Dublin, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028" 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.
Despite significant challenges for the UK's economy in recent years alongside domestic political polarization, the UK has committed to a steady increase in defense spending. In 2021, the Johnson administration labelled the Integrated Review of that year the 'largest review of its kind since the Cold War', and global events since then - particularly Russia's full-scale invasion of Ukraine - have only solidified these commitments, reflected in the 'Refresh' of the review published March 2023 largely retaining the program outlined in 2021.
Investments include eight new Type 26 frigates and five Type 31s, an increase in the stockpile of Trident nuclear warheads, the Future Combat Air System program for a sixth-generation fighter alongside the continued procurement of the F-35. Since the war in Ukraine, there has also been renewed attention on more fundamental warfighting capabilities: The Challenger 3 will be the Army's new Main Battle Tank (MBT), and other procurements include a new air defense system and an ongoing search for a new self-propelled howitzer.
Along with many other western countries, the UK is learning lessons about rates of attrition and consumption of supplies in modern, conventional high-intensity warfare. From 2019-23, the UK's defense budget recorded a CAGR of 5.3%, growing from $51.1 billion to $62.8 billion.
For the forecast 2024-28 period, the publisher predicts a CAGR of 4.9%, going from $66.3 billion to $80.4 billion. Despite the challenges of COVID recovery, energy insecurity and sustained inflation, British foreign policy retains ambitions and international commitments that make this sustained increase a likelihood as the British military redoubles deployments in Europe and elsewhere. Despite Brexit, the UK remains deeply tied to European and Trans-Atlantic security architecture and has increased its defense footprint in the Asia-Pacific through the AUKUS pact.
Report Scope
This report offers detailed analysis of British defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following -
- United Kingdom defense budget: detailed analysis of United Kingdom 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: the procurement policy and process is explained. This is coupled with an analysis of British military doctrine and strategy to provide a comprehensive overview of United Kingdom's military procurement regulation.
- Security Environment: political alliances and perceived security threats to the United Kingdom are examined; there help to explain trends in spending and modernisation.
- Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of United Kingdom's defense industry.
Key Highlights
- Drivers of Defense expenditure include the war in Ukraine, significant tensions with Russia, commitments to the NATO alliance and ongoing contributions to international peacekeeping and stability operations via the UN and EU.
- Major ongoing procurement programs include the acquisition of F-35B fighters, new ballistic missile submarines, an array of combat and support naval surface vessels, and the Global Combat Air Programme.
Key Topics Covered:
- 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
- Types of Contracts and Opportunities
- 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 UK Defense Market
- Top Defense Segments By Value
- Defense Platform Acquisitions
- Defense Platform Acquisitions By Value
- Dreadnought-Class
- Global Combat Air Programme
- F-35B
- Type 26 Global Combat Ship Programme
- Type 83 Destroyer
- Multi-Role Support Ships
- SSN - AUKUS
- Ajax
- Fleet Solid Support
- Uncrewed Helicopter
- A400M Atlas
- CH-47ER Chinook
- Fleet Size
- Competitive Landscape
- Defense Companies Operating In the United Kingdom
- Main Defense Companies
A selection of companies mentioned in this report includes
- Lockheed Martin
- BAE Systems
- Rolls-Royce
- General Atomics
- Thales
- Leonardo SpA
- Babcock
- Qinetiq,Boeing
- Airbus
- General Dynamics Land Systems
- Rheinmetall
For more information about this report visit https://www.researchandmarkets.com/r/2hz6f3
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