The Turret System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Turret System Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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