Northbrook, IL 60062 -- (SBWIRE) -- 11/28/2022 -- 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.
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 growth of the turret system market, as well as the challenges faced by this market. It also provides information on the growth opportunities for the market.
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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. The growth of land segment is contributed with increasing focus of major countries like US, India, France, etc on their military modernization plans. These countries are also investing heavily in procuring advanced land combat vehicles with modernized weapons systems.
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 the technological advancements in unmanned turrets, a widely accepted form of the turret weapon system in most countries.
Based on component, the turret system market has been segmented into turret drive, turret control system, and stabilization unit. Turret drive is projected to lead the component segment of the turret system market from 2022 to 2027.
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North America led the market in 2022, with the US accounting for the largest share (47.9%) of the regional market. The North American turret system market is projected to witness significant growth during the forecast period. The region is increasingly focusing on modernization of its armed forces by procuring advanced combat vehicles, fighter aircraft, and military naval vessels, owing to their growing deployment in overseas operations undertaken by the US. The US is the largest manufacturer, developer, operator, and exporter of turret systems globally, making North America one of the largest consumers across various platforms.
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Turret System Market Worth $22.6 billion by 2027