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Turret System Market Outlook, Growth, Size And Analysis Through 2024-2033
Turret System Market Outlook
As per the report, 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 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%.
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Rapid Rise In Unmanned Systems Fuels Growth In Turret Systems Market
The increasing adoption of unmanned systems is expected to propel the growth of the turret systems market going forward. A drone, also known as an unmanned system, is a plane that does not have a human pilot, crew, or passengers. The automated system protects the troops by putting them in a lower, more protective shell. When the use of unmanned systems grows, there will be greater demand for turret systems that can be controlled remotely. For instance, in April 2023, according to the Federal Aviation Administration (FAA), a US-based government agency, a total of 338,614 of the 872,248 drones registered in the United States are for commercial use. According to the agency, the number of commercial drones operating in the United States might reach 858,000 by 2026. Therefore, the increasing adoption of unmanned systems is driving the growth of the turret systems market.
Integration Of Artificial Intelligence For Enhanced Control And Precision
The implementation of artificial intelligence is a key trend gaining popularity in the turret systems market. Major companies operating in the turret systems market are implementing new AI intelligence to sustain their position in the market. For instance, in September 2022, Smart Shooter Ltd., an Israel-based fire control system, launched an AI-powered turret on the west bank. This turret can fire sponge-tipped bullets, tear gas, and shock grenades. The turret was put in as part of an experimental program. It will be used to clear the crowds at the checkpoint, which has seen conflicts between Palestinian protesters and Israeli soldiers.
The turret system market covered in this report is segmented -
1) By Component: Turret Drive, Turret Control System, Stabilization Unit
2) By Type: Manned, Unmanned
3) By Application: Land, Naval, Airborne
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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.
Contents of the report:
1. Executive Summary
2. Turret System Market Report Structure
3. Turret System Market Trends And Strategies
4. Turret System Market - Macro Economic Scenario
5. Turret System Market Size And Growth
…..
27. Turret System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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