The turret system market size is projected to be valued $XX Billion by 2025; with a CAGR of XX% from 2017 to 2025. Turret is the chief component of a vessel or any floating production unit (FPSO, FPO) to which the risers approaching from the seabed are connected. Turret name refers the rotating function of this large equipment to facilitate the rotation of the vessel according to waves, winds, and dominating current while the risers remain connected to a fix part on the seabed.
The market for turret system is driven by several factors such as rising incidences of asymmetric warfare and military forces of different countries worldwide are constantly enhancing their combat capabilities by acquiring armored platforms equipped with advanced turret systems. In few cases, the occurrence of mechanical, electrical, and other failures in turret systems are a major restraints for the growth of the turret system market globally.The increased demand of ongoing Military Modernization Programs in across the globe is expected to boost the growth opportunities turret system market.
The Turret System is segmented on the basis of platform, component, type and geography. Based on platform, the turret system market has been segmented into land, naval, and airborne. The component segment is further bifurcated into turret drive, turret control unit and stablisation unit. Based on type, the turret system market is segmented into manned turret and unmanned turret.
The turret system by geography is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S. and Canada are countries under North America wherein Europe covers U.K, Germany, France, and others. Asia-Pacific covers China, India, Japan, and others. RoW covers South America, Middle East and Africa.
Major companies operating in the Turret System market are Moog, Jenoptik, Otokar, Control Solutions, Elbit Systems, CMI Group, Rheinmetall, Bae Systems, Curtiss-Wright, Woodward, Denel Vehicle Systems and Leonardo Spa, among others.
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