Future of the Moroccan Defense Industry 2018-2023: Market Attractiveness and Emerging Opportunities - ResearchAndMarkets.com
Jun. 08, 2018
DUBLIN--(BUSINESS WIRE)--Jun 8, 2018--The "Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
Morocco is enhancing its military capabilities in response to the recent developments in the Middle East and North Africa (MENA) region. The country has seen a steady increase in its defense budget over the historic period due to its military modernization plans. In addition, the country also faces insurgency in the Western Sahara region as the local insurgent outfit, Polisario Front, recently issued a threat to restart an armed struggle over its occupation of the area.
Moroccan homeland security (HLS) expenditure increased from around US$2.4 Billion in 2014 to about US$2.7 Billion in 2018, registering a CAGR of over 2.4%. The need to protect the country from internal disturbances, and growing threats from human and drug traffickers, are expected to drive HLS expenditure over the forecast period. In order to counter these threats, the country is expected to invest in surveillance and intelligence technologies such as electronic identification documents, automated border crossing systems, and CCTV (closed circuit television) systems.
Morocco's defense sector is plagued by wide-spread corruption across all bureaucratic levels which act as a roadblock for foreign defense companies interested in entering into arms contracts with the nation. Dishonest procurement proceedings and unethical workings lead to the misappropriation of public funds, aggravating the risk of internal conflicts. The preeminence of US and French firms within the Moroccan industry, due to the strong business ties between the countries, also makes it difficult for firms from other countries to enter the market.
Key HighlightsMoroccan defense expenditure increased steadily during 2015-2017, in the wake of the current security situation in the MENA region, along with its efforts to modernize its army in order to match the military strength of its neighboring rival, Algeria. A dip in the budget in 2015 was attributable to the lower exchange rate in the same year. Between 2014 and 2018, Morocco's defense expenditure decreased from US$3.8 billion in 2014 to US$3.7 billion in 2018, at a CAGR of -0.66%
Companies MentionedDamen Schelde Naval Shipbuilding Lockheed Martin Corp Raytheon
Key Topics Covered
2. Executive Summary
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Industry Dynamics
6. Competitive Landscape and Strategic Insights
7. Business Environment and Country Risk
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Related Topics:Military Aerospace and Defense
KEYWORD: MOROCCO AFRICA
INDUSTRY KEYWORD: DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
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PUB: 06/08/2018 12:44 PM/DISC: 06/08/2018 12:44 PM