Turret System Market worth 2.88 Bn USD by 2022

Tuesday 31 October 2017, Amsterdam

According to the new report, now available on ASDReports, "Turret System Market by Platform (Land, Naval, Airborne), Type (Manned, Unmanned), Component (Turret Drive, Turret Control Unit, Stabilization Control), and Region - Global Forecast to 2022", 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.  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.

Among platforms, the land segment is leading the turret system market
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 unmanned segment of the turret system market is expected to grow at a high rate during the forecast period
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.

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.