Armored Vehicle Turret System Market Size, Share and Russia-Ukraine War Impact Analysis, By Type (Manned and Unmanned) By Component (Turret Drive, Turret Control System, Stabilization Unit, and Others) By Weight (Light Weight Systems and Heavy Duty Systems) By Application (Tanks and Armored cars), and Regional Forecast, 2024-2032

The global Armored Vehicle Turret System Market is undergoing notable growth, with a substantial CAGR expected during the forecast period leading up to 2032. The armored vehicle turret system is a new advanced system in an armored vehicle where it is mounted at the top of the vehicle to house various weapon systems such as cannons, arrays of sensors, machine guns or missile launchers. Soldiers now get a chance to evaluate and train with a new armored turret system for the armored multipurpose vehicle. The turret system is designed for a wide range of combat and security missions.   

Key Market Insights:

Military forces from every country are developing fully integrated artillery solutions with smart technology, fire control systems, and modular weapons. The primary driving factor for the armored vehicle turret system market is the growth in defense spending by various countries such as U.S. and India and modernization and procurement programs to increase military strength. For instance, India invested in the defense sector USD 722.47 billion in the budget 2023-24, which is significantly 13% more than the previous year.

The introduction of autonomous capabilities into the existing turret systems, such as color vision, night vision and range fixing, enhances the armored vehicle with more accuracy, effectiveness, and lethality and will help the growth of the industry during the forecast period. Moreover, the key trend of this market is the lightweight armored system with lighting solutions with enhanced EMC (electromagnetic compatibility) and integration with a digital solution. The system may be software controlled, helping to do the remote operation and light dimming during critical wartime.

However, the high development cost is the key restraining factor for which the growth of this market may be decelerated. Advanced turret system needs more time, cost, and technological complexity, so delivering these vehicles can’t meet the demand quickly. Also, due to its complexity, it needs more power and mechanical stability. So, mechanical or power failures lead to a severe breakdown in any military operation.

Impact of Russia-Ukraine War on Armored Vehicle Turret System Market:

The ongoing conflict of the Russia-Ukraine war significantly impacted the armored vehicle turret system market. Both countries are large players in the defense industry, and their conflict has led to a surge in demand for the ammunition market. The use of advanced technology weapons by Russia, such as ‘Kinjhal,’ an air-launched advanced type of hypersonic missile range of 2000 km and flies ten times faster than sound, and also tigr, a 4*4 multipurpose all terrain infantry vehicle, has effectively boosted the Armored Vehicle Turret System Market.

The Armored Vehicle Turret System Market is segmented into different types. by type, it is segmented into manned and unmanned. based on component, the market is divided into turret drive, turret control system, stabilization unit and others. based on weight, this market is fragmented into light weight systems and heavy duty systems. based on application, the market is segmented to tanks and armored cars. from a geographical view, the market is categorized into North America, Europe, Asia Pacific, and The Rest of the World.

Key Insights:

The report will cover the following key insights:

• The report analyzes a detailed industry overview, including qualitative and quantitative information.


• The report analyzes an overview and forecast of the Armored Vehicle Turret System Market based on various segments.


• The report also analyzes comprehensive PEST analysis for all four regions, i.e., North America, Europe, Asia-Pacific, and the Rest of the World, after evaluating economic, social, political and technological factors affecting the impact of the Armored Vehicle Turret System Market in these regions.

Regional Analysis:

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North American region is expected to dominate the Armored Vehicle Turret System market share during the forecasted period due to the focus on procuring advanced combat weapons fighter aircraft and developing advanced technology and owing to their growing deployment in overseas operations undertaken by the U.S. 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. Also, the U.S. has the most manufacturers, developers, operators, and exporters in the armored vehicle turret system market which includes Northrop Grumman Corporation and Lockheed Martin Corporation.

Key Players Covered:

• Rheinmetall AG


• Moog Inc


• Northrop Grumman Corporation


• BAE Systems


• Lockheed Martin Corporation


• Leonardo SpA


• Elbit Systems Ltd


• Oshkosh Defense Corp


• Rafael Advanced Defense System


• Others

Segmentation:

Key Industry Developments:

• In December 2022, Oshkosh Defense won a contract of USD 543 Million from the U.S. Army to order 1,681 Joint Light Tactical Vehicles (JLTVs), 618 trailers (JLTV-T), and associated packaged and installed kits, which include armored vehicles also.


• In January 2021, Leonardo DRS, Inc. was awarded a contract of USD 600 million for 28 Initial maneuver short-range air defense Mission Equipment Packages (MEP) where the centerpiece of the MEP is a reconfigurable integrated weapons Platform turret.