Philippines Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-2027

Philippines Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-2027 report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.

The Philippines' defense expenditure recorded a CAGR of 12.9% during the historic period to stand at $4.5 billion in 2022. Over the forecast period, it is forecast to register a CAGR of 5.4% to value $5.8 billion in 2027. Territorial claims in the South China Sea and the increasing strength and assertiveness of China's armed forces have spurred the Philippine government to enhance its military capabilities. In order to achieve this, the Philippine government has approved the Horizon II program, under which the Philippines Department of National Defense is expected to spend $5.3 billion over 2023-27 on the procurement of military hardware and the modernization of its armed forces.

This report offers detailed analysis of the Philippines defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.

Key Highlights

• The Philippines' defense expenditure grew from $2.7 billion in 2018 to $4.5 billion in 2022, reflecting a CAGR of 12.9% during 2018-22. The Philippines is in the process of modernizing its military and focusing on building capability to address two threats: internal insurgency, primarily in the south of the country, and territorial disputes in the South China Sea.
• During 2018-22, the Philippine government allocated an average of 17.2% of its defense budget to acquisition expenditure, which includes both the purchase of new equipment and upgrade programs for existing equipment. The consequent demand for defense equipment will revolve around fighter and multirole aircraft, corvettes, infrastructure construction, submarines, naval vessels, and surveillance equipment.
• As one of the growing markets in Asia, the Philippines offers a decent market for defense suppliers. Sectors such as naval vessels and surface combatants, military fixed-wing, and military rotorcraft rank among the leading sectors in the Philippine defense market.

Who Should Buy

• Defence Startups, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
• The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
• The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.

Scope

In particular, it provides an in-depth analysis of the following -

• Philippines defense budget: detailed analysis of the Philippines 2022 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
• Regulation: the procurement policy and process is explained. This is coupled with an analysis of the Philippines military doctrine and strategy to provide a comprehensive overview of Philippines military regulation.
• Security Environment: political alliances and perceived security threats to Philippines are examined; there help to explain trends in spending and modernization.
• Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
• Competitive landscape and strategic insights: analysis of the competitive landscape of Philippines's defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Philippines defense market over the next five years
• Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Philippines market and identify the opportunities offered.
• Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
• Identify the major threats that are driving the Philippines defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
• Channel resources by focusing on the ongoing programs that are being undertaken by the Philippines government
• Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available