Saudi Arabia Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Saudi Arabia Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028 report provides the market size forecast and the projected growth rate for the next five years. The report covers 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 military platforms over the forecast period.

Saudi Arabian defense expenditure increased from $55.5 billion in 2019 to $69.1 billion in 2023, reflecting a CAGR of 5.6% during 2019-23. The slight decrease in Saudi Arabia's defense budget from 2019 to 2021 can be partly attributed to the instability of the world oil market. Factors such as the pricing conflict between Saudi Arabia and Russia, as well as the declining demand for oil due to the COVID-19 pandemic, have affected the country's revenue and influenced budget allocations, including defense expenditure. As a result of a weak economic climate, the country's defense expenditure declined in 2020 and 2021. However, eventually the loosening of COVID-19 induced lockdown and the increase in oil prices because of the uncertainty caused by the ongoing Russo-Ukrainian war have escalated the energy prices. Hence, Saudi Arabia's defense budget grew by 21.3% annually to stand at $65.3 billion in 2022. In 2023, the defense budget recorded a 5.7% increase annually over the last year, valued at $69.1 billion.

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

Key Highlights

• Saudi Arabian defense expenditure increased from $55.5 billion in 2019 to $69.1 billion in 2023, reflecting a CAGR of 5.6% during 2019-23. In 2023, the defense budget recorded a 5.7% increase annually over the last year, valued at $69.1 billion. Saudi Arabian defense spending is anticipated to increase from $72.5 billion in 2024 to $86.4 billion in 2028, reflecting a CAGR of 4.5% over 2024-28
• Saudi Arabian defense spending has historically been sustained by strong fiscal reserves, supported by proceeds from its oil exports, which has allowed the country to accumulate robust emergency fiscal reserves and sustain robust defense spending
• Saudi Arabia has one of the highest defense expenditures relative to its GDP, and its defense expenditure as a percentage of GDP averaged 7.9% over the historic period 2019-23. Military fixed wing, Missiles and Missile Defense Systems, and Naval vessels and surface combatants feature as the top three largest sectors

Scope

This report offers detailed analysis of Saudi Arabia 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.

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

• Saudi Arabia defense budget: detailed analysis of Saudi Arabia 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions
• Regulation: the procurement policy and process is explained. This is coupled with an analysis of Saudi Arabia military doctrine and strategy to provide a comprehensive overview of Saudi Arabia military procurement regulation
• Security Environment: political alliances and perceived security threats to Saudi Arabia are examined; there help to explain trends in spending and modernisation
• Competitive landscape and strategic insights: analysis of the competitive landscape of Saudi Arabia's defense industry

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the French defense market over the next five years
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• 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 the Saudi Arabia defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
• Channel resources by focusing on the ongoing programs that are being undertaken by the Saudi Arabia 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