Norwegian Defense Market Forecasts 2018-2023: Industry Dynamics & Defense Procurement Market Dynamics - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 8, 2018--The “Future of the Norwegian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023” report has been added to ResearchAndMarkets.com’s offering.
Norway’s total defense expenditure values US$6.8 billion in 2018 and is expected to reach US$8.3 billion by 2023. This can be attributed to military modernization initiatives and training programs that are expected to be executed during the forecast period.
A considerable portion of the budget is anticipated to be directed towards the procurement of military aircraft such as the F35 fighter aircraft, the Norwegian All Weather Search and Rescue Helicopter (NAWSARH) program, maritime patrol aircraft, Advanced Medium Range AirtoAir Missiles (AMRAAM), the soldier modernization program, cyber security, and the purchase of military tactical trucks. In addition, the defense budget is expected to be driven by the country’s participation in peacekeeping initiatives.
During 2014-2018, the average capital expenditure allocation stood at 29.4% of the total defense budget, and is expected to increase to 38.2% during the forecast period.
Norwegian defense capital expenditure is expected to increase from US$2.5 billion in 2019 to US$3.4 billion in 2023, growing at a CAGR of 7.63%. The Norwegian Defense Ministry is expected to procure multirole fighter aircraft, search and rescue helicopters, armored vehicles, main battle tanks, cyber security, a joint strike missile (JSM) system, and submarines.
Revenue expenditure is expected to increase from US$4.6 billion in 2019 to US$5.5 billion in 2023, attributed to additional training and development programs that are to be undertaken over the forecast period.
Norwegian homeland security expenditure (HLS) stands at US$7 billion in 2018, reflecting a CAGR of 7.33% over 2014-2018. Over the forecast period, the budget is expected to grow from US$8.4 billion in 2019 to US$12.3 billion in 2023, driven by the government’s efforts to curb the continuing problems of terrorism and cybercrimes.
The country is anticipated to spend significantly on cyber security, surveillance systems, airport security, biometric systems, videosurveillance systems, training, and cyber security software during the forecast period.
Companies MentionedEidsvoll Electronics AS (Eidel) Forsvarets ForskningsInstitutt (FFI) Kitron Kongsberg Defense and Aerospace AS NAMMO AS (Nordic Ammunition Group) Thales Norway AS Umoe Mandal
Key Topics Covered
2. Executive Summary
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Industry Dynamics
6. Market Entry Strategy
7. Competitive Landscape and Strategic Insights
8. Business Environment and Country Risk
For more information about this report visit https://www.researchandmarkets.com/research/2gjrz7/norwegian_defense?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180608005562/en/
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Related Topics:Military Aerospace and Defense
KEYWORD: EUROPE NORWAY
INDUSTRY KEYWORD: DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 06/08/2018 12:50 PM/DISC: 06/08/2018 12:50 PM