Middle-East And Africa Defense Market Overview and In-depth Analysis 2020 to 2025

Noble Horvath

The MarketWatch News Department was not involved in the creation of this content. Oct 02, 2020 (Market Insight Reports) — Middle-East And Africa Defense Market Research Report published by market insight reports explores the current outlook in Middle-East And Africa and key regions from the perspective of Major Players, Countries, […]

The MarketWatch News Department was not involved in the creation of this content.

Oct 02, 2020 (Market Insight Reports) —
Middle-East And Africa Defense Market Research Report published by market insight reports explores the current outlook in Middle-East And Africa and key regions from the perspective of Major Players, Countries, Product types and end industries. This report analyzes top players in the Middle-East And Africa market, and divides the Market into several parameters.

This Defense Market research report identifies the competitive landscape of industries to understand the competition at International level. This report study describes the projected growth of the Middle-East And Africa market for approaching years from 2019 to 2025. This research report has been aggregated on the basis of static and dynamic aspects of the businesses.

The Middle-East and Africa defense market is anticipated to grow at a CAGR of above 1% during the forecast period.

Click Here to Get Sample PDF Copy of Latest Research on Defense Market 2019:

https://www.marketinsightsreports.com/reports/04061950084/middle-east-and-africa-defense-market-growth-trends-and-forecast-2020-2025/inquiry?Mode=18

The decline in revenues of the governments due to decreasing oil prices caused a budget deficit, which impacted the defense spending of the countries in Middle-East. However, countries like UAE, Qatar, and Morocco among others are investing in modernization of their military capabilities.
– The procurement plans of countries to purchase vehicles, weapons and related armaments to modernize their aging equipment in the region is acting as a major driver for the market during the forecast period. These procurements are fuelled by the geopolitical and military conflicts in the region.

The prominent players in the Middle-East And Africa Defense Market:

The Boeing Company, Lockheed Martin Corporation, Saudi Arabian Military Industries, Israel Aerospace Industries, and BAE Systems plc, and Others.

There are many local players in the market and most of these state companies in the region provide their products and solutions to their respective domestic armed and security forces. Elbit Systems Ltd, Aselsan AS, Israel Aerospace Industries and Denel SOC are some of the domestic players that have an international presence for providing a wide range of military products from portable military equipment for land forces to radars and other equipment onboard aircraft. With innovation and expansion as major strategies, the companies are currently concentrating on product innovation to capture the market presence in emerging countries. Also, countries are concentrating on developing their local manufacturing facilities. For instance, currently, only 2% of total Saudi Arabias military spending is provided to local defense companies. To strengthen their local manufacturing, under Vision 2030, the government plans to increase the local military equipment spending to 50% by 2030. With such initiatives, the governments are making significant investments into manufacturers and the local manufacturers are also collaborating with foreign players for technology exchange and integration of advanced manufacturing technologies.

Key Market Trends: –

Vehicles Segment to Experience the Highest Growth during the Forecast Period

Vehicles segment of the market is expected to grow at the highest CAGR during the forecast period. This growth is mainly due to current plans of the countries in Middle East & Africa to modernise their armed forces and upgrade their air, land and sea capabilities. For instance, in June 2018, Bahrain signed a USD 1.12 billion fixed-price incentive firm contract for 16 F-16V aircraft with Lockheed Martin Corporation and became the launch customer for the aircraft. The Royal Bahraini Air Force (RBAF) also will upgrade its 20 Block 40 F-16C/D aircraft to the latest standard to make a total fleet of 36 F-16V aircraft. The contract is scheduled to come to end by end of September 2023. Countries like United Arab Emirates, Qatar, Turkey and Saudi Arabia among others are currently majorly focusing on developing their naval capabilities. Egypt is emerging as the naval superpower in Middle East & Africa after rapid modernisation of equipment and naval vessels. For instance, in April 2019, government of Germany approved a deal of USD 2.58 billion deal for delivery of six frigates to the Egypt navy. Such procurements by armed forces of the countries in the region are anticipated to drive the growth of the segment during forecast period.

Saudi Arabia Currently Holds the Highest Market Share

Saudi Arabia is the third-largest military spender and is the largest spender in terms of percentage of GDP in the world with USD 67.6 billion spendings in 2018. The country has decreased its spending by approximately 18.34% (cumulative) during the past five years and military spending increased by 11% in 2017 but decreased by 6.5% in 2018. With the largest military budget, the country emerged as the largest importer of arms majorly from the United States followed by the United Kingdom and France. Its arms exports increased by 192% during 2009-2013 and 2014-2018 periods. 83 tanks, 98 combat aircraft, and 7 missile defense systems from the US; 5 frigates from Spain; 737 armored vehicles from Canada; and short-range ballistic missiles from Ukraine are some of the scheduled military vehicle deliveries during 2019-2023 period. Saudi Arabias war at Yemen and competition for regional influence with Iran, are some of the factors that are driving the military procurements of Saudi Arabia. Also, its Vision 2030 plans to strengthen its aerospace and defense manufacturing sector. Under this initiative, the local company partnered with various international players to improve their manufacturing and technological capabilities. For instance, in June 2019, Saudi Arabian Military Industries (SAMI) signed a memorandum of understanding (MoU) with Korean conglomerate Hanwha Group to form a joint venture company, SAMI-Hanwha Munitions Systems LLC, which is focused on the manufacturing and sale of munitions in Saudi Arabia. Later, the JV will evaluate the expansion of its product portfolio to ammunition and weapons, artillery systems, rockets, ISR systems, combat vehicles, etc. Such factors are propelling the growth of the defense market in Saudi Arabia during forecast period.

Significant Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Defense Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Defense Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth

Browse in-depth and report summary TOC on “Defense Market”:

https://www.marketinsightsreports.com/reports/04061950084/middle-east-and-africa-defense-market-growth-trends-and-forecast-2020-2025?Mode=18

Finally, the Defense market report offers a complete and detailed study of Middle-East And Africa Defense market by using numerous analytical tools and models such as SWOT analysis, investment return analysis, and porter’s five forces analysis which are useful for beginners to access the upcoming opportunities. After exploring the market insights through primary and secondary research methodologies, if anything is required except than this, market insight reports will provide customization as per specific demands.

Note: – All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on [email protected]

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