Europe Modular Combat Turret Market is expected to reach US$ 1,043.85 million by 2028

Land Segment to Dominate Europe Modular Combat Turret Market during 2020–2028

According to The Insight Partners market research study on “Europe Modular Combat Turret Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Platform” is expected to reach US$ 1,043.85 million by 2028 from US$ 577.40 million in 2021. The market is estimated to grow at a CAGR of 8.8% from 2021 to 2028. The report provides trends prevailing in the Europe modular combat turret market along with the drivers and restraints pertaining to the market growth. Surging military expenditure is the major factor driving the growth of the Europe modular combat turret market. However, issues associated with performance and maintenance in modular combat turrets hinders the growth of Europe modular combat turret market.    

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.

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.    

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 leading companies in the Europe modular combat turret market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The Dutch Defence Materiel Organization (DMO) has signed a $500 million mid-life upgrade contract with BAE Systems for the Royal Netherlands Army's fleet of 122 CV90s, with an option for an additional 19 vehicles.  

The report segments the Europe Modular Combat Turret Market follows:

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