Overview and Scope
Turret Systems refers to system equipped with multi-mission systems used to enhance the effectiveness of combat vehicles. These systems can be integrated with other systems and feature flexible mission payloads with open architectures to accommodate various missions.
Sizing and Forecast
The turret system market size has grown steadily in recent years. It will grow from $19.89 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to growing industrial automation, threat landscape and geopolitical shifts, focus on modular and adaptable designs, improvements in target acquisition and tracking, enhanced crew safety and survivability.
The turret system market size is expected to see steady growth in the next few years. It will grow to $23.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to rising threats and conflicts, integration of ai and autonomous capabilities, modularity and interoperability, focus on counter-drone capabilities, electro-magnetic weapon systems, enhanced survivability measures. Major trends in the forecast period include adoption of unmanned turrets, miniaturization and weight reduction, integration of multi-sensor systems, focus on directed energy weapons (dews), development of smart and adaptive turrets.
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Segmentation & Regional Insights
The turret system market covered in this report is segmented –
1) By Component: Turret Drive, Turret Control System, Stabilization Unit
2) By Type: Manned, Unmanned
3) By Application: Land, Naval, Airborne
North America was the largest region in the turret system market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the turret system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of unmanned systems is expected to propel the growth of the turret systems market going forward. A drone, also known as an unmanned system, is a plane that does not have a human pilot, crew, or passengers. The automated system protects the troops by putting them in a lower, more protective shell. When the use of unmanned systems grows, there will be greater demand for turret systems that can be controlled remotely. For instance, in April 2023, according to the Federal Aviation Administration (FAA), a US-based government agency, a total of 338,614 of the 872,248 drones registered in the United States are for commercial use. According to the agency, the number of commercial drones operating in the United States might reach 858,000 by 2026. Therefore, the increasing adoption of unmanned systems is driving the growth of the turret systems market.
Key Industry Players
Major companies operating in the turret system market report are Moog Inc., Elbit Systems Ltd, BAE Systems plc, Control Solutions Inc., Curtiss-Wright Corporation, Rheinmetall AG, Denel Vehicle Systems, Leonardo S.p.A, Rafael Advanced Defense Systems Ltd, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, The CMI Group, Woodward Inc., Otokar Otomotiv ve Savunma Sanayi A, Jenoptik AG, Raytheon Technologies Corporation, Nexter Group, Saab AB, Hanwha Defense, Oshkosh Corporation, Thales Group, RUAG Group, IMI Systems Ltd., Aselsan A.S., Kongsberg Defence & Aerospace AS, Bharat Electronics Limited, Ukroboronprom, FNSS Savunma Sistemleri A.S., ST Engineering, Krauss-Maffei Wegmann GmbH & Co. KG, NORINCO International Cooperation Ltd., ASELSAN Malaysia Sdn Bhd, TATA Advanced Systems Limited, Serco Group plc, Vingtech Corp., Mitsubishi Heavy Industries Ltd.
The turret system market report table of contents includes:
1. Executive Summary
2. Turret System Market Characteristics
3. Turret System Market Trends And Strategies
4. Turret System Market – Macro Economic Scenario
5. Global Turret System Market Size and Growth
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31. Global Turret System Market Competitive Benchmarking
32. Global Turret System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Turret System Market
34. Turret System Market Future Outlook and Potential Analysis
35. Appendix
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