The global turret system market is growing at a significant CAGR of around 7.0% during the forecast period (2020-2026). Turret system is one of the major components of a vessel or any floating production unit, such as Floating Production Storage and Offloading (FPSO). It supports various functions, which includes weathervane, uplifting of oil & gas, and others. There are various pivotal factors that are driving the turret system market, such as rising military spending, increasing adoption of turret guns and unmanned aerial vehicles. Major factor attributing to the high expenditure on defense is an important concern of the governments to take lead as the world leader in the military and defense industry.

Moreover, the continuous demand for technologically advanced systems will offer growth to the turret system market during the forecast period. Along with the developed economies such as the US, the emerging economies such as China, Israel, and India are moving rapidly towards the modernization of defense forces to maintain the competitiveness of the armed forces. However, the complexity of turret system and frequent mechanical and electrical failures will affect the market growth during the forecast period.

Segmental Outlook  

The turret system market is classified on the basis of type and platform. Based on type, the market is bifurcated into manned and unmanned. Based on platform, the market is segregated into air, naval, and land. 

Global Turret system Market Share by Type, 2019 (%)

Unmanned turret system will exhibit the highest CAGR in the turret system market

Manned turret system contributes major share in the turret system market. However, the unmanned turret system market is estimated to project a considerable CAGR during the forecast period. Increasing demand for advanced border protection and surveillance solutions is encouraging the demand for UAVs. The demand for UAVs for military applications in Asia-Pacific is remarkable due to increasing internal and external security threats and initiatives for modernization by armed forces. Therefore, increasing demand for UAVs is primarily boosting the growth of the turret system market.

Regional Outlook 

The global turret system market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. North America holds a significant share in the global turret system market. The US plays a considerable role in geographic contribution of North America in global turret system market, attributing to the presence of huge number of market players, such as Moog, Inc. Moreover, the US has a high military spending which acts as a catalyst for the market growth in North America. The major factors attributing to the US as the highest contributor in defense expenditure include growth in the modernization of military and war techniques, the requirement of highly advanced weapons, and others. According to the SIPRI, the total expenditure of the US was around $649 billion, China was $250 billion, Saudi Arabia was $67.5 billion, Russia was $61.3 billion, India was $66.5 billion, and France was $63.8 billion in 2018.

Global Turret system Market Growth, by Region 2020-2026

Asia-Pacific is expected to propel with a considerable growth rate in the global market

Asia-Pacific is estimated to project a considerable CAGR in the global turret system market. Countries in Asia-Pacific that are contributing to the market growth include China, India, and Japan. This rise in military spending results due to encouragement in the modernization of military power and rising demand for electronic warfare systems. Globally, China held second position in military spending with $250 billion in 2018. Moreover, India held the fourth position and invested $66.5 billion in 2018, as per SIPRI. Furthermore, Indian government initiative referred to as Make in India is intended to strengthen the defense-industrial base by using measures that include reforming the capitalization on foreign direct investment (FDI). FDI in defense sector is one of the crucial factors supporting the military modernization in India.

Market Players Outlook

The key players in the turret system market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global turret system market include BAE Systems PLC, Bluewater, Moog, Inc., Otokar, Rheinmetall AG, L3Harris Technologies, Inc., Electro Optic Systems (EOS), Curtiss-Wright Corp., SBM Offshore Group, and Elbit Systems Ltd. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market. For instance, in February 2019, the Government of Australia launched T-2000 turret, an advanced turret system designed for armoured vehicles. It was developed by Electro Optic Systems (EOS) in collaboration with Elbit Systems Ltd. Post the success launch of T-2000 turret, the EOS is planning to set up a permanent manufacturing plant for turret system.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global turret system market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.