Turret System Global Market Report 2024

Description

“Turret System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on turret system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for turret system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The turret system market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Component: Turret Drive; Turret Control System; Stabilization Unit
2) By Type: Manned; Unmanned
3) By Application: Land; Naval; Airborne
Companies Mentioned: Moog Inc.; Elbit Systems Ltd; BAE Systems plc; Control Solutions Inc.; Curtiss-Wright Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Turret Systems pertain to systems equipped with multi-mission capabilities designed to augment the efficiency of combat vehicles. These systems are adaptable for integration with other systems and are characterized by flexible mission payloads featuring open architectures to accommodate diverse missions.

The primary components of turret systems encompass the turret drive, turret control system, and stabilization unit. The turret drive is a remotely controlled modular turret system known for its high performance, capable of carrying an array of sensors, weapons, and missile systems. These turrets are available in both manned and unmanned variations, applicable across land, naval, and airborne settings.

The turret system software market research report is one of a series of new reports from The Business Research Company that provides turret system software market statistics, including turret system software industry global market size, regional shares, competitors with a turret system software market share, detailed turret system software market segments, market trends and opportunities, and any further data you may need to thrive in the turret system software industry. This turret system software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The turret system market size has grown steadily in recent years. It will grow from $19.89 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The expansion observed in the historical period can be ascribed to the increasing trends of industrial automation, evolving threat landscapes, geopolitical shifts, emphasis on designs that are modular and adaptable, advancements in target acquisition and tracking, and improvements in crew safety and survivability.

The turret system market size is expected to see steady growth in the next few years. It will grow to $23.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The anticipated expansion in the forecast period is linked to the increasing occurrences of threats and conflicts, the incorporation of AI and autonomous capabilities, emphasis on modularity and interoperability, attention to counter-drone capabilities, the deployment of electromagnetic weapon systems, and the implementation of enhanced survivability measures. Notable trends expected in the forecast period encompass the uptake of unmanned turrets, efforts towards miniaturization and weight reduction, integration of multi-sensor systems, emphasis on directed energy weapons (DEWs), and the advancement of smart and adaptive turret technologies.

The growth trajectory of the turret systems market is expected to be significantly influenced by the increasing adoption of unmanned systems in the future. Unmanned systems, commonly referred to as drones, are aircraft without a human pilot, crew, or passengers. These automated systems contribute to troop safety by placing them within a more protective enclosure. As the utilization of unmanned systems continues to rise, there will be a heightened demand for turret systems that can be remotely controlled. For example, in April 2023, the Federal Aviation Administration (FAA), a US government agency, reported that out of the 872,248 drones registered in the United States, 338,614 were designated for commercial use. The FAA estimates that the number of commercial drones operating in the United States could reach 858,000 by 2026. Thus, the increasing adoption of unmanned systems is a driving force behind the growth of the turret systems market.

The factor expected to contribute to the expansion of the turret systems market is the increasing defense budgets. Defense budgets entail the allocation of financial resources by a government or organization specifically for defense and military purposes. These budgets fund various military capabilities, including the acquisition, development, and maintenance of turret systems, as well as investments in research, development, and the integration of advanced technologies into these systems. For instance, in September 2023, Bloomberg Government, a US-based industry group providing data-driven decision tools, news, and analytics, reported that the US defense budget for the fiscal year 2023 amounted to $773 billion, representing a 4.2% nominal growth or 1.5% real growth after adjusting for inflation compared to the previous year. Consequently, the increasing defense budgets play a pivotal role in propelling the growth of the turret systems market.

The turret systems market is experiencing a significant trend with the widespread adoption of artificial intelligence (AI). Major companies in the turret systems sector are integrating new AI technologies to maintain their competitive positions. For instance, in September 2022, Smart Shooter Ltd., an Israel-based fire control system provider, introduced an AI-powered turret in the West Bank. This turret is capable of firing sponge-tipped bullets, tear gas, and shock grenades. Deployed as part of an experimental program, the turret aims to manage crowds at a checkpoint that has witnessed conflicts between Palestinian protesters and Israeli soldiers.

Prominent companies in the turret systems industry are adopting a strategic partnership approach to access advanced technologies, share costs and risks, expand their global reach, and expedite time-to-market. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. In a notable example from September 2022, Hyundai Rotem, a South Korea-based manufacturing plant company, collaborated with Kongsberg Defense & Aerospace, a Norway-based aerospace company. This partnership focuses on developing unmanned turrets for next-generation vehicles, directly relevant to the turret systems market. The joint efforts aim to create unmanned turrets and drone attack protection systems for installation in next-generation tanks, including military tanks and armored vehicles.

In February 2023, Yinson Holdings Bhd, a Malaysia-based energy infrastructure and technology company, completed the acquisition of London Marine Consultants Limited (LMC) for an undisclosed amount. This acquisition is geared towards expanding their business and diversifying their services. London Marine Consultants Limited (LMC) is a UK-based marine company specializing in engineering design and the supply of mooring systems, encompassing External Turrets, Internal Turrets, disconnectable Turrets, and Spread Mooring Systems.

Major companies operating in the turret system market report are Moog Inc., Elbit Systems Ltd., BAE Systems plc, Control Solutions Inc., Curtiss-Wright Corporation, Rheinmetall AG, Denel Vehicle Systems, Leonardo S.p.A, Rafael Advanced Defense Systems Ltd., General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, The CMI Group, Woodward Inc., Otokar Otomotiv ve Savunma Sanayi A, Jenoptik AG, Raytheon Technologies Corporation, Nexter Group, Saab AB, Hanwha Defense, Oshkosh Corporation, Thales Group, RUAG Group, IMI Systems Ltd., Aselsan A.S., Kongsberg Defence & Aerospace AS, Bharat Electronics Limited, Ukroboronprom, FNSS Savunma Sistemleri A.S., ST Engineering, Krauss-Maffei Wegmann GmbH & Co. KG, NORINCO International Cooperation Ltd., ASELSAN Malaysia Sdn Bhd, TATA Advanced Systems Limited, Serco Group plc, Vingtech Corp., Mitsubishi Heavy Industries Ltd.

North America was the largest region in the turret system market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the turret system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the turret system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The turret system market includes revenues earned by entities by enabling communication, reducing gunner fatigue, and offering the ability to control the heavily armored gun turret while keeping eyes on the mission and hands on the weapon. The market value includes the value of related goods sold by the service provider or included within the service offering. The turret system market consists of sales of a lathe, turret head, crown turret, and 4-position indexing turret. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12166

1. Executive Summary

2. Turret System Market Characteristics

3. Turret System Market Trends And Strategies

4. Turret System Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Turret System Market Size and Growth

5.1. Global Turret System Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Turret System Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Turret System Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Turret System Market Segmentation

6.1. Global Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Turret Drive
Turret Control System
Stabilization Unit
6.2. Global Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Manned
Unmanned
6.3. Global Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Land
Naval
Airborne

7. Turret System Market Regional And Country Analysis

7.1. Global Turret System Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Turret System Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Turret System Market

8.1. Asia-Pacific Turret System Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Turret System Market

9.1. China Turret System Market Overview
9.2. China Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Turret System Market

10.1. India Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Turret System Market

11.1. Japan Turret System Market Overview
11.2. Japan Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Turret System Market

12.1. Australia Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Turret System Market

13.1. Indonesia Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Turret System Market

14.1. South Korea Turret System Market Overview
14.2. South Korea Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Turret System Market

15.1. Western Europe Turret System Market Overview
15.2. Western Europe Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Turret System Market

16.1. UK Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Turret System Market

17.1. Germany Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Turret System Market

18.1. France Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Turret System Market

19.1. Italy Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Turret System Market

20.1. Spain Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Turret System Market

21.1. Eastern Europe Turret System Market Overview
21.2. Eastern Europe Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Turret System Market

22.1. Russia Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Turret System Market

23.1. North America Turret System Market Overview
23.2. North America Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Turret System Market

24.1. USA Turret System Market Overview
24.2. USA Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Turret System Market

25.1. Canada Turret System Market Overview
25.2. Canada Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Turret System Market

26.1. South America Turret System Market Overview
26.2. South America Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Turret System Market

27.1. Brazil Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Turret System Market

28.1. Middle East Turret System Market Overview
28.2. Middle East Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Turret System Market

29.1. Africa Turret System Market Overview
29.2. Africa Turret System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Turret System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Turret System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Turret System Market Competitive Landscape And Company Profiles

30.1. Turret System Market Competitive Landscape
30.2. Turret System Market Company Profiles
- 30.2.1. Moog Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Elbit Systems Ltd
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. BAE Systems plc
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Control Solutions Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Curtiss-Wright Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Turret System Market Competitive Benchmarking

32. Global Turret System Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Turret System Market

34. Turret System Market Future Outlook and Potential Analysis

34.1 Turret System Market In 2028 - Countries Offering Most New Opportunities
34.2 Turret System Market In 2028 - Segments Offering Most New Opportunities
34.3 Turret System Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer