The global turret system market size 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. The increased demand for turret guns such as remote weapon stations, tank turrets, and naval guns, from military forces and rising incidences of asymmetric warfare across the globe are driving the growth of the market for turret systems.
Based on platform, the land segment is leading the turret system market and is expected to continue its dominance till 2022. Turret system is widely used on land warfare platforms such as tanks, Infantry Fighting Vehicles (IFVs), Armored Fighting Vehicles (AFVs), Light Protected Vehicles (LPVs), and others.
Based on type, the turret system market has been segmented into manned and unmanned. The manned segment leads the global market; however, the unmanned segment is projected to grow at a high rate during the forecast period. This growth can be attributed to the increase in funding for research and development, rising demand for safer and enclosed turrets, modernization programs, and procurement of new military equipment.
Browse In-depth Insights: https://www.marketsandmarkets.com/Market-Reports/turret-system-market-33751132.html
The markets for turret system in Asia Pacific is projected to grow at a high rate during the forecast period
The rapid growth of the turret system market in Asia Pacific can be attributed to the increased defense spending of emerging countries such as India and China of this region. These countries are focusing more on developing unmanned systems, which can assist in military applications.
Major players operating in the turret system market are JENOPTIK (Germany), MOOG (US), Otokar (Turkey), Curtiss-Wright (US), CMI Group (Belgium), Woodward (US), Elbit Systems (Israel), and others.
MOOG is a major player in the turret system market. The company focuses on contracts with the defense forces of different countries and is carrying out extensive R&D activities for turret systems. The company is heavily investing in its R&D activities. MOOG INC. has a comprehensive product portfolio that consists of various types of turret systems for land, airborne, and naval platforms. The company focuses on both, organic as well as inorganic growth strategies to enhance its position in the turret system market. For instance, in 2016, Moog Space and Defense Group, a subsidiary of MOOG, developed and tested the Reconfigurable Integrated-weapons Platform (RIWP) for new build tracked and wheeled Armored Fighting Vehicles (AFVs) to enhance their firepower capabilities. The company also received a contract in 2016 to supply advanced turret systems to support FNSS (Turkey) who is the sole provider of turret drive system and other equipment for the SABER- 25 Turret Program
JENOPTIK develops tried and tested products and systems level for a variety of military applications. It has become one of the largest defense contractors in Germany. It has adopted various organic growth strategies to enhance its position in the turret system market. It generates the majority of its revenue through long-term contracts with the European government. For instance, in March 2017, the company received a contract from the government of Poland to supply 126 electric turret and weapon stabilization systems for its Leopard 2 tank.
Get Sample Here: https://www.marketsandmarkets.com/requestsampleNew.asp?id=33751132
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441