, in a move poised to strengthen the lethality and survivability of the US Army operations, Elbit Systems subsidiary Elbit America won a contract to design and manufacture the gunner hand stations for the Bradley Fighting Vehicle. These components, critical for positioning turrets and enabling fire control systems operation, are set to strengthen US Army battlefield capabilities further. Moreover, the US also delivered Bradley Fighting Vehicles to Ukraine to help transport Ukrainian troops and provide defensive and offensive capabilities following the Russian-Ukraine war. Such developments are expected to enhance the market prospects in the region during the forecast period.
Turret Systems Industry Overview
The turret systems market needs to be more cohesive. Some prominent companies in the Turret System market are BAE Systems plc, Leonardo S.p.A., Elbit Systems Ltd., Rheinmetall AG, and 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 to innovate advanced turret systems that may help the militaries have a tactical advantage over the rivals. For instance, in August 2023, the British Army’s AS90 turret training system reached a significant milestone by firing 100,000 simulated rounds. AS90 is procured and supported by UK Defence Equipment & Support (DE&S). DE&S develops operational practices and skill sets for the commander, gunner, and loader of the 155mm self-propelled howitzer.
Similarly, in May 2021, Rheinmetall received a contract worth USD 807 million from 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 is expected to run till 2027. Such developments are expected to help the market with the advent of newer technologies during the forecast period.
Turret Systems Market Leaders
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Rheinmetall AG
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BAE Systems plc
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Elbit Systems Ltd.
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Leonardo S.p.A.
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General Dynamics Corporation
*Disclaimer: Major Players sorted in no particular order
Turret Systems Market News
March 2023: Elbit Systems Ltd. subsidiary, Elmet International SRL., was awarded a three-year follow-on USD 120 million contract from General Dynamics European Land Systems (GDELS) to supply unmanned turrets, mortar systems, and Remote-Controlled Weapon Stations (RCWS) for the Piranha V Armored Personnel Carrier (APC) of the Romanian Armed Forces.
September 2022: Elbit Systems Ltd. was awarded a USD 80 million contract to supply unmanned turrets for Armoured Fighting Vehicles (AFVs) of an undisclosed Asian-Pacific country. The contract will be completed by 2025. As per the contract, Elbit Systems will supply 30mm-gun unmanned light turrets that integrate display systems and sensors for improved situational awareness in Armoured Fighting Vehicles, increase target acquisition capabilities, and fire control systems.
Turret SystemsMarket Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Plaform
5.1.1 Air
5.1.2 Sea
5.1.3 Land
5.2 Type
5.2.1 Manned
5.2.2 Unmanned
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Australia
5.3.3.6 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Israel
5.3.5.4 South Africa
5.3.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Rheinmetall AG
6.2.2 BAE Systems plc
6.2.3 Elbit Systems Ltd.
6.2.4 Leonardo S.p.A.
6.2.5 Denel SOC Ltd.
6.2.6 General Dynamics Corporation
6.2.7 Kongsberg Gruppen ASA
6.2.8 Textron Inc.
6.2.9 John Cockerill S.A.
6.2.10 Moog Inc.
6.2.11 Rafael Advanced Defense Systems Ltd.
6.2.12 Electro Optic Systems (EOS)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Turret Systems Industry Segmentation
A turret system is a rotating platform or structure that can mount various weapons, sensors, or equipment. Turret systems, such as tanks, are commonly used in military vehicles to provide a 360-degree field of fire and increase situational awareness. The Turret systems market study includes details regarding the firing systems, turret drives, control, and stabilization units under development and production, as well as their demand from the military sector.
The Turret Systems Market is segmented by aircraft platform, type, and geography. Based on the platform, the market is divided into air, land, and sea. By type, it is divided into manned and unmanned. The report also covers the market sizes and forecasts for the turret systems market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Turret SystemsMarket Research FAQs
How big is the Turret Systems Market?
The Turret Systems Market size is expected to reach USD 20.39 billion in 2024 and grow at a CAGR of 2.76% to reach USD 23.36 billion by 2029.
What is the current Turret Systems Market size?
In 2024, the Turret Systems Market size is expected to reach USD 20.39 billion.
Who are the key players in Turret Systems Market?
Rheinmetall AG, BAE Systems plc, Elbit Systems Ltd., Leonardo S.p.A. and General Dynamics Corporation are the major companies operating in the Turret Systems Market.
Which is the fastest growing region in Turret Systems Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Turret Systems Market?
In 2024, the North America accounts for the largest market share in Turret Systems Market.
What years does this Turret Systems Market cover, and what was the market size in 2023?
In 2023, the Turret Systems Market size was estimated at USD 19.83 billion. The report covers the Turret Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Turret Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turret SystemsIndustry Report
Statistics for the 2024 Turret Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turret Systems analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
