Oman Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026

This report presents the market size forecast and the projected Compound Annual Growth Rate (CAGR) for the next five years. The report covers the industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for maritime and border security market over the forecast period.

During the historic period, 2017-2021, Oman's defense expenditure registered a CAGR of 2.93%. As part of its initial responses to lower oil prices and COVID-19, by May 2020 the Omani Ministry of Finance (MoF) had announced that the defense and security budget would be cut and development budgets for the country had also been reduced. The defence budget for 2021 was reduced to US$7.7 billion from US$9 billion in 2020. The acquisition budget was reduced from US$3.39 billion in 2020 to US$2.9 billion in 2021. But, due to its need to adequately finance its expensive defense modernization programs to keep pace with its neighbors such as the UAE, Saudi Arabia, and Bahrain, Oman is anticipated to grow at a CAGR of 2.18%. Procurement programs that aim to strengthen naval and air defense capabilities are expected to drive defense imports during the forecasted period, 2022-2026.

This report offers detailed analysis of Oman's defense market 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.

Key Highlights

• Oman's defense expenditure is expected to grow at a CAGR of 2.18% over the forecast period to reach US$9.5 billion in 2026.
• Oman's defense market has three major sectors: military infrastructure and logistics, military rotorcraft, and military land vehicles.
• The Omani government is allocating substantial funds towards augmenting its border security by setting up advanced infrastructure including physical and electronic fences along its borders.
• The Omani army is qualitatively superior to that of many neighboring countries except Saudi Arabia and Iran. It has one regiment of British-built Challenger 2 main battle tanks and another slightly larger regiment of M60 MBTs. Oman recently received 174 Piranha light armored vehicles. Oman is looking to expand and re-equip its army.

Who Should Buy

• Defence Startups, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
• The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
• The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.

Scope

In particular, it provides an in-depth analysis of the following:

• Oman's defense industry market size and drivers: detailed analysis of Oman's defense industry during 2022-2026, 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:list of the top ten defense investment opportunities over the next 5 years.
• Competitive landscape and strategic insights: analysis of the competitive landscape of Oman's defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Omani defense market over the next five years
• Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in Oman's market and identify the opportunities offered.
• Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
• Identify the major threats that are driving Oman's defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
• Channelize resources by focusing on the ongoing programs that are being undertaken by the Sultan's government
• Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available