Market Trends of Turret Systems Industry
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.
