Europe Modular Combat Turret Market Growth and Forecast by 2028

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.

France, Germany, Italy, UK, and Russia are major economies in Europe. Surging military expenditure is the major factor driving the Europe modular combat turret market. The swift change in modern-day warfare has been urging the governments to allocate higher amounts toward respective military forces. The budget allocated to military helps the military forces to engage themselves in the development of robust indigenous technologies and procurement of advanced weapons, armaments, vehicles, and other equipment from international manufacturers. There is a rise in modernization of soldiers and military vehicles among most of the military forces to keep the personnel and vehicles mission ready. With an objective to modernize soldiers and vehicles, the defense ministries across the Europe are investing substantial amounts in newer technologies, including modular combat turrets. This factor is boosting the growth of the modular combat turret market. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to US$ 1,917 billion in 2019, which represents 3.6% increase from 2018. Most of the expenditure listed above is focused on the modernization of armored vehicles, IFVs, main battle tanks, with advanced solutions to combat the enemies easily. As the modular combat turrets on vehicles offer enhanced security and protection, suppliers are focusing on making these turrets compatible with almost any kind of armored wheeled or tracked vehicle. The turrets also enable moving targets to be engaged accurately and effectively even when the vehicle itself is moving. To avoid risks at the battlefields, the demand for modular combat turrets is surging among the military. Thus, the governments and military forces are increasingly emphasizing on investing on modular combat turrets, which is bolstering the growth of 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.          

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe modular combat turret market. The Europe modular combat turret market is expected to grow at a good CAGR during the forecast period.  

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 - Companies Mentioned

• 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 

Europe Modular Combat Turret Report Scope