DUBLIN--(BUSINESS WIRE)--The "Future of the South Korean Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
South Korea is one of the major economies within Asia with a considerable amount of security issues, which calls for a firm security posture. To combat the challenge posed by a nuclear threat from North Korea, the need to replace obsolete military equipment, and a growing necessity for restructuring and modernization of the military, South Korea has introduced the Defense Reform Plan 2020 (DRP 2020) with the aim of transforming the military into a smaller but more capable force.
South Korea maintained a reasonably constant defense budget in relation to growing GDP, and the defense expenditure during 2014-2018 grew at a CAGR of over 5.7%. Defense expenditure during 2019-2023 is expected to grow at a CAGR of about 4.9%, crossing US$48 Billion in 2023. The reduction in military personnel, acquisition of new technology, and a reduction in the reliance of imports are other factors that impact the dynamics of South Korea's defense expenditure.
South Korean homeland security (HLS) expenditure is expected to grow consistently during the forecast period. The cyber and defense threat from North Korea and China accentuate the need for the procurement of sophisticated security technology with the coordination of IT and reinstates the increasing demand for cloud-based security solutions.
During 2012-2016, South Korea was ranked ninth on the list of the highest arms importing countries in the world, behind India, China, and Pakistan. Traditionally, South Korea has imported the majority of its defense goods from the US, accounting for more than 45%.
The military alliance between the US and South Korea serves as one of the components driving trade statistics. Germany, Israel, and the UK are the other major suppliers of arms to South Korea with shares of about 40%, 6%, and 4.4% respectively.
- Daewoo Ship Building & Marine Engineering (DSME)
- Hanwha Techwin America
- Huneed Technologies
- Hyundai Heavy Industries (HHI)
- Korea Aerospace Industries (KAI)
- S&T Dynamics and Poongsan Corporation
- STX Engine
Key Topics Covered
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/lfvbgr/south_korean?w=4