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(MoneyNewsWire.Net, May 19, 2018 ) The turret system market is projected to grow from USD 2.07 Billion in 2017 to USD 2.88 Billion by 2022, at a CAGR of 6.86% from 2017 to 2022. Factors such as increasing demand for turret gun systems from military forces, overhauling of the existing warfare platforms with advanced technology, and military modernization programs in various countries are expected to drive the growth of the turret system market during the forecast period.
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Based on platform, the turret system market has been segmented into land, naval, and airborne. The land segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the fact that turrets are widely adopted on various land warfare vehicles, such as tanks, AFVs, LPVs, and others. The number of turret system in the defense sector has increased considerably in the past few years, mainly driven by the high number of new modular turret manufactured worldwide. Military forces widely adopt these modular turret systems and this modular mechanical and electronic architecture of turret systems enables them to accommodate a wide variety of mission systems and sensors.
Based on type, the turret system market is led by the manned turret segment. However, the unmanned turret segment is expected to grow at a high CAGR during the forecast period. The adoption of unmanned turret systems has increased among defense forces as these systems can be deployed on a variety of warfare platforms, such as new range of Mine-Resistant Ambush Protected (MRAPs) military vehicles and Light Protected Vehicles (LPVs), and others.
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The turret system market in Asia Pacific is expected to exhibit the highest growth during the forecast period. A key driver of the turret system market in the Asia Pacific region is the continuous upgrade of warfare platforms. China, India, and South Korea are the major countries that are investing in turret system and related technologies.
Declining defense budgets of developed economies of the world, the occurrence of mechanical, electrical, and failures in turret systems, and stringent technology sharing rules are some of the factors that are hindering the growth of the turret system market.
Key players operating in the global turret system market have been identified as MOOG (US), Jenoptik (Germany), Otokar (Turkey), Control Solution (US), Curtiss-Wright (US), Lockheed Martin (US), Elbit Systems (Israel), Woodward (US), Bae Systems (UK), Rheinmetall (Germany), CMI Group (Belgium), and others. Contracts are the major growth strategies adopted by the top players to strengthen their positions in the turret system market.
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