The Saudi Arabia defense market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing defense acquisitions.
Saudi Arabia is the country in the Gulf region with a population of 33 million, and the biggest economy in the Arab World with a GDP of USD 782 billion. It is the only G-20-part country in the Middle East The Saudi Arabian Government (SAG) exercises control over economic activities and financial exercises of the nation's oil-based economy. Saudi Arabia holds 16% of the world's proven petrol reserve. It’s one of the world's biggest producer and exporter of unrefined petroleum, and is an enormous oil purifier and producer of natural gas. As indicated by Forbes Magazine, oil represents approximately 87% of budget revenues, 32% of GDP, and 81% of export profit.
Saudi Arabia strategies focus on drawing new foreign ventures, which were part of the talks at the Future Investment Initiative discussion held in Riyadh in October of 2019. 300 worldwide venture chiefs and policymakers joined at the event. Saudi Arabia declared marking of $20 billion in investment deals during the event, including huge arrangements among Saudi Arabia- and the US-based organizations. The market in Saudi Arabia is anticipated to expand at a high CAGR share during the forecast period owing to increasing defense budgets and modernization plans in emerging such as Middle East-based countries.
The report on the Saudi Arabia defense market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Saudi Arabia Defense Market - Saudi Arabia Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Personnel Training, Simulations, and Protection Equipment, Communication Systems, Weapons and Ammunitions [Artillery and Mortar Systems, Infantry Weapons, Missile and Missile Défense Systems, Ammunitions], Vehicles [Land-based Vehicles, Sea-based Vehicles, Air-based Vehicles]) |
Country Scope |
Saudi Arabia |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Saudi Arabian Military Industries; BAE System PLC; Lockheed Martin Corporation; The Boeing Company and Raytheon Technologies Corporation. |
Based on types, the market is divided into personnel training, simulations, and protection equipment, communication systems, weapons and ammunitions, and vehicles. The weapons and ammunitions segment is further classified as artillery and mortar systems, infantry weapons, missile and missile defense systems, and ammunitions. The vehicles segment is further classified as land-based vehicles, sea-based vehicles, and air-based vehicles. The vehicles segment is estimated to account for a significant share of the market due to increasing number of unmanned combat aircraft, multi-mission tactical vehicles, and better-armed protective vehicles, which represent unmet requirements that are likely to be the driving forces in the defense industry. The industry is highly consolidated in terms of suppliers and buyers, and is highly dependent on government spending.
The weapons and ammunitions segment is anticipated to grow at a rapid pace during the forecast period. Increasing demand for advanced ammunition to strengthen the defense is propelling the segment growth.
The Saudi Arabia defense market has been segmented on the basis of
Saudi Arabia
Key players competing in the Saudi Arabia defense market are Saudi Arabian Military Industries; BAE System PLC; Lockheed Martin Corporation; The Boeing Company and Raytheon Technologies Corporation.
The Saudi Arabia defense market has been segmented on the basis of
Saudi Arabia
Key players competing in the Saudi Arabia defense market are Saudi Arabian Military Industries; BAE System PLC; Lockheed Martin Corporation; The Boeing Company and Raytheon Technologies Corporation.
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