The turret system market is projected to grow from USD 19.7 billion in 2022 to USD 22.6 billion by 2027, registering a CAGR of 2.8% during the forecast period. The market is driven by the increasing demand for turret systems for armored vehicles to tackle cross-border conflicts and the rising incidence of asymmetric warfare across the globe.
Key players in the turret system market include Moog Inc. (US), Elbit System (Israel), Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), Rafael Advanced Systems Ltd. (Israel), among others. The report covers various industry trends and new technological innovations in the turret system market for 2018–2027.
"Land: dominant segment of turret system market by platform. "
Based on platform, the turret system market has been segmented into land, airborne, and naval. The land segment is projected to grow at the highest CAGR during the forecast period.
"Unmanned: fastest-growing segment of turret system market by type. "
Based on type, the turret system market has been segmented into manned and unmanned. The unmanned segment is projected to grow at a higher CAGR than the manned segment during the forecast period. This is attributed to its wide applicability and ease of operation on all platforms.
"Turret drive: leading and fastest-growing segment of turret system market by component. "
Based on component, the market has been segmented into turret drive, turret control system, and stabilization unit. The turret drive segment is projected to lead the turret system market during the forecast period.
"North America: largest contributing region in turret system market."
The North American turret system market is projected to witness remarkable growth during the forecast period. The region is increasingly focusing on procuring technologically advanced turret systems for land combat vehicles, owing to their growing deployment in overseas operations undertaken by countries such as the US. The presence of many turret systems and component manufacturers in the country will further fuel the market growth. The US is one of the largest developers, operators, and exporters of turret systems globally, making the North American region one of the largest consumers of turret systems.
Breakdown of primaries
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-Level - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 25%, Asia Pacific - 45%, Europe - 15%, Rest of the World - 15%
Major companies profiled in the report are Moog Inc. (US), Elbit System (Israel), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Rafael Advanced System Ltd. (Israel), and Rheinmetall AG (Germany), among others. (26 Companies)
This report provides an analysis of the turret system market from 2022 to 2027. It discusses industry and technology trends currently prevailing in the market. The report analyzes the factors driving and restraining the market growth, along with the challenges faced by this market. It also provides information on the growth opportunities for the market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, solutions & services, key strategies, new product launches, mergers & partnerships, and agreements associated with the market.
Reasons To buy this report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall turret system market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market penetration: Comprehensive information on turret systems offered by the top players in the market
- Product development/innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the turret system market
- Market development: Comprehensive information about lucrative markets; the report analyzes the turret system market across regions
- Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the turret system market
- Competitive assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the turret system market