Turret System Market

Turret System Market Insights 

The Turret System Market is projected to grow at USD 19.82 Billion in 2022 and is likely to grow at a CAGR of 2.86% during 2022-2028 to reach USD 23.48 Billion in 2028.

Market Drivers

Factors, such as rising demand for turret gun systems from military forces, overhauling of prevalent warfare platforms with progressive technology, and military modernization agendas in various countries are expected to drive the growth of the global turret system market.

What is Turret System?

Turret system uses a bearing technology that allow the rotating of a vessel around the turret’s geostatic part. The turret system can be attached to the internal or external area depending upon the hull structure of the vessel.

Turret System can be used for land, water or for the airborne activities. They can be manned as well as unmanned and have some of the basic and important components such as turret drive, stabilization unit, and turret control unit.

Market Share Analysis

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Turret System Market Share: By Platform Type 

The market is segmented as land, naval, and airborne. The land segment is estimated to register the highest growth in the coming five years. This growth is owing to the fact that turrets are extensively adopted on various land warfare vehicles, such as tanks, AFVs, LPVs, and others. The number of turret system in defense sector has paced up substantially in the past few years, majorly driven by the high number of new modular turrets engineered globally. Military forces extensively adopt these modular turret systems and the modular mechanical and electronic architecture of turret systems empower them to accommodate a wide range of mission systems and sensors.

Turret System Market Share: By Type 

The market is segmented as manned turret and unmanned turret. The manned turret segment is dominant in the market. However, the unmanned turret segment is expected to depict a higher growth during the forecast period. The adoption of unmanned turret systems has augmented among defense forces as these systems can be installed on a wide range of warfare platforms, such as new range of Light Protected Vehicles (LPVs), Mine-Resistant Ambush Protected (MRAPs) military vehicles, and others.

Turret System Market Share: By Region 

The turret system market in Asia-Pacific is estimated to witness the highest growth in the coming five years. The market in the Asia-Pacific region is driven by the continuous upgrade of warfare platforms. China, India, and South Korea are the growth engines of the region that are investing in turret system and related technologies. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Some of the major players in the turret system market are-

• BAE Systems plc
• Control Solutions Inc.
• Curtiss-Wright Corporation
• Denel Vehicle Systems
• Elbit Systems Ltd.
• Jenoptik AG
• Leonardo Spa
• Moog Inc.
• Otokar Otomotiv ve Savunma Sanayi A.
• Rheinmetall AG.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The turret system market is segmented into the following categories. 

Turret System Market Size, Share, & Forecast, by Platform Type:

• Land
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Platform Type Analysis: Vehicle Platform and Stationary)
• Naval
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Platform Type Analysis: Destroyers, Frigates, Corvettes, OPVS, and Others)
• Airborne
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Platform Type Analysis: Helicopters, Combat Support Aircraft, and Unmanned Aerial Vehicles (UAVs))

Turret System Market Size, Share, & Forecast, by Type:

• Manned Turret (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Unmanned Turret (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Turret System Market Size, Share, & Forecast, by Component Type:

• Turret Drive
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Component Type Analysis: Manual, Electric, Electro-Mechanical, and Electro-Hydraulic)
• Turret Control Unit
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Component Type Analysis: Motor Controller, Power Unit, and Others)
• Stabilization Unit (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Turret System Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by platform type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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