Technavio analysts forecast the global turret system market to grow at a CAGR of nearly 7% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global turret system market for the period 2019-2023. (Graphic: Business Wire)
Advancements in combat training support equipment is one of the major trends being witnessed in the global turret system market 2019-2023. Over the years, in urban areas and cities, there has been a significant increase in terrorist activities and conflicts. A majority of the encounters between security forces and terrorist elements involve a mix of close-quarter warfare and long-range fighting situations. Therefore, this has elevated the need to enhance the accuracy levels of the weapons used in modern warfare.
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According to Technavio analysts, one of the key factors contributing to the growth of the global turret system market is the growing emphasis on securing national borders:
Global turret system market: Growing emphasis on securing national borders
Globally, the increasing instances of cross-border infiltration and illegal immigration pose a significant threat to both domestic and international security. Organized crime groups and terrorists participate in illicit trafficking for trading and transferring arms, drugs, illegal currency, as well as chemical and biological weapons through porous international borders. Therefore, it has become essential for defense agencies worldwide to implement strategies that can significantly minimize cross-border trafficking and safeguard and secure national borders.
According to a senior analyst at Technavio for research on defense, "Over the last decade, threats have encouraged nations to invest in measures to increase homeland security. Technologies have emerged as countermeasures across the globe to secure international borders. Countries such as Israel implemented various state-of-the-art homeland security mechanisms such as the construction of a laser fencing system along the Jordan Border to control cross-border terrorist infiltration. The increasing efforts to ensure border surveillance and protection is expected to drive market growth during the forecast period."
Global turret system market: Segmentation analysis
The global turret system market research report provides market segmentation by type (manned and unmanned), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The manned segment held the largest market share in 2018, accounting for nearly 58% of the market. This type segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of nearly 40%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share by over 2%.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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