War is good business for machinery makers supplying Europe’s defence surge - TimesLIVE

European military spending is opening a fast-growing market for mechanical and plant engineering firms to supply the defence industry, German machinery association VDMA, which represents 3,500 companies in Germany and Europe, said on Friday.

According to a VDMA spokesperson, machinery companies already active in the security and defence industries expect to at least double their related revenue by 2030, while a further 46% expect moderate growth.

Nearly one in three of those already active in defence sees growth of at least 15% in the sector this year. About 43% expect to at least double security and defence revenue by 2030.

“It is foreseeable that we will gain significant market share,” VDMA deputy executive director Hartmut Rauen said. The association will support companies with matchmaking and market development, he added.

VDMA said 92% of machinery firms active in the sector see scope to expand deliveries within the next 12 months. However, they see regulation, lengthy procurement processes and weak customer contacts as barriers to growth.