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Market Research Report

Future of the Bulgarian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023

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Future of the Bulgarian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023
Published: December 27, 2018 Content info: 64 Pages
Description

"Future of the Bulgarian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023", published by GlobalData, 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.

This report offers detailed analysis of the Bulgarian defense industry 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.

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

  • The defense industry market size and drivers: detailed analysis of the Bulgarian defense industry during 2019-2023, 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 with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
  • 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 defense investment opportunities
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the Bulgarian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.

Scope

  • The Bulgarian defense budget is valued at US$991.9 million in 2018 and registered a CAGR of 7.29% during the historic period.
  • The ongoing modernization of the country's armed forces to meet NATO standards, along with its participation in international peacekeeping missions, drove Bulgaria's defense expenditure during the historic period.
  • With this trend expected to continue over the forecast period, the country's defense expenditure is anticipated to cumulatively value US$6.4 billion during 2019-2023.

Reasons to buy

  • This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Bulgarian 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 Bulgarian defense industry covering sections including demand drivers, Key Trends and Growth Stimulators, and latest industry contracts.
Table of Contents
Product Code: GDDF0549MR

Table of Contents

1. Introduction 6

  • 1.1. What is this Report About? 6
  • 1.2. Definitions 6
  • 1.3. Summary Methodology 8
  • 1.4. About GlobalData 9

2. Executive Summary 10

3. Market Attractiveness and Emerging Opportunities 11

  • 3.1. Current Market Scenario 12
    • 3.1.1. Military Fleet Size 12
    • 3.1.2. Procurement Programs 15
    • 3.1.3. Key Drivers and Challenges 16
  • 3.2. Defense Market Size Historical and Forecast 17
    • 3.2.1. Bulgarian defense budget to grow at a forecast-period CAGR of 9.34% 17
    • 3.2.2. The country's participation in peacekeeping missions and modernization plans to meet NATO standards will boost defense expenditure 19
    • 3.2.3. Bulgaria's defense expenditure as a percentage of GDP is projected to increase over the forecast period 20
  • 3.3. Analysis of Defense Budget Allocation 22
    • 3.3.1. Capital expenditure will increase over the forecast period 22
    • 3.3.2. Capital expenditure is anticipated to record a forecast-period CAGR of 4.56% 24
    • 3.3.3. Per capita defense expenditure to rise over the forecast period 26
  • 3.4. Homeland Security Market Size and Forecast 27
    • 3.4.1. Homeland security expenditure will post a forecast-period CAGR of 2.9% 27
    • 3.4.2. Cybercrime and border control measures to drive the homeland security budget 29
    • 3.4.3. Bulgaria falls under the "some risk" category on the terrorism index 30
    • 3.4.4. Bulgaria faces some level threat from terrorist organizations 31
    • 3.4.5. Bulgaria has a terrorism index score of 1.2 33
  • 3.5. Benchmarking with Key Global Markets 34
    • 3.5.1. Bulgaria's defense budget expected to increase over the forecast period 34
    • 3.5.2. Bulgaria's military expenditure is limited compared to countries with the largest defense expenditures 36
    • 3.5.3. The defense budget as a percentage of GDP is set to increase over the forecast period 37
  • 3.6. Market Opportunities: Key Trends and Drivers 38

4. Defense Procurement Market Dynamics 39

  • 4.1. Import Market Dynamics 40
    • 4.1.1. Bulgaria recorded very limited imports during the historic period 40
  • 4.2. Export Market Dynamics 41
    • 4.2.1. Defense exports increased during the historic period 41
    • 4.2.2. Iraq, Angola and Saudi Arabia were major arms recipients 42
    • 4.2.3. Armored vehicles and artillery accounted for 88.0% of defense exports 43

5. Market Entry strategy 44

  • 5.1. Market Regulation 44
    • 5.1.1. Offsets are usually 70% indirect and 30% direct 44
    • 5.1.2. FDI policies in Bulgaria 44
  • 5.2. Market Entry Route 45
    • 5.2.1. Budgeting process 45
    • 5.2.2. Procurement Policy and Process 46
    • 5.2.3. Joint ventures and engagement with local representatives provide attractive market entry routes 46

6. Competitive Landscape and Strategic Insights 47

  • 6.1. Competitive Landscape Overview 47

7. Business Environment and Country Risk 48

  • 7.1. Economic Performance 48
    • 7.1.1. GDP Per Capita at Constant Prices (US$) 48
    • 7.1.2. GDP at Current Prices (US$) 49
    • 7.1.3. Exports of Goods and Services 50
    • 7.1.4. Imports of Goods and Services 51
    • 7.1.5. Gross National Disposable Income 52
    • 7.1.6. LCU per US$ (Period Average) 53
    • 7.1.7. Market Capitalization of Listed Companies 54
    • 7.1.8. Market Capitalization of Listed Companies (% of GDP) 55
    • 7.1.9. Government Cash Surplus/Deficit as a Percentage of GDP 56
    • 7.1.10. Goods Exports as a Percentage of GDP 57
    • 7.1.11. Goods Imports as a Percentage of GDP 58
    • 7.1.12. Service Imports as a Percentage of GDP 59
    • 7.1.13. Services Exports as a Percentage of GDP 60
    • 7.1.14. Foreign Direct Investment (FDI), net (BoP, current US$ Billion) 61
    • 7.1.15. Net FDI as a Percentage of GDP 62
    • 7.1.16. Mining, Manufacturing, Utilities Output 63

8. Appendix 64

  • 8.1. About GlobalData 64
  • 8.2. Disclaimer 64

List of Tables

  • Table 1: Bulgarian Ground Forces Strength 12
  • Table 2: Bulgarian Air Force Strength 13
  • Table 3: Bulgarian Navy Strength 14
  • Table 4: Bulgarian Ongoing Development and Procurement Programs (US$ Million) 15
  • Table 5: Bulgarian Future Procurement Programs 15
  • Table 6: Bulgarian Defense Expenditure (BGN Million and US$ Million), 2014-2023 17
  • Table 7: Bulgarian GDP Growth and Defense Expenditure as a Percentage of GDP Growth (%), 2014-2023 20
  • Table 8: Bulgarian Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 22
  • Table 9: Bulgarian Defense Capital Expenditure (BGN Million & US$ Million), 2014-2023 24
  • Table 10: Bulgarian Per Capita Defense Expenditure (US$), 2014-2023 26
  • Table 11: Bulgarian Homeland Security Expenditure (BGN Million and US$ Million), 2014-2023 27
  • Table 12: Terrorism Index, 2018 31
  • Table 13: Benchmarking with Key Markets - 2014-2018 vs 2019-2023 34
  • Table 14: Top Bulgarian Defense Sectors by Value (US$ Million), 2018-2023 38
  • Table 15: Bulgarian Budget Process 45
  • Table 16: Bulgarian Procurement Process 46
  • Table 17: Bulgarian - Competitive Landscape of Defense Industry, 2018 47

List of Figures

  • Figure 1: Bulgarian Defense Expenditure (BGN Million), 2014-2023 18
  • Figure 2: Bulgarian Defense Expenditure (US$ Million), 2014-2023 18
  • Figure 3: Bulgarian GDP Growth and Defense Expenditure as a Percentage of GDP Growth (%), 2014-2023 21
  • Figure 4: Bulgarian Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 23
  • Figure 5: Bulgarian Defense Capital Expenditure (BGN Million), 2014-2023 25
  • Figure 6: Bulgarian Defense Capital Expenditure (US$ Million), 2014-2023 25
  • Figure 7: Bulgarian Per Capita Defense Expenditure (US$), 2014-2023 26
  • Figure 8: Bulgarian Homeland Security Expenditure (BGN Million), 2014-2023 28
  • Figure 9: Bulgarian Homeland Security Expenditure (US$ Million), 2014-2023 28
  • Figure 10: Terrorism Heat Map, 2018 30
  • Figure 11: Terrorism Index, 2018 33
  • Figure 12: Bulgaria - Benchmarked Against Key Markets (%), 2014-2018 vs. 2019-2023 35
  • Figure 13: Defense Expenditure of the World's Largest Military Spenders (US$ Billion), 2018 and 2023 36
  • Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018 37
  • Figure 15: Bulgarian Defense Imports (US$ Million), 2013-2017 (TIV Values*) 41
  • Figure 16: Bulgarian Defense Imports by Country (%), 2013-2017 42
  • Figure 17: Bulgarian Defense Imports by Category (%), 2013-2017 43
  • Figure 18: Bulgarian - GDP Per Capita at Constant Prices (US$), 2015-2025 48
  • Figure 19: Bulgarian - GDP at Current Prices (US$ Billion), 2015-2025 49
  • Figure 20: Bulgarian - Exports of Goods and Services (LCU Billion), 2005-2014 50
  • Figure 21: Bulgarian - Imports of Goods and Services (LCU Billion), 2005-2014 51
  • Figure 22: Bulgarian - Gross National Disposable Income (US$ Billion), 2005-2012 52
  • Figure 23: Bulgarian - LCU per US$, 2015-2024 53
  • Figure 24: Bulgarian - Market Capitalization of Listed Companies (US$ Billion), 2005-2012 54
  • Figure 25: Bulgarian - Market Capitalization of Listed Companies (% of GDP), 2005-2012 55
  • Figure 26: Bulgarian Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2005-2012 56
  • Figure 27: Bulgarian - Goods Exports as a Percentage of GDP, 2005-2014 57
  • Figure 28: Bulgarian - Goods Imports as a Percentage of GDP, 2005-2014 58
  • Figure 29: Bulgarian - Services Imports as a Percentage of GDP, 2005-2014 59
  • Figure 30: Bulgaria - Services Exports as a Percentage of GDP, 2005-2014 60
  • Figure 31: Bulgarian - FDI, Net (BoP, Current US$ Billion), 2005-2014 61
  • Figure 32: Bulgarian - Net FDI as a Percentage of GDP, 2005-2014 62
  • Figure 33: Bulgarian - Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014 63
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