Albany, NY -- (SBWIRE) -- 09/30/2015 -- South Korea is one of the major economies within Asia with a considerable amount of security issues calling for a firm security posture. To combat the challenge posed by a nuclear threat from North Korea, of 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 an aim to transform the military into a smaller but more capable force. The South Korean defense industry is among the largest in Asia and in context of the threat posed by North Korea, the country's defense expenditure is expected to grow at a healthy CAGR
Key Findings:
Over the historic period, South Korean defense expenditure registered a growth rate of 4.51%, increasing from US$28.3 billion in 2011 to US$33.7 billion in 2015
South Korea's military expenditure, valued at US$33.7 billion in 2015, is expected to increase to US$46.7 billion by 2020, registering a CAGR of 7.38% over the forecast period
South Korea's military expenditure will be driven by the nuclear threat from North Korea, acquisition of new technologies, reduction in reliance on imports and the modernization of its armed forces
The Defense Ministry is expected to procure fighters and multi-role aircraft, cyber security, missiles and missile defense systems, infrastructure construction, and multi role aircraft MRO
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Strategic Defense Intelligence's report - Future of South Korean Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2020 offers detailed analysis of the industry with market size forecasts for the period 2016-2020 is done. Also, analysis of factors that influence demand for the industry, key market trends, and challenges faced by industry participants is covered.
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In particular, it provides an in-depth analysis of the following:
Defense industry market size and drivers: detailed analysis of the defense industry during 2016–2020, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the country's expenditure and modernization patterns
Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to the army, navy, and air force. It also details the key challenges faced by defense market participants within the country
Porter's Five Force analysis of the defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, buyers, threat of substitution, intensity of rivalry, and barriers to entry
Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
Market opportunities: details of the top five defense investment opportunities from 2015 to 2025
Competitive landscape and strategic insights: including an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis
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Reasons To Buy:
Identify and track global defense market and make regional comparisons to effectively target new revenue streams
Understand the importance of being led by the defense ministries in the military procurement market and define your strategies with insight on what your customers really want by analyzing recent orders, technical specifications and the country's expected investment pattern during 2016–2020
Make correct business decisions based on detailed analysis of the defense industry from 2016–2020 which includes the total competitive landscape of the sector with detailed profiles of the top domestic and foreign defense manufacturers along with information about their products, alliances, recent contract wins and financial analysis
Determine prospective investment areas by gaining an in-depth understanding of the industry in terms of market opportunities
Channelize resources by identifying various military requirements that are expected to generate revenues across different sectors during 2016–2020
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