Saudi Arabia Defense Market Business Opportunities, Current Trends & Industry Analysis by Key Players like: Lockheed Martin Corporation, the Boeing Company, Raytheon Company

The Saudi Arabia defense market is expected to register a CAGR of over 2%, during the forecast period.
The country is one of the biggest military spenders in the world, and the biggest importer of arms from the United States. The high defense spending of the country, due to its robust economy and high GDP, has made the market lucrative for several local and foreign players.
Raising political tensions in the Middle East has led the country to invest more in the defense sector. A high amount of wealth in the country makes it an attractive place for illegal activities. Due to such factors, the Saudi Arabian government has plans to modernize its military by 2030.

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However, in the past two years, the government has reduced its defense spending to focus more on the education sector. Such a move in the future may hamper the growth of the market, to a certain extent.

Scope of the Report
The Saudi Arabia defense market covers all aspects of military vehicle, armament, and other equipment procurements, and provides insights about the budget allocation and spending of the country in the past, present, as well as during the forecast period.

Competitive Landscape
The market in the country is dominated by foreign players, mainly those from the United States. Notable companies among them include Lockheed Martin Corporation, the Boeing Company, and Raytheon Company, among others. However, the government is trying to develop its indigenous defence manufacturing capabilities. The Government of Saudi Arabia plans to make its publicly held defense manufacturers hold more than 50% of its defense revenue share, by 2030. These initiatives may reduce the market share of foreign companies in the country's market, during the forecast period.

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Increasing terrorist activities and geopolitical conflicts in the neighbouring countries driving the growth of the market
Countries in the Middle East, like Iran, Libya, Syria, and Iraq, are experiencing continuous terrorist activities. Additionally, Saudi Arabia’s neighboring countries are facing many geopolitical conflicts. The country is actively participating in the conflicts of Yemen. Moreover, Saudi has conflicts with Iran and Qatar. The aforementioned factors have led to the country spending huge amounts on its defense. Although the defense spending reduced in the recent past, the country was still among the top defense spenders, globally. This can be attributed to the country's ambitions to make its military stronger, and be the region's defense powerhouse.

The Vehicles Segment is Expected to Register the Highest Growth, during the Forecast Period
Saudi's aggressive procurement of armaments and military vehicles is expected to be a huge growth driver for the market. The value of deliveries of military goods and services to Saudi Arabia from the United States alone, in 2017, was around USD 6.2 billion. Saudi Arabia was the second-largest arms importer in the world, during 1998-2017. There was a steep increase in the volume of arms imports in 2013-2017, which is a lot higher than those of the other countries in the Gulf region. The country is also procuring air- and land-based vehicles on a large scale. From 2016, the F-15S aircraft are being replaced by F-15SA aircraft. Also, the country is procuring large quantities of ordnance for the F-15SA aircraft from the United States. In March 2018, BAE Systems had agreed on a provisional sale of 48 Typhoon jets to the country. Saudi Arabia’s land and naval forces are continuously being improved. For example, during 2013-2017, the country received over 3,000 armored vehicles from Austria, Canada, France, Georgia, South Africa, Turkey, and the United States.

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This release was published on openPR.