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.
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.
Reasons to buy report
Europe Modular Combat Turret Market Segmentation
Europe Modular Combat Turret Market - By Type
Europe Modular Combat Turret Market - By Platform
Europe Modular Combat Turret Market - By Country
Europe Modular Combat Turret Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 577.40 Million |
| Market Size by 2028 | US$ 1,043.85 Million |
| CAGR (2021 - 2028) | 8.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Modular Combat Turret Market is valued at US$ 577.40 Million in 2021, it is projected to reach US$ 1,043.85 Million by 2028.
As per our report Europe Modular Combat Turret Market, the market size is valued at US$ 577.40 Million in 2021, projecting it to reach US$ 1,043.85 Million by 2028. This translates to a CAGR of approximately 8.8% during the forecast period.
The Europe Modular Combat Turret Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Modular Combat Turret Market report:
The Europe Modular Combat Turret Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Modular Combat Turret Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Modular Combat Turret Market value chain can benefit from the information contained in a comprehensive market report.
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