The global turret system market is projected to exhibit a significant growth, at a CAGR of around 7.0%, during the forecast period. The competitiveness in the industry has increased substantially due to the advancement of the defense sector of the developed economies such as the US, and Japan. Military & defense sector is one of the important concerns for governments and key leaders of a country. For instance, modernization is the fourth pillar of the US military which includes infrastructure and technology inclusion in the force structure, readiness, and sustainability. The US army is working on technology integration in the military forces.
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Research, development, and engineering (RDE) activities are one of the major factors for the development of the military and defense sector. RDE activities support the new product launch and the integration of modern technologies. Defense capabilities measure the strength of a country which is being fueled by the military and defense expenditure for RDE activities. The US is the largest economy which spend a huge capital and resources on the modernization and development of military and defense industry of the country. Rising military expenditure coupled with the increasing focus on military modernization is primarily driving the growth of the turret system market in the region.
Moreover, the governments are adopting modern warfare technologies in the region with the support of the US, China, and Russia. Further, with the integration of modern defense technologies across the globe, the emergence of information warfare is playing a vital role in the growth of the turret system market. Moreover, the state of terrorism is spreading across the globe and various large groups are using high technology-enabled communication systems, which as a result, is generating an imminent demand for the adoption of modern technologies for countering such activities. There are several market players that are offering advanced remote control turret systems. Such as Rheinmetall AG offers LANCE RC remote control medium-calibre turret system, which is designed keeping in mind the need for modern technologies in military sector.
The demand for unmanned aerial vehicles for military applications in Asia-Pacific is remarkable due to increasing internal and external security threats and initiatives for modernization by armed forces. UAVs are used for security and surveillance programs, which is of great importance in military applications. With the huge investment on the military and defense sector, modernization is accelerating with a considerable rate. The US and Canada is rapidly emerging towards the modernization of the defense technology, which as a result account for the increase in the investment for turret system in the region. The Government of Canada has drafted the Defense Investment Plan 2018 under which various projects and contracts for capital equipment, infrastructure investments, and services are planned.
Global Turret system Market-Segmentation
By Source
By Form
Global Turret system Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World