DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/fm4vhv/defence_equipment) has announced the addition of the "Defence Equipment Market Report 2014" report to their offering.
One of the main issues, for equipment suppliers, has been the year-on-year reductions in defence spending defined as departmental expenditure limits (DEL) minus inflation from the 2010/2011 financial year onwards, including the most recent 7.8% fall in 2012/2013.
Furthermore, in a bid to end cost overruns, and project delays and failures, defence procurement in the UK has been subject to recent reform. From April 2014, a refreshed bespoke trading entity' the Defence Equipment and Support (DE&S) organisation was launched, allowing the business greater operational freedoms, in line with more commercial enterprises, to attract and incentivise private-sector talent in defence equipment acquisition.
However, the key change to the shape of the defence industry in recent years is undoubtedly the scaling back of the UK Armed Forces. In the Coalition Government's Strategic Defence and Security Review (SDSR), undertaken in 2010, significant personnel cuts across the Army, Royal Navy and Royal Air Force (RAF) were implemented. As a result, a reduction of 29,000 personnel is expected across the UK regular Armed Forces, between 2010 and 2020.
Despite the drop in the MoD budget and the personnel reduction in the Armed Forces, the MoD has announced an equipment plan worth in excess of £160bn over the 10-year period between 2013/2014 and 2022/2023. With annual planned expenditure rising year-on-year over the 10-year plan, significant domestic demand remains within the UK defence industry. However, the outlook must remain cautious given the significant emphasis on value for money within MoD procurement policy, alongside the expected increase in competition for export orders from developing nations, given the declining defence expenditure across much of the developed world.
Key Topics Covered:
- Executive Summary
- Market Definition
- Industry Background
- Strengths, Weaknesses, Opportunities and Threats
- Buying Behaviour
- Current Issues
For more information visit http://www.researchandmarkets.com/research/fm4vhv/defence_equipment