Mapping the Capital Gaps in the EU Defence Build-Up
16 pages · PDF · 28 May 2025 · Licensed single-user copy, watermarked to the buyer
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About this report
Russia’s invasion of Ukraine in 2022 triggered a historic surge in EU defence spending. EU member states collectively spent a record €279 billion on defence in 2023 , a 10% increase from 2022. Moreover, 2024 spending is forecast to reach €326 billion , reflecting a ninth consecutive year of growth.
This “Zeitenwende” (turning point) in European defence has seen 22 out of 27 EU countries boost budgets in 2023, with 11 nations increasing outlays by over 10%. The return of high-intensity war to Europe forced capitals to strengthen military capabilities; in 2023 a record €72 billion (26% of total defence expenditure) went into new equipment procurement and related investments.
Key questions this report answers
- What is the scale of the EU defence-spending surge (record EUR 279bn in 2023, forecast EUR 326bn in 2024)?
- What EU-level and national procurement initiatives are driving the post-2022 'Zeitenwende'?
- How do public versus private capital flows and structural capital gaps constrain the build-up?
- How does the US defence-financing pipeline contrast with Europe's?
Inside this report
- Introduction: Europe’s Defence Spending Surge (2022–2025)
- EU-Level Defence Investment Initiatives (2022–2025)
- National Defence Procurement Programs: Top Five Spenders
- Capital Flows: Public vs. Private Investment in Defence
- Structural Capital Gaps and Bottlenecks
- U.S. Defence Financing Pipelines: A Contrast
- Conclusion
Who it's for
Strategy, corporate-development and investment teams that need an ecosystem-level view — budgets, industrial capacity and technology landscapes — before committing capital or capacity.
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Methodology, format & delivery
DFM reports are built from primary and official sources — TED procurement notices, CORDIS and the EU Funding & Tenders Portal, EIB operations, the NATO Innovation Fund portfolio, SIPRI data, official budget documents and company disclosures — read together with the underlying legal texts. Sources are cited in the document; it reflects them as of its publication date (28 May 2025). You receive a 16-page PDF, watermarked to you on every page, delivered on the confirmation page and by e-mail immediately after checkout (personal link valid 72 hours, up to 5 downloads). Guest checkout, single-user licence — Terms of Sale.
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