Market Research Report
Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024
|Published by||GlobalData||Product code||920860|
|Published||Content info||103 Pages
Delivery time: 1-2 business days
|Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024|
|Published: December 27, 2019||Content info: 103 Pages||
Defense budget of the Philippines is set to register a forecast-period CAGR of 8.98%, to reach US$5.3 billion in 2024. The Philippines' defense expenditure recorded a CAGR of 14.25% over the historic-period and stood at US$3.6 billion in 2019. Over the forecast-period, it is anticipated to register a CAGR of 8.98% to value US$5.3 billion in 2024.
Capital expenditure allocation, which stood at an average of 19.2% during the historic period, will decrease to an average of 15.4% over the forecast period due to the procurement of fighter aircraft, corvettes, Multipurpose Attack Craft (MPAC), and infrastructure construction projects. The share of revenue expenditure increased from 80.8% during the historic period to 84.6% over the forecast period. Population growth will inflate the per capita defense expenditure from US$33.6 in 2020 to US$45.4 in 2024, at a CAGR of 7.27%. Homeland security expenditure is valued at US$3.35 billion in 2019 and grow to US$4.8 billion in 2024, registering a CAGR of 11.33%. Expenditure will primarily be driven by efforts to counter terrorism, human trafficking and the illicit drug trade.
Air and Naval forces modernization is expected to be key objective of the Philippines Horizon II program. In Response to the perceived internal weakness and regional strategic challenges Philippines department of defense has embarked air force and naval transformation process to enhance their capabilities under Horizon II program. The Air force accounts for highest share of 46.60% and has been allocated US$2.61 billion followed by navy which holds 25% share and has allocated close to US$1.44 billion; as compared to air force and navy army accounts for relatively less share of 15.89% and has allocated US$890 million for modernization under horizon phase II.
The US, Indonesia and South Korea are the major suppliers for The Philippines. During 2014-2018, South Korea emerged as the largest supplier of military hardware to The Philippines with a 28.8% share of defense imports, followed by Indonesia and the US with respective shares of 25.8% and 24.5%. South Korea, Indonesia and US has mainly supplied aircraft and naval vessels, a trend anticipated to continue over the forecast period due to the country's dependence on these three countries as a defense supplier.
The report "Philippine Defense 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. This report offers detailed analysis of the Philippines 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 the report "Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024" provides an in-depth analysis of the following -
Companies Mentioned: Raytheon, United Defense Manufacturing Corporation, Leonardo, Remington Arms Company, ELTA Systems Ltd.