Market Research Report
Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024
|Published by||GlobalData||Product code||290272|
|Published||Content info||90 Pages
Delivery time: 1-2 business days
|Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024|
|Published: March 5, 2019||Content info: 90 Pages||
Morocco is a constitutional monarchy with an elected parliament. The country has been a key Western ally in its fight against Islamist terrorism. Morocco is enhancing its military capabilities in response to the recent wave of unrest in the Middle East and North Africa (MENA) region. The prime factor stimulating the country's defense expenditure is its ongoing arms race with adjoining Algeria, which receives a steady supply of weapons from Russia.
Over the forecast period, the increased threat of terrorism from internal and external terrorist groups and the ongoing modernization of its armed forces are the key factors expected to drive military expenditure. The country also faces insurgency in the Western Sahara region, where the local insurgent outfit Polisario Front is engaged in a violent struggle with the Moroccan regime for territory. The threat posed by the prospect of prolonged insurgency within the Western Sahara region makes it imperative for Morocco to allocate substantial expenditure to counter-terrorism and counter-insurgency efforts.
Morocco is projected to increase its defense budget from US$3.7 billion in 2019 to US$4.7 billion in 2024, at a CAGR of 4.24%. Moroccan homeland security (HLS) expenditure increased from US$2.1 billion in 2015 to US$3 billion in 2019, registering a CAGR of 8.56%. On a cumulative basis, Morocco is expected to spend a total of US$21.4 billion on its armed forces over the forecast period, compared to US$17.5 billion over 2015-2019. The country's capital expenditure is expected to increase from US$1.2 billion in 2020 to US$1.4 billion in 2024, growing at a robust CAGR of 4.31% over the forecast period.
The Moroccan government is expected to procure transport aircraft, multirole fighters, submarines, missile defense system, and armored vehicles, among others. Additionally, opportunities in security systems and platforms such as military IT networking, wireless systems, motion sensors, alarms, and radar systems are expected to arise as a result of the country's focus on strengthening border security.
The report "Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", 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.