Libyan Defense Market - Market Attractiveness, Competitive Landscape and Forecasts to 2024

Libyan Defense Market - Market Attractiveness, Competitive Landscape and Forecasts to 2024

Summary

Libya’s defense expenditure is anticipated to value US$16.4 billion on a cumulative basis over the forecast period. The Libyan defense industry, valued at US$3.1 billion in 2019, is projected to record a CAGR of 1.51% over the forecast period, to reach US$3.4 billion in 2024. On a cumulative basis, expenditure over 2020-2024 is anticipated to be US$16.4 billion compared to US$14.5 billion spent during the historic period. After the 2011 revolution, the country’s initial focus on reconstructing and strengthening its security forces has resulted in an increase in the Libya’s military expenditure.

Libya has suffered an absence of security and the government is merely an entity with no authority. The country is still struggling to establish political, military, and economic stability even after holding elections in July 2012, enabling the shift of power to the democratically elected General National Congress (GNC). However, the country has been grappling with rampant anarchy across much of the country and the incumbent provisional Libyan government headed by Fayez al-Sarraj requested military assistance from NATO and the US in February 2017.

The country’s capital expenditure is expected to increase from US$562.2 million in 2020 to US$588.7 million in 2024, growing at a CAGR of 1.15%. It is anticipated that, the Libyan government will spend on the procurement of armored vehicles, military aircraft, engines, combat helicopters and other surveillance equipment. Business opportunities will arise in the form of security platforms as the country looks to strengthen its borders.

Between 2014 and 2018, Egypt emerged as the largest supplier of arms, with a share of 31.2% of total defense imports, followed by UAE and Belarus with 28.0% and 15.1% respectively. Aircraft accounted for the majority of defense imports with a share of 46.8% during the historic period. As Libya plans to increase its defense budget and procure more weapons to increase its military base and countries like Egypt and UAE partially lifting arms embargo ban as well Russia reinitiating its $2 billion deal, imports are expected to increase during the forecast period.

The report "Libyan Defense Market - Market Attractiveness, Competitive Landscape and Forecasts to 2024", offers detailed analysis of the Libyan 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.

Companies mentioned: Leonardo S.p.A, KBP Instrument Design Bureau

Scope

The report provides an in-depth analysis of the following -

• The defense industry market size and drivers: detailed analysis of the Libyan defense industry during 2020-2024, including highlights of the demand drivers and growth stimulators for the industry. 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 capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country


• 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


• Competitive landscape and strategic insights: analysis of the competitive landscape of the Libyan defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.

Reasons to Buy

• This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Libyan defense industry market trends for the coming five years


• The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period


• Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector


• A deep qualitative analysis of the Libyan defense industry covering sections including demand drivers, Key Trends and Growth Stimulators, and latest industry contracts.