DUBLIN--(BUSINESS WIRE)--The "Future of the Finnish Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
The report offers detailed analysis of the Finnish 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.
Finland is a geo-strategically vital base due to its vicinity to Russia. The political and military development in Russia significantly influences the country's security. The Baltic Sea is a predominant logistic transport corridor for Finland, and Russia's rising interests in this area is likely to impact the security of the country. The Finnish annual defense budget stands at US$3.5 Billion in 2018, and is expected to grow at a CAGR of 11.25% over the forecast period.
Defense expenditure as a percentage of Gross Domestic Product (GDP) recorded an average of 1.3% during 2014-2018. As a result of the government's effort to reduce debt and focus on enhancing employment within the country, it is expected to increase to 1.7% in the forecast period.
Finland capital expenditure is expected to increase significantly registering a CAGR of 10.80% during the forecast period. The Finnish Defence Ministry is expected to procure fighters and multi-role aircraft, corvettes and land based C4ISR. Furthermore, during the forecast period, Finland is expected to allocate as much as 67.6% of its defense budget towards revenue expenditure, which will be used to pay pension allowances to retired military personnel, salaries, training and other administrative activities.
During 2014-2018, Finland's Homeland Security (HLS) expenditure was driven by the continuing problems of illicit drug trading and human trafficking across its eastern border with Russia, along with cyber-crimes. However, with much of the illegal migration from the Middle Eastern countries now subsiding, the country's homeland security expenditure is anticipated to marginally decline over the forecast period. The expenditure is anticipated to increase at a CAGR of 3.82% during the forecast period. Finland is anticipated to spend significantly on border security, cyber security, and surveillance systems.
Companies Mentioned
- Elektrobit Corporation
- Kiitokori Oy
- Millog Oy
- Nammo Lapua Oy
- Patria
- Patricomp Oy
- Temet Oy
Key Topics Covered
1 Introduction
2 Executive Summary
3 Market Attractiveness and Emerging Opportunities
4 Defense Procurement Market Dynamics
5 Industry Dynamics
6 Market Entry Strategy
7 Competitive Landscape and Strategic Insights
8 Business Environment and Country Risk
For more information about this report visit https://www.researchandmarkets.com/research/nlrbr7/finnish_defense?w=4
