Friday, May 27th, 2022

Turret System Market is predicted to surpass 2.88 Billion USD by 2022

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.

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Regional Outlook

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.

Key Companies Outlook

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

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