Turret System Market to offer a healthy CAGR of 8.2% during 2020-25
February 13, 2020
Turret System Market Overview:
Turret system market is likely to witness an impressive CAGR of 8.2% during the forecast period. 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.
Report Overview:
This new report from Stratview Research analyses the Turret System Market over the trend period from 2014 to 2019 and forecast period from 2020 to 2025. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Turret System Market Segment Insights:
Land The growth engine
Based on the 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.
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A highly/moderately/fragment consolidated Market
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.?, and Rheinmetall AG.
Regional Hegemony of North America & the dominance of Manned Turret
In terms of regions, 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.
Based on the 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.
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