The Turret System Market will register a CAGR of almost 7% by 2023
LONDON, Dec. 4, 2018 /PRNewswire/ -- 103 pages, November 2018
About this market
The advancements in combat training support equipment to help the market grow. The significant rise in the incidences of terrorist activities demands for close-quarter warfare and long-range fighting situations. Thus, the need to enhance the accuracy levels of the weapons used in modern warfare has also evolved. Technavio's analysts have predicted that the turret system market will register a CAGR of almost 7% by 2023.
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Market Overview
Growing emphasis on securing national borders
The rising instances of cross-border infiltration and illegal immigration pose a significant threat to both domestic and international security worldwide. Organized crime groups and terrorists engage in illicit trafficking for trading and transferring arms, drugs, illegal currency as well as chemical and biological weapons through porous international borders.
Possibilities of malfunctioning due to technological constraints
Sensor-based turret systems use a comprehensive array of sensors for identifying and designating targets at varying ranges. The prime objective of such systems is to identify and designate targets accurately without causing any civilian casualties. Thus, the concerns associated with the potential failure of turret system may lower the possible investment for R&D initiatives concerning the turret gun technology, which may have an adverse effect on the growth of the global turret system market.
For the detailed list of factors that will drive and challenge the growth of the turret system market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Curtiss-Wright and Elbit Systems the competitive environment is quite intense. Factors such as the rising integration of C4ISR in turret systems and growing emphasis on securing national borders, will provide considerable growth opportunities to turret systems manufactures. Curtiss-Wright, Elbit Systems, Lockheed Martin, Rheinmetall, and Woodward are some of the major companies covered in this report.
'With the presence of a considerable number of companies, this market appears to be fragmented. The market is in the growth phase; thus, the level of competition is expected to intensify during the forecast period. This turret system market study advises key strategies and recommends areas the companies should be focusing on to make the most of the upcoming growth opportunities.'
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