Europe Modular Combat Turret Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Manned Turret and Unmanned Turret) and Platform (Land, Naval, and Airborne)
Russia, France, the UK, Turkey, Germany, and Italy are major countries with powerful military forces. To further empower them, governments of these countries invest more in military technologies, including modular combat. According to SIPRI, Germany, France, Italy, the UK, and Russia spent US$ 49.2 billion, US$ 50.1 billion, US$ 26.7 billion, US$ 48.6 billion, and US$ 65.1 billion, respectively, on military operations in 2019. In addition to the growing military expenditure, significant initiatives promoting the adoption of advanced technologies bolster the growth of modular combat turret market in various European countries. Moreover, France, one of the members of NATO, is raising its budget, with an aim push the defense spending to ~2% of the GDP. In addition to this, the ongoing geopolitical tensions in the region, mainly due to countries such as Russia and China, are further expected to create strong demand for modular turret in the coming years. Also, surging military expenditure is the major factor driving the Europe modular combat turret market.
The European defense contractors receive a significant number of contracts year-on-year from customer (military forces/governments). The UK, Germany, and France have the highest number of defense contractors in the region. The COVID-19 outbreak has interrupted the manufacturing process and supply chain in these countries. These are among the worst hit countries in Europe. Several European defense contractors are heavily dependent on the US, China, and Indian defense forces. The international supply chain disruptions coupled with lower military spending has been adversely affecting the businesses of European defense contractors. The modular combat turret manufacturers are also witnessing the decline in their business due to the factors mentioned above.
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Market Overview and Dynamics
The modular combat turret market in Europe is expected to grow from US$ 577.40 million in 2021 to US$ 1,043.85 million by 2028; it is estimated to grow at a CAGR of 8.8% from 2021 to 2028. Defense organization across the Europe have been testing unmanned turrets for years. For instance, Israel Defense Forces (IDF) started testing unmanned turrets back in 2017. The turret includes a 30 mm cannon (possibly, the Orbital Mk44 Bushmaster), and coaxial machine gun (likely 7.62 mm). Also, according to Leonardo officials, the demand for unmanned turrets have been on the rise in the recent years. The rise in demand is especially due to the fact that, the unmanned turrets are lighter in weight which meets the specifications of the armored vehicle manufacturer’s demands. Moreover, according to weapon systems and core engineering manager of FNSS, the unmanned turrets are becoming the preferred choice for the medium-caliber segment, especially in the 30mm and 40mm categories. Thus, these facts highlight the modular combat turret market is anticipated to be driven by the increasing adoption of unmanned turrets.
Key Market Segments
The Europe modular combat turret market is segmented into type and platform. In terms of type, the Europe modular combat turret market is bifurcated into manned turret and unmanned turret. The manned turret segment held a substantial market share in 2020. Based on platform, the Europe modular combat turret market is categorized into land, naval, and airborne. The land segment held a substantial market share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the modular combat turret market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BAE Systems, Curtiss-Wright Corporation, Elbit System Ltd., Jenoptik AG, Leonardo S.P.A, Moog Inc., Otokar Otomotiv ve Savunma Sanayi A.S, and Rheinmetall AG.
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Europe Modular Combat Turret Market Segmentation
Europe Modular Combat Turret Market - By Type
- Manned Turret
- Unmanned Turret
Europe Modular Combat Turret Market - By Platform
- Land
- Naval
- Airborne
Europe Modular Combat Turret Market - By Country
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Europe Modular Combat Turret Market - Company Profiles
- BAE Systems
- Curtiss-Wright Corporation
- Elbit System Ltd.
- Jenoptik AG
- Leonardo S.P.A
- Moog Inc.
- Otokar Otomotiv ve Savunma Sanayi A.S.
- Rheinmetall AG
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Modular Combat Turret Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Modular Combat Turret–Market Dynamics
5.1 Market Drivers
5.1.1 Main Battle Tanks and Armored Combat Vehicles Witnessing Increase in Demand
5.1.2 Military Expenditure Surging
5.2 Market Restraints
5.2.1 Performance and Maintenance Issues in Modular Combat Turrets
5.3 Market Opportunities
5.3.1 Unmanned Turrets at High Demand
5.4 Future Trends
5.4.1 Older or Existing Fleet Getting Replaced
5.5 Impact Analysis of Drivers and Restraints
6. Modular Combat Turret Market – Europe Analysis
6.1 Europe Modular Combat Turret Market Overview
6.1.1 Europe Modular Combat Turret Market, Revenue and Forecast to 2028 (US$ Million)
7. Europe Modular Combat Turret Market – By Type
7.1 Overview
7.2 Europe Modular Combat Turret Market, by Type (2020 & 2028)
7.3 Manned Turret
7.3.1 Overview
7.3.2 Manned Turret: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Unmanned Turret
7.4.1 Overview
7.4.2 Unmanned Turret: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
8. Europe Modular Combat Turret Market Analysis – By Platform
8.1 Overview
8.2 Europe Modular Combat Turret Market, By Platform (2020 & 2028)
8.3 Land
8.3.1 Overview
8.3.2 Land: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Naval
8.4.1 Overview
8.4.2 Naval: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Airborne
8.5.1 Overview
8.5.2 Airborne: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
9. Europe Modular Combat Turret Market – Country Analysis
9.1 Overview
9.1.1 Europe Modular Combat Turret Market Breakdown, by Country
9.1.1.1 France Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.1.1 France Modular Combat Turret Market Breakdown, by Type
9.1.1.1.2 France Modular Combat Turret Market Breakdown, by Platform
9.1.1.2 Germany Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.2.1 Germany Modular Combat Turret Market Breakdown, by Type
9.1.1.2.2 Germany Modular Combat Turret Market Breakdown, by Platform
9.1.1.3 Italy Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.3.1 Italy Modular Combat Turret Market Breakdown, by Type
9.1.1.3.2 Italy Modular Combat Turret Market Breakdown, by Platform
9.1.1.4 UK Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.4.1 UK Modular Combat Turret Market Breakdown, by Type
9.1.1.4.2 UK Modular Combat Turret Market Breakdown, by Platform
9.1.1.5 Russia Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.5.1 Russia Modular Combat Turret Market Breakdown, by Type
9.1.1.5.2 Russia Modular Combat Turret Market Breakdown, by Platform
9.1.1.6 Rest of Europe Modular Combat Turret Market, Revenue and Forecast to 2028
9.1.1.6.1 Rest of Europe Modular Combat Turret Market Breakdown, by Type
9.1.1.6.2 Rest of Europe Modular Combat Turret Market Breakdown, by Platform
10. Impact of COVID-19 Pandemic on Europe Modular Combat Turret Market
10.1 Europe
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profile
12.1 BAE Systems plc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Curtiss-Wright Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Elbit Systems Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Jenoptik AG
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Leonardo S.p.A.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Moog Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Otokar Otomotiv ve Savunma Sanayi A.S.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Rheinmetall AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About the Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe Modular Combat Turret Market, by Country – Revenue and Forecast to 2028 (USD Million)
Table 3. France Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 4. France Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 5. Germany Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 6. Germany Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 7. Italy Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 8. Italy Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 9. UK Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 10. UK Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 11. Russia Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 12. Russia Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 13. Rest of Europe Modular Combat Turret Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 14. Rest of Europe Modular Combat Turret Market, by Platform – Revenue and Forecast to 2028 (USD Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Modular Combat Turret Market Segmentation
Figure 2. Europe Modular Combat Turret Market Segmentation – By Country
Figure 3. Europe Modular Combat Turret Market Overview
Figure 4. Manned Turret Segment is Expected to Dominate the Market by Type
Figure 5. Land Segment held Largest Market Share in 2020
Figure 6. Russia held Largest Market Share in 2020
Figure 7. Porter’s Five Forces Analysis
Figure 8. Expert Opinion
Figure 9. Europe Modular Combat Turret Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Europe Modular Combat Turret Market Revenue Share, by Type (2020 & 2028)
Figure 12. Europe Manned Turret: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Europe Unmanned Turret: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Modular Combat Turret Market Revenue Share, by Platform (2020 & 2028)
Figure 15. Europe Land: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe Naval: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe Airborne: Modular Combat Turret Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe Modular Combat Turret Market, by Key Country - Revenue 2020 (US$ Million)
Figure 19. Europe Modular Combat Turret Market Breakdown, by Country, 2020 & 2028(%)
Figure 20. France Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 21. Germany Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 22. Italy Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 23. UK Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 24. Russia Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 25. Rest of Europe Modular Combat Turret Market, Revenue and Forecast, 2018–2028 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in Europe Country Markets
- BAE Systems
- Curtiss-Wright Corporation
- Elbit System Ltd.
- Jenoptik AG
- Leonardo S.P.A
- Moog Inc.
- Otokar Otomotiv ve Savunma Sanayi A.S.
- Rheinmetall AG
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