The turret system market is projected to grow from USD 19.7 billion in 2022 to USD 22.6 billion by 2027, registering a CAGR of 2.8% during the forecast period. Turret systems provide maneuverability to the weapon systems mounted on them and assist in the automatic tracking of targets. They enhance the accuracy of firing capabilities and offer stability to weapon systems. Modern turret systems enable computer data acquisition for ballistic calculations. They also offer fire-on-the-move capability by ensuring gun stabilization during random disturbances generated by a platform moving on unconstrained terrains. Gun stabilization involves holding the gun orientation stationary relative to a reference on the ground.
Key players in the turret system market include Elbit Systems (Israel), Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), and Rheinmetall AG (Germany), among others. These players have been focusing on securing contracts from governments of different countries for their organic growth. The core competencies of these companies include increased investments in R&D activities and the development of new technologically advanced systems.
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ELBIT SYSTEM (ISRAEL)
Elbit Systems is an Israeli defense company engaged in the manufacturing and supply of strategic electronic products for defense services. Its products include unmanned systems, weapon systems, radar & fire control systems, electro-optics and communication, vacuum interrupters, electronic voting, telecom & SATCOM systems, semiconductor devices, microwave & transmitting tubes, and solar systems. The company offers a wide range of unmanned solutions for combat support, firefighting, and other defense applications. The company operates through five segments, namely Airborne systems, C4ISR systems, Land systems, Electro-optic systems, and Other systems.
LOCKHEED MARTIN CORPORATION (US)
Founded in 1995 and headquartered in Bethesda (US), Lockheed Martin specializes in the research, design, development, manufacture, and integration of advanced technology systems and related products & services in the aerospace, defense, and security sectors. It is listed on the New York Stock Exchange under the ticker symbol LMT.
The company operates through four segments, namely aeronautics, missiles and fire control (MFC), rotary and mission systems (RMS), and space systems. It offers turret systems through the RMS segment. Key subsidiaries of Lockheed Martin include Lockheed Martin Australia Pty. Limited, Lockheed Martin UK Limited, Lockheed Martin Canada Inc., Lockheed Martin Global, Inc., and Lockheed Martin Logistics Management, Inc. The company has a presence in the Americas, Europe, Asia Pacific, the Middle East, and Africa.
NORTHROP GRUMMAN CORPORATION (US)
Founded in 1994 and headquartered in Virginia (US), Northrop Grumman Corporation offers solutions in the autonomous systems, cyber, C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance), strike, and logistics & modernization segments. Northrop Grumman strongly focuses on innovation and development, which enhances its existing products and services. The company develops new products and services to meet its customers changing needs and requirements and address new market opportunities.
In FY2021, the company spent USD 1,100 million on research & development, which enabled the development of aeronautics, defense, mission, and space systems. It offers a portfolio of capabilities and technologies that enables it to deliver products, systems, and solutions for applications ranging from undersea to outer space and cyberspace. The Aeronautics segment designs, develops, integrates, and produces manned aircraft, autonomous systems, spacecraft, high-energy laser systems, microelectronics, and other systems/subsystems. Aerospace systems customers, primarily the US DoD and other US government agencies, use these systems in mission areas, including intelligence, surveillance, reconnaissance (ISR), strike operations, communications, earth observation, space science, and space exploration.
BAE SYSTEMS (UK)
BAE Systems is the worlds second-largest defense contractor, operating through five segments, namely Electronic Systems, Cyber & Intelligence, Platforms & Services, Air, and Maritime. The products & services offered by the company cater to air, land, maritime, and cybersecurity applications. It develops advanced defense systems for air, military, and naval forces. Some key subsidiaries are BAE Systems Integrated System Technologies, BAE Systems Maritime – Submarines, and BAE Systems Military Air & Information. The company offers cost-effective, high-performance turret systems for military applications through its Electronic Systems segment. It has a global presence, with major markets in Australia, India, Saudi Arabia, the UK, and the US.
RHEINMETALL AG (GERMANY)
Rheinmetall AG is a German multinational company with expertise in autonomous systems and solutions. The company provides these systems to the defense industry in Europe, Asia, and North America. The company serves this industry with an innovative and broad range of unmanned solutions for defense applications such as EOD, ISR, Mine clearance, and firefighting, with suitable payloads.
Rheinmetall AG operates through two segments, namely automotive and defense. The company provides electronic solutions, such as remote weapon stations; command, control, & reconnaissance systems; land & flight simulation; and maritime & process simulation through the defense segment. The company has a presence in Europe, the Middle East, Africa, Asia Pacific, North America, and South America.
Turret System Market by Platform (Land, Airborne, Naval), Type (Manned, Unmanned), Component (Turret Drive, Turret Control System, Stabilization Unit), and Region (North America, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2027
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