South Korea Defense Market Report 2022: Defense Expenditure Grew From $38.2 Billion in 2018 to $48.3 Billion in 2022 – ResearchAndMarkets.com

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

• South Korea has traditionally had an inimical, hostile relationship with North Korea. The country faces a direct threat from the North Korean nuclear program and is continuously targeted by an arsenal of North Korean ballistic missiles. With the failure of the peace process in June 2020, the country is compelled to bolster its defense posture to deter any hostile activity from the North Korean regime. 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%.
• As one of the most lucrative markets in East Asia, South Korea offers a large market for defense suppliers. Sectors such as military infrastructure and logistics, military fixed-wing aircraft, and naval vessels and surface combatants rank among the leading sectors in the South Korean defense market.
• South Korea is moving away from its historically import-dependent defense policy to one that supports gradual independence. The country is anticipated to explicitly promote joint cooperation and collaboration initiatives to develop a robust defense industry.

Scope

In particular, it provides an in-depth analysis of the following

• South Korea defense budget: detailed analysis of the South Korean 2022 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 the South Korean military doctrine and strategy to provide a comprehensive overview of South Korean military regulation.
• Security Environment: political alliances and perceived security threats to South Korea 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 South Korea’s defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the South Korean 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 South Korean 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 South Korean 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 South Korean 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, wherever available

Companies Mentioned

• Daewoo Shipbuilding & Marine Engineering
• Lockheed Martin
• Hyundai Rotem

For more information about this report visit https://www.researchandmarkets.com/r/vikk5b

Source: GlobalData

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