DUBLIN–(BUSINESS WIRE)–The “South Korea Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-27” report has been added to ResearchAndMarkets.com’s offering.
This 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.
South Korea’s defense expenditure grew from $38.2 billion in 2018 to $48.3 billion in 2022, reflecting a CAGR of 6% during 2018-22. The growth is primarily attributed to the sudden acceleration in defense spending in 2022, which is valued at $48.3 billion. This is an annual growth rate of 10.5% over the previous year (2021) when the South Korean budget was valued at $43.7 billion.
The country’s defense budget is anticipated to increase from $51.9 billion in 2023 to $66.2 billion in 2027, reflecting a robust CAGR of 6.3%. The South Korean acquisition budget is also anticipated to grow from $17 billion in 2023 to $21.6 billion in 2027, reflecting a robust CAGR of 6.2%.
This report offers detailed analysis of the South Korean 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.
Key Highlights
Scope
In particular, it provides an in-depth analysis of the following
Reasons to Buy
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/vikk5b
Source: GlobalData
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