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Turret System Market Analysis, Trends, Growth, Research And Forecast 2033
Turret System Market Analysis
According to The Business Research Company's, 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 growth in the historic period can be attributed to growing industrial automation, threat landscape and geopolitical shifts, focus on modular and adaptable designs, improvements in target acquisition and tracking, enhanced 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 growth in the forecast period can be attributed to rising threats and conflicts, integration of ai and autonomous capabilities, modularity and interoperability, focus on counter-drone capabilities, electro-magnetic weapon systems, enhanced survivability measures. Major trends in the forecast period include adoption of unmanned turrets, miniaturization and weight reduction, integration of multi-sensor systems, focus on directed energy weapons (dews), development of smart and adaptive turrets.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Turret System Market 2024 Key Insights:
• The turret system market size will grow to $23.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%.
• Rapid Rise In Unmanned Systems Fuels Growth In Turret Systems Market
• Integration Of Artificial Intelligence For Enhanced Control And Precision
• 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
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