New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Turret System Global Market Report 2023" - https://www.reportlinker.com/p06479962/?utm_source=GNW
, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, The CMI Group, Woodward, Inc., Otokar Otomotiv ve Savunma Sanayi A, and Jenoptik AG.
The global turret systems market is expected to grow from $19.06 billion in 2022 to $19.89 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The turret systems market is expected to reach $22.68 billion in 2027 at a CAGR of 3.3%.
The turret system market includes revenues earned by entities by enabling communication, reducing gunner fatigue, and offering the ability to control the heavily armored gun turret while keeping eyes on the mission and hands on the weapon.The market value includes the value of related goods sold by the service provider or included within the service offering.
The turret system market consists of sales of a lathe, turret head, crown turret, and 4-position indexing turret.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Turret Systems refers to system equipped with multi-mission systems used to enhance the effectiveness of combat vehicles. These systems can be integrated with other systems and feature flexible mission payloads with open architectures to accommodate various missions.
North America was the largest region in the turret system market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in turret system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of turret systems are turret drive, turret control system, and stabilization unit.A turret drive is a high-performance, remotely controlled modular turret system, which is capable of carrying various sensors, weapons, and missile systems.
These are available in manned and unmanned types, that are applied in land, naval, and airborne applications.
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.
In February 2023, Yinson Holdings Bhd, a Malaysia-based energy infrastructure and technology company acquired London Marine Consultants Limited (LMC) for an undisclosed amount.This deal is about developing their business and increasing their services.
London Marine Consultants Limited (LMC) is a UK-based marine company specializing in the engineering design and supply of mooring systems, including External Turrets, Internal Turrets, Disconnect able Turrets, and Spread Mooring Systems.
The countries covered in the turret system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The turret system software market research report is one of a series of new reports that provides turret system software market statistics, including turret system software industry global market size, regional shares, competitors with a turret system software market share, detailed turret system software market segments, market trends and opportunities, and any further data you may need to thrive in the turret system software industry. This turret system software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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