New Defense market report from ICD-Research: "The Georgian Defense Industry - Market Opportunities, Entry Strategies, Analyses and Forecasts to 2016"
Boston, MA -- (SBWIRE) -- 05/18/2012 -- The Georgian Defense Industry Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016, offers the reader insights into the market opportunities and entry strategies adopted by foreign original equipment manufacturers (OEMs) to gain market share in the Georgian defense industry.
What is the current market landscape and what is changing?
Georgia's defense expenditure stood at US$391.8 million in 2011, having declined from its peak of US$945.8 million in 2008. The decline is due to a shift in the country's focus towards economic development. The defense budget of the country recorded a CAGR of -17.53% during the review period and is expected to grow at a CAGR of 7.00% over the forecast period.
What are the key drivers behind recent market changes?
Georgia's defense expenditure is primarily driven by the need to fulfil interoperability requirements with the North Atlantic Treaty Organization (NATO) forces, the threats posed by its neighbour Russia, and the expenditure required to modernize its armed forces with advanced military hardware.
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What makes this report unique and essential to read?
The Georgian Defense Industry Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016 provides detailed analysis of the current industry size and growth expectations from 2011 to 2016, including highlights of key growth stimulators. It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas.
Key Highlights
Georgia does not export any arms to foreign countries as the domestic defense industry is undeveloped. The country relies mainly on foreign companies for its arms requirement. The domestic defense industry consists mainly of the state-owned Tbilisi Aircraft Company, which specializes in maintaining the country's fighter aircraft.
The internal security budget, which stood at US$335.96 million in 2011, recorded a CAGR of 6.13% during the review period. However, during the forecast period, homeland security expenditure, which is estimated at US$351.3 million in 2012, is expected to grow at a CAGR of 5.24% to reach US$430.89 million by 2016.
The majority of arms imports to Georgia were from Ukraine, and armored vehicles, missiles, and air defense systems constituted the majority of the country's imports. During the forecast period, defense imports are expected to increase, owing to the increased allocation for capital expenditure in the defense budget.
The Georgian government is aiming to become a member of NATO. The main criteria for membership of the alliance are democracy, respect for human rights, economic stability, interoperability with NATO forces, and resolving conflicts, both within the country and on its borders.
Companies Mentioned in this Report: Tbilisi, Aircraft
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