Dublin, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Defense Market - Size and trends, budget allocation, regulations, key acquisitions, competitive landscape and forecast, 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Saudi Arabian defense expenditure increased from $54.4 billion in 2020 to $71.7 billion in 2024, reflecting a CAGR of 7.2% during 2020-24. The slight decrease in Saudi Arabia's defense budget from 2020 to 2021 can be partly attributed to the erosion in demand for oil in world market due to COVID crisis. Factors such as the pricing conflict between Saudi Arabia and Russia, as well as the declining demand for oil due to the COVID-19 pandemic, had affected the country's revenue and influenced budget allocations, including defense expenditure.
As a result of a weak economic climate, the country's defense expenditure declined in 2020 and 2021. However, eventually the loosening of COVID-19 induced lockdown and the increase in oil prices because of the uncertainty caused by the ongoing Russo-Ukrainian war have escalated the energy prices. Hence, Saudi Arabia's defense budget grew by 12.9% annually to stand at $60.8 billion in 2022. In 2023, the defense budget recorded an 8.8% increase annually over the last year, valued at $66.1 billion and registered a robust annual growth of 8.5% to value $71.7 billion in 2024.
Despite the projected decline in oil prices by the end of 2025, Saudi Arabia is unlikely to cutback on defense expenditure. Saudi Arabian defense acquisition budget is projected to experience robust growth over the forecast period. The country's defense acquisition budget which is estimated to be $19.9 billion in 2024 is anticipated to touch $20 billion in 2025 and reach $26.9 billion in 2029, reflecting a robust CAGR of 7.6% over the forecast period.
Key Highlights
- Drivers of Defense expenditure include strained relationship with Iran, military modernization programs, and the need to develop the indigenous defense sector
- Major ongoing procurement program include procurement of Eurofighter Typhoon Tranche 3, Terminal High Altitude Area Defense (THAAD), LAV 6.0, Cheongung II, Tactical Airlift Aircraft, CH-47F Chinook, Multi-Mission Combat Ships, Multi-Mission Surface Combatant, Communication Satellites Procurement, Ballistic Missile Early Warning Satellite
Report Scope
This report offers a detailed analysis of Saudi Arabia's defense market, with market size forecasts covering the next five years. It also offers insights into the strategy, security environment and defense market dynamics of the country. Various sections covered in the report are as follows:
- Defense Budget Assessment: This chapter covers the defense budgeting process, market size forecasts, drivers of expenditure, and allocation analysis. It also examines key market trends and insights.
- Military Doctrine and Security Environment: Detailed analysis of military doctrine, strategic alliances, geopolitical dynamics, and the political, social, and economic factors influencing the security environment.
- Market Entry Strategy and Regulations: This section elaborates on essential aspects of procurement policy and market regulations, market entry routes, key defense procurement bodies and major deals.
- Market attractiveness and emerging opportunities: It evaluates the attractiveness of various defense sectors, indicating cumulative market value, and highlights the top sectors and defense segments by value in the country.
- Defense Platforms Import and Export Dynamics: Provides an understanding of the defense platform imports and exports of the country from 2016 to 2023. Both imports and exports of the country are provided in terms of value ($M) and volume (units), categorized by country and sector.
- Defense Platform Acquisitions: It offers an overview of defense platform acquisitions by value. It lists current defense procurement schedules for the major ongoing and planned military platforms that have been formulated in the country and elaborates on the reasons leading to the procurement of the same.
- Fleet Size: Outlines the current fleet sizes of the Army, Air Force, and Navy, detailing the year of acquisition, units in service, and the prime contractor for the equipment.
- Competitive Landscape: Profiles the main defense companies operating in the country, offering insights into their business overviews, latest contracts, and financial results.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the Saudi Arabia defense market over the next five years
- Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Saudi Arabia market and identify the opportunities offered.
- Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
- Identify the major threats that are driving the Saudi Arabia defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channel resources by focusing on the ongoing programs that are being undertaken by the Saudi Arabia government
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis
Company Coverage:
- Lockheed Martin Corp
- Navantia SA
- The Boeing Co.
Key Topics Covered:
- Executive Summary
- Defense Budget Assessment
- Budgeting Process
- Defense Market Size Historic And Forecast
- Drivers Of Defense Expenditure
- Analysis of Defense Expenditure Allocation
- Analysis Of Defense Budget Allocation
- Key Market Trends and Insights
- Military Doctrine And Security Environment
- Military Doctrine And Strategy
- Strategic Alliances and Geopolitics
- Political, Social and Economic Scenario
- Market Entry Strategy And Regulations
- Defense Procurement Bodies
- Funding Opportunities
- Trade Associations and Defense Clusters
- Procurement Policy and Market Regulations
- Market Entry Routes
- Key Challenges
- Major Deals and M&A
- Market Attractiveness and Emerging Opportunities
- Market Attractiveness By Defense Sector
- Top Sectors in the Greece Defense Market
- Top Defense Segments By Value
- Defense Platforms Import and Export Dynamics
- Defense Platforms Import Dynamics
- Defense Platform Acquisitions
- Defense Platform Acquisitions By Value
- Eurofighter Typhoon Tranche 3
- Terminal High Altitude Area Defense (THAAD)
- LAV 6.0
- Cheongung II
- Tactical Airlift Aircraft
- CH-47F Chinook
- Multi-Mission Combat Ships
- Multi-Mission Surface Combatant
- Communication Satellites Procurement
- Ballistic Missile Early Warning Satellite
- Fleet Size
- Army
- Navy
- Air Force
- Competitive Landscape
- Defense Companies Operating In Saudi Arabia
- Main Defense Companies
For more information about this report visit https://www.researchandmarkets.com/r/tbc140
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