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

  • ID: 4791124
  • Report
  • Region: Bulgaria
  • 59 pages
  • GlobalData
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FEATURED COMPANIES

  • Airbus Helicopters
  • Leonardo
  • Rolls-Royce plc
  • MORE
Bulgarian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024

Summary

Bulgarian defense expenditure is projected to register a CAGR of 10.57% over the forecast period to value US$1.7 billion in 2024. Bulgaria's defense budget is valued at US$1.1 billion in 2019 and registered a CAGR of 13.88% during the historic period. The country plans to increase its defense expenditure to 2% of GDP by 2024, as mentioned in their national plan to modernize their military in line with NATO standards. Due to this arms modernization process, the country's defense expenditure is anticipated to cumulatively value US$6.7 billion over 2020-2024.

The defense budget as a percentage of GDP is expected to increase slightly, from an average of 1.4% during the historic period to an average of 1.8% over the forecast period, and is expected to post a CAGR of 10.57% to value US$1.7 billion by 2024. The “National Plan”, published by the Bulgarian Defense Ministry, highlights various procurements which are expected to be completed by 2024, which includes the replacement of MiG-29s, and the acquisition of corvettes and armored vehicles.

Bulgaria's homeland security is expected to witness robust investment due to a number of measures planned by the government, such as the procurement of modern equipment for border surveillance, increasing border patrols along Bulgarian-Turkish borders, and the procurement of other equipment to curb threats posed by terrorist organizations and cross border insurgents. Bulgaria's homeland security (HLS) expenditure stands at US$1.1 billion in 2019 and is projected to reach US$1.2 billion in 2024, registering a CAGR of 4.42% over 2020-2024.

Bulgaria's domestic defense industry is developed to a moderate degree, which helps the country to maintain a decent rank in the global arms suppliers list. The country recorded marginal imports during 2014-2018. However, over the forecast period, as part of the national plan, a number of procurements are expected, such as fighter aircraft, armored vehicles and corvettes. In fact, the Bulgarian government has already started talks with other suppliers regarding the procurement of the equipment required to strengthen its armed forces in line with NATO standards.

Capital expenditure stood at an average of 16.1% during the historic period, but is expected to significantly increase to an average of 27.0% over 2020-2024 owing to the government's focus on increasing its defense budget to 2% of the country's GDP, which will enable additional capital expenditure funding. Over the forecast period, capital expenditure will be driven by the procurement of aircraft, armored vehicles and advanced naval vessels as part of the country's modernization plans.

The report “Bulgarian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024” offers detailed analysis of the Bulgarian 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.

In particular, it provides an in-depth analysis of the following:
  • The defense industry market size and drivers: detailed analysis of the Bulgarian 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
  • Porter's Five Force analysis of the Bulgarian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of 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
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the Bulgarian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis
Companies mentioned: Airbus Helicopters, Textron Marine & Land Systems, Leonardo, Rolls-Royce plc.

Scope
  • Bulgaria's defense budget is valued at US$1.1 billion in 2019 and registered a CAGR of 13.88% during the historic period. The country plans to increase its defense expenditure to 2% of GDP by 2024, as mentioned in their national plan to modernize their military in line with NATO standards. Due to this arms modernization process, the country's defense expenditure is anticipated to cumulatively value US$6.7 billion over 2020-2024.
  • The defense budget as a percentage of GDP is expected to increase slightly, from an average of 1.4% during the historic period to an average of 1.8% over the forecast period, and is expected to post a CAGR of 10.57% to value US$1.7 billion by 2024.
Reasons to buy
  • This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Bulgarian 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 Bulgarian defense industry covering sections including demand drivers, Porter's Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts
Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Airbus Helicopters
  • Leonardo
  • Rolls-Royce plc
  • MORE
1. Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
1.4. About the Publisher

2. Executive Summary

3. Market Attractiveness and Emerging Opportunities
3.1. Current Market Scenario
3.1.1. Procurement Programs
3.1.2. Key Drivers and Challenges
3.2. Defense Market Size Historical and Forecast
3.2.1. Bulgarian defense budget to grow at a forecast-period CAGR of 10.57%
3.2.2. The country's participation in peacekeeping missions, and its modernization plans which aim to bring the military in line with NATO standards, will boost defense expenditure
3.2.3. Bulgaria's defense expenditure as a percentage of GDP is projected to increase over the forecast period
3.3. Analysis of Defense Budget Allocation
3.3.1. Capital expenditure will increase over the forecast period
3.3.2. Capital expenditure is anticipated to record a CAGR of 2.36% over the forecast period
3.3.3. Per capita defense expenditure to rise over the forecast period
3.4. Homeland Security Market Size and Forecast
3.4.1. Homeland security expenditure will post a CAGR of 4.42% over the forecast period
3.4.2. Cybercrime and border control measures to drive the homeland security budget
3.5. Benchmarking with Key Global Markets
3.5.1. Bulgaria's defense budget expected to increase over the forecast period
3.5.2. Bulgaria's military expenditure is limited compared to countries with the largest defense expenditures
3.5.3. The defense budget as a percentage of GDP is set to increase over the forecast period
3.6. Market Opportunities: Key Trends and Drivers

4. Defense Procurement Market Dynamics
4.1. Import Market Dynamics
4.1.1. Bulgaria recorded very limited imports during the historic period
4.2. Export Market Dynamics
4.2.1. Defense exports increased during the historic period
4.2.2. Iraq, Saudi Arabia and Cote d'Ivoire were major arms recipients
4.2.3. Armored vehicles and missiles accounted for 75.8% of defense exports

5. Market Entry strategy
5.1. Market Regulation
5.1.1. Offsets are usually 70% indirect and 30% direct
5.1.2. FDI policies in Bulgaria
5.2. Market Entry Route
5.2.1. Budgeting process
5.2.2. Procurement Policy and Process
5.2.3. Joint ventures and engagement with local representatives provide attractive market entry routes

6. Competitive Landscape and Strategic Insights
6.1. Competitive Landscape Overview

7. Business Environment and Country Risk
7.1. Economic Performance
7.1.1. GDP Per Capita at Constant Prices (US$)
7.1.2. GDP at Current Prices (US$)
7.1.3. Exports of Goods and Services
7.1.4. Imports of Goods and Services
7.1.5. Gross National Disposable Income
7.1.6. LCU per US$ (Period Average)
7.1.7. Market Capitalization of Listed Companies
7.1.8. Market Capitalization of Listed Companies (% of GDP)
7.1.9. Government Cash Surplus/Deficit as a Percentage of GDP
7.1.10. Goods Exports as a Percentage of GDP
7.1.11. Goods Imports as a Percentage of GDP
7.1.12. Services Imports as a Percentage of GDP
7.1.13. Services Exports as a Percentage of GDP
7.1.14. Foreign Direct Investment (FDI), net (BoP, current US$ Billion)
7.1.15. Net FDI as a Percentage of GDP
7.1.16. Mining, Manufacturing, Utilities Output

8. Appendix
8.1. About the Publisher
8.2. Disclaimer

List of Tables
Table 1: Bulgarian Ongoing Development and Procurement Programs (US$ Million)
Table 2: Bulgarian Future Procurement Programs
Table 3: Bulgarian Defense Expenditure (BGN Billion and US$ Billion), 2015-2024
Table 4: Bulgarian GDP Growth and Defense Expenditure as a Percentage of GDP Growth (%), 2015-2024
Table 5: Bulgarian Defense Budget Split Between Capital and Revenue Expenditure (%), 2015-2024
Table 6: Bulgarian Defense Capital Expenditure (BGN Million and US$ Million), 2015-2024
Table 7: Bulgarian Per Capita Defense Expenditure (US$), 2015-2024
Table 8: Bulgarian Homeland Security Expenditure (BGN Billion and US$ Billion), 2015-2024
Table 9: Benchmarking with Key Markets - 2015-2019 vs 2020-2024
Table 10: Top Bulgarian Defense Sectors by Value (US$ Million), 2019-2024
Table 11: Bulgarian Procurement Process
Table 12: Bulgarian Defense Industry's Competitive Landscape, 2018

List of Figures
Figure 1: Bulgarian Defense Budget: 2020 and 2024
Figure 2: Bulgarian Defense Exports: 2014 and 2018
Figure 3: Bulgaria's Top Prospective Procurements/Developments
Figure 4: Bulgarian Defense Expenditure (BGN Billion), 2015-2024
Figure 5: Bulgarian Defense Expenditure (US$ Billion), 2015-2024
Figure 6: Bulgarian GDP Growth and Defense Expenditure as a Percentage of GDP Growth (%), 2015-2024
Figure 7: Bulgarian Defense Budget Split Between Capital and Revenue Expenditure (%), 2015-2024
Figure 8: Bulgarian Defense Capital Expenditure (BGN Million), 2015-2024
Figure 9: Bulgarian Defense Capital Expenditure (US$ Million), 2015-2024
Figure 10: Bulgarian Per Capita Defense Expenditure (US$), 2015-2024
Figure 11: Bulgarian Homeland Security Expenditure (BGN Billion), 2015-2024
Figure 12: Bulgarian Homeland Security Expenditure (US$ Billion), 2015-2024
Figure 13: Bulgaria - Benchmarked Against Key Markets (%), 2015-2019 vs 2020-2024
Figure 14: Defense Expenditure of the World's Largest Military Spenders (US$ Billion), 2019 and 2024
Figure 15: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2019
Figure 16: Bulgarian Defense Exports (US$ Million), 2014-2018 (TIV Values*)
Figure 17: Bulgarian Defense Exports by Country (%), 2014-2018
Figure 18: Bulgarian Defense Exports by Category (%), 2014-2018
Figure 19: Bulgarian Budgeting Process
Figure 20: Bulgarian GDP Per Capita at Constant Prices (US$), 2015-2025
Figure 21: Bulgarian GDP at Current Prices (US$ Billion), 2015-2025
Figure 22: Bulgarian Exports of Goods and Services (LCU Billion), 2005-2014
Figure 23: Bulgarian Imports of Goods and Services (LCU Billion), 2005-2014
Figure 24: Bulgarian Gross National Disposable Income (US$ Billion), 2005-2012
Figure 25: Bulgarian LCU per US$, 2015-2024
Figure 26: Bulgarian Market Capitalization of Listed Companies (US$ Billion), 2005-2012
Figure 27: Bulgarian Market Capitalization of Listed Companies (% of GDP), 2005-2012
Figure 28: Bulgarian Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2005-2012
Figure 29: Bulgarian Goods Exports as a Percentage of GDP, 2005-2014
Figure 30: Bulgarian Goods Imports as a Percentage of GDP, 2005-2014
Figure 31: Bulgarian Services Imports as a Percentage of GDP, 2005-2014
Figure 32: Bulgaria Services Exports as a Percentage of GDP, 2005-2014
Figure 33: Bulgarian FDI, Net (BoP, Current US$ Billion), 2005-2014
Figure 34: Bulgarian Net FDI as a Percentage of GDP, 2005-2014
Figure 35: Bulgarian Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014
Note: Product cover images may vary from those shown
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  • Airbus Helicopters
  • Textron Marine & Land Systems
  • Leonardo
  • Rolls-Royce plc
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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