Market Research Report
Romanian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024
|Published by||GlobalData||Product code||912974|
|Published||Content info||67 Pages
Delivery time: 1-2 business days
|Romanian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024|
|Published: August 30, 2019||Content info: 67 Pages||
Romania's defense expenditure is projected to register a CAGR of 0.43% during the forecast period to value US$7.0 billion in 2024. Eomania's military expenditure stands at US$7.8 billion in 2019, registering at CAGR of 43.73% and is projected to register a CAGR of 0.43% over the forecast period. Romania is modernizing its land, air and naval forces through international partnerships to meet NATO standards that mandate an allocation of 2% of GDP for defense until 2026.
Romanian capital expenditure allocation, which stood at an average of US$1.3 billion during the historic period, is projected to increase to an average of US$1.9 billion during 2020-2024. The country's defense expenditure is expected to cumulatively value US$34.2 billion during 2020-2024. The defense budget as a percentage of GDP is expected to increase slightly, from an average of 2.3% during the historic period to 2.6% during 2020-2024. Key opportunities for equipment suppliers are expected in areas such as F-16 multirole aircraft, multirole aircraft MRO, a HIMARS rocket artillery system, a Patriot missile defense system, Piranha V armored vehicles, air defense radars, surface to air missile systems, corvettes, and submarines.
Romania's homeland security (HLS) expenditure stands at US$4.9 billion in 2019 with a CAGR of 18.05% during the historic period, and is projected to stand at US$4.8 billion in 2024 with a CAGR of 2.58% during the forecast period. This expenditure is primarily driven by the country's focus on enhancing its defense capabilities to counter the increasing rate of cyber-attacks, modernize its border control and security infrastructure, and increase efforts by the government to control organized crimes such as drug trafficking.
Although defense imports peaked in 2016, they are expected to remain low over the forecast period. Romania's Air Force acquired F-16 fighters and C-27J aircraft, from Portugal which were the major contributor to the country's imports. Armored vehicles, sensors, engines, and missiles were the other major imports to Romania during 2014-2018. Italy, the US, Switzerland and France were the other significant suppliers to Romania. Romania did not export any arms to foreign countries as its defense industry is largely underdeveloped. However, the country is anticipated to increase its defense exports during the forecast period, primarily in the area of naval vessels and related maintenance, repair, and overhaul (MRO).
The report "Romanian 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.
In particular, it provides an in-depth analysis of the following -
Companies mentioned: Lockheed Martin, General Dynamics European Land Systems, Iveco, Raytheon Missile Systems, EuroSpike GmbH, BAE Systems