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. The increase in warfare is persuading the military forces to opt for advanced defense capability. Due to this, the demand for armored personnel carriers (APC) and light armored vehicles (LAV) is continuously increasing. The rising need for advanced solutions and increasing military budgets year on year are leading to increased attraction for armored vehicles among the military forces. Another key factor creating demand for armored vehicles is its capability to combat cross-border conflicts. The manufacturers of armored vehicles are using advanced components and technologies such as sensors, modular combat turrets, command, and control systems (C2), countermeasure systems, and fire control systems for their vehicles. Several military forces are procuring armored vehicles in the recent years. As the armored vehicles can carry machine guns and rocket launchers, the demand for modular combat turret on armored vehicles is accentuating rapidly. Therefore, this is supporting the growth of the Europe modular combat turret market. There is a surge in demand for main battle tanks (MBTs) due to aging fleets of MBTs. Therefore, countries are pouring more money into the procurement of advanced and new generation MBTs. Further, there is an increase in investments in MBTs from various countries, such as Germany and France. Due to the increasing investments in such vehicles, the need for modular combat turrets is significantly increasing, thereby boosting the growth of the market. Additionally, surging military expenditure is among the other factors expected to fuel the demand for modular combat turrets in Europe during the forecast period.
Based on platform, the land segment led the Europe modular combat turret market in 2020. The modular combat turrets are available in ground-based platform. MBDA’s multipurpose combat vehicle (MPCV) is a new generation of high firepower weapon systems designed to fulfill needs of ground-based air defense operations at a very short range. In addition, the system includes a motorized turret fixed on an armored vehicle. The turret comprises a small caliber gun, electro-optical sensors, and four ready-to-fire missiles which can be operated through a firing console installed inside the vehicle. Rheinmetall AG, Elibit Systems, MBDA, and Denel Land Systems are among a few companies providing turret for land applications.
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.
The overall Europe modular combat turret market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe modular combat turret market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe modular combat turret market. 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 are among the key players operating in the market.