CHICAGO, Nov. 14, 2022 /PRNewswire/ — Turret system market is projected to grow from USD 19.7 billion in 2022 to USD 22.6 billion by 2027, registering a CAGR of 2.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is driven by factors such as military modernization plans across the globe and increased adoption of unmanned systems across platforms.
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Key players in the turret system market include Rheinmetall AG (Germany), Moog Inc. (US), Northrop Grumman Corporation (US), BAE Systems (UK), and Lockheed Martin Corporation (US), among others. The report covers various industry trends and new technological innovations in the turret system market for 2018-2027.
Military modernization plans across the globe.
Military forces across the globe are carrying out modernization programs to enhance the capabilities of their existing armored vehicles. These programs aim to increase armored vehicles endurance, flexibility, and strength. Manufacturers focus on incorporating main guns, remote weapons, ballistic armor, and composite technologies. For instance, advancements in weapon technologies have led to the increased range and accuracy of self-propelled artillery systems.
Military forces are developing fully-integrated artillery solutions equipped with smart technology and automatic laying and loading capacities, in addition to incorporating fire control systems (FCS) and modular weapons. They are also focused on acquiring advanced artillery systems and precision-guided munitions to neutralize threats from anti-tank weapons effectively. Countries such as India, the US, China, the Philippines, Russia, the UK, France, and Israel have various ongoing combat vehicle modernization programs, which are expected to boost the demand for modernized turret systems during the forecast period.
Land segment to lead turret system market by platform during the forecast period.
Based on platform, the turret system market has been segmented into land, airborne, and naval. The land segment of the turret system market is projected to lead the market during forecast period. Increasing modernization plans, use of advanced weapon systems in land combat vehicles are some of the factor responsible for the growth of the segment. The land segment is projected to grow from USD 12.0 billion in 2022 to USD 13.9 billion by 2027, at a CAGR of 2.8% during the forecast period. The increasing demand for light armored vehicles (LAVs), main battle tanks (MBTs), and infantry fighting vehicles (IFVs) with lethal modernized turret systems are expected to contribute to the growth of the land segment during the forecast period.
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North America is projected to account for the largest market share in the turret system market.
North America led the market in 2022, with the US accounting for the largest share (47.9%) of the regional market. The North American turret system market is projected to witness significant growth during the forecast period, as the region is increasingly focusing on procuring advanced combat vehicles, fighter aircraft, and military naval vessels, owing to their growing deployment in overseas operations undertaken by the US. These developments is expected to strengthen the land force in the US. The US is the largest manufacturer, developer, operator, and exporter of turret systems globally, making North America one of the largest consumers across various platforms.
Major companies profiled in the report are Moog Inc. (US), Elbit Systems (Israel), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Leonardo S.P.A (Italy), and Rafael Advanced Defense Systems Ltd. (Israel), among others. (26 Companies)
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