Market Research Report
Future of the Belgian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024
|Published by||GlobalData||Product code||614180|
|Published||Content info||74 Pages
Delivery time: 1-2 business days
|Future of the Belgian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024|
|Published: February 28, 2019||Content info: 74 Pages||
Belgium's defense budget is to cumulatively value US$16.3 billion over 2020-2024. Belgium is streamlining its forces, and no longer has a separate army, air force and navy, but rather as a unified defense entity with land, air and sea components, served by a joint medical component. Opportunities related to the procurement of defense equipment in Belgium are expected to be in areas such as naval vessels, multirole aircraft, multirole aircraft MRO, transport aircraft, missiles and arms and ammunitions.
The country's military expenditure, which stands at US$3.1 billion in 2019, is anticipated to grow from US$3.1 billion in 2020 to value US$3.4 billion in 2024, registering a CAGR of 1.99% over the forecast period, primarily fueled by the ongoing military hardware procurement. The defense budget as a percentage of GDP is expected to decrease marginally from an average of 0.56% during 2015-2019 to 0.49% over 2020-2024. The country's per capita defense expenditure is expected to increase from US$268.3 in 2019 to US$288.9 in 2024.
Belgium's budget allocation for defense capital expenditure is expected to increase from 17% in 2019 to 22.7% in 2024. Capital expenditure over the forecast period is expected to increase at a CAGR of 8.27%, from US$562.5 million in 2020 to US$773.1 million in 2024, owing to the significant uptick in weapon procurement plans, as well as procuring defense equipment to replace outdated ones.
The Belgian homeland security expenditure valued US$4.4 billion in 2019 and is expected to reach US$5.5 billion by 2024, registering a CAGR of 4.90% over 2020-2024. This expenditure is primarily driven by Belgium's focus on combating the rising incidences of cyber-crimes, terrorism and drug trafficking. As Belgium's defense force is relatively small, it often cooperates with the Netherlands and Luxembourg regarding joint exercises and procuring high-cost equipment. Belgium's defense force's area of expertise is demining, with an emphasis on sea demining.
The report "Future of the Belgian 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: Israel Aerospace Industries (IAI), Lockheed Martin, Embraer, Airbus, NH Industries, Leonardo (SIAI Marchetti), Dassault/Dornier, MOWAG/ General Dynamics European Land Systems, Steyr-Daimler-Puch , Spezialfahrzeuge (SSF)/ General Dynamics, Damen Schelde Naval Shipbuilding (DSNS), Mecar SA., Thales Belgium, Northrop Grumman Corp, Airbus Helicopters