Outlook on Norway’s Defense Market, 2020-2024 – Military Expenditure Projected to Reach $8.3 Billion in 2024, Exhibiting a CAGR of 4.67% Over the Forecast Period
DUBLIN, Jan. 17, 2020
DUBLIN, Jan. 17, 2020 /PRNewswire/ — The “Norwegian Defense Market – Attractiveness, Competitive Landscape and Forecasts to 2024” report has been added to ResearchAndMarkets.com’s offering.
Norwegian military expenditure is projected to reach US$8.3 billion in 2024 with an expected CAGR of 4.67% over the forecast period.
This report provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news. The report offers detailed analysis of the Norwegian defense industry with market size forecasts covering the next five years. The report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
In particular, the report provides an in-depth analysis of the following:
- The Norwegian defense industry market size and drivers: detailed analysis of the Norwegian defense industry during 2020-2024, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget. It also details the key challenges faced by defense market participants within the country
- Porter’s Five Force analysis of the Norwegian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities over the next 10 years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Norwegian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis
Norway aims to develop a strong and modern defense force that is capable of addressing national threats and contributing effectively to allied and international operations regarding security and peace, post the financial crisis. The country is a part of NORDEFCO (Nordic Defence Cooperation), which was established in 2009 and aims to strengthen the region’s defense capabilities through cost-effective collaborations.
The Norwegian military capital expenditure is forecasted to increase from US$2.7 billion in 2020 to US$3.5 billion in 2024, at a compounded annual growth rate of 6.67%. The Norwegian Defense Ministry is expected to procure military fighter aircraft, search and rescue helicopters armored vehicles, main battle tanks, cyber security, radars, ammunition sensor systems and UAVs. The Revenue expenditure is forecasted to increase from US$4.3 billion in 2020 to US$4.9 billion in 2024, attributed to additional training and development programs that are undertaken over the forecast period.
Norwegian homeland security expenditure to be US$5.2 billion by 2024. Norwegian homeland security expenditure (HLS) stands at US$4.7 billion in 2019, reflecting a CAGR of 1.76% over 2015-2019. Over the forecast period, the budget is expected to grow from US$5.4 billion in 2020 to US$8.9 billion in 2024, driven by the government’s efforts to curb the continuing problems of terrorism and cyber-crimes. The country is anticipated to spend significantly on cyber security, surveillance systems, airport security, biometric systems, video-surveillance systems, training, and cyber security software during the forecast period.
Norwegian defense imports and exports are expected to increase over the forecast period. Overall defense imports were high between 2014 and 2018, and are expected to further accelerate during the forecast period due to the modernization and procurement plans of the Norwegian MoD. European countries such as France, Germany, Italy, and the UK are expected to remain the key suppliers during the forecast period. During the forecast period, the country’s defense exports are expected to grow significantly as a result of expansion into Thailand, Singapore, and South Africa, in which, demand for defense equipment is expected to be strong. Furthermore, new collaboration programs with foreign OEMs are expected to drive Norwegian defense exports over the forecast period.
Companies mentioned in the report: Kongsberg Defense and Aerospace AS, Forsvarets ForskningsInstitutt (FFI), NAMMO AS (Nordic Ammunition Group), Kitron, Thales Norway AS, Umoe Mandal, Eidsvoll Electronics AS (Eidel).
Reasons to Buy This Report
- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Norwegian defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the Norwegian defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts
For more information about this report visit https://www.researchandmarkets.com/r/c4srpz
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