1. Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
3. Market Attractiveness and Emerging Opportunities
3.1. Current Market Scenario
3.1.1. Primary threat perception
3.1.2. Military Doctrine and Strategy
3.1.3. Military Fleet Size
3.1.4. Procurement Programs
3.1.5. Ongoing procurement programs
3.1.6. Future procurement programs
3.1.7. Top Procurement Programs by Value (US$ Million) 2018-2023
3.1.8. Social, Political and Economic Environment and Support for Defense Projects
3.1.9. Political and Strategic Alliances
3.2. Defense Market Size - Historical and Forecast
3.2.1. Spanish defense budget is expected to grow at a CAGR of 7.09% over the forecast period
3.2.2. Territorial dispute with Morocco, security threats posed by terrorist organizations, and large equipment procurement programs will drive defense expenditure over the forecast period
3.3. Analysis of Defense Budget Allocation
3.3.1. Revenue expenditure accounts for the largest percentage share
3.3.2. Capital expenditure expected to increase at a CAGR of 9.22% over 2019-2023
3.3.3. Defense expenditure as a percentage of GDP is expected to reach 0.75% in 2023
3.3.4. Per capita defense expenditure set to increase over the forecast period
3.4. Homeland Security Market Size and Forecast
3.4.1. Homeland security expenditure is expected to register a CAGR of 2.28% over the forecast period
3.4.2. Border security and drug trafficking will drive homeland security expenditure in Spain
3.4.3. Spain is at “some risk” of terrorism
3.4.4. Spain faces some level of threat from foreign terrorist organizations
3.4.5. Spain has a terrorism index score of 1.7
3.5. Benchmarking with Key Global Markets
3.5.1. Spanish defense expenditure expected to increase over the forecast period
3.5.2. The country’s defense budget is relatively small compared to other leading spenders
3.5.3. Spanish defense expenditure as a percentage of GDP is expected to increase over the forecast period
3.6. Market Opportunities: Key Trends and Drivers
3.6.1. Top 10 Defense Market Categories by Value (US$ Million) - Forecast-Period Projections
3.6.2. Land-based C4ISR
3.6.3. Physical Security
3.6.4. Multirole Aircraft
4. Defense Procurement Market Dynamics
4.1. Import Market Dynamics
4.1.1. Spanish defense imports are expected to grow moderately over the forecast period
4.1.2. Germany emerged as a significant arms supplier to Spain
4.1.3. Missiles and aircraft dominate military hardware imports
4.2. Export Market Dynamics
4.2.1. Spain ranked seventh among the countries with the highest volume of defense exports
4.2.2. Australia accounted for the largest percentage share of Spanish defense exports
4.2.3. Aircraft and naval vessels are the main exported defense products
5. Industry Dynamics
5.1. Five Forces Analysis
5.1.1. Bargaining Power of Supplier: Low
5.1.2. Bargaining Power of Buyer: Medium
5.1.3. Barrier to Entry: Medium
5.1.4. Intensity of Rivalry: High
5.1.5. Threat of Substitution: High
6. Market Entry Strategy
6.1. Market Regulation
6.1.1. Offset policy mandates suppliers invest 100% of the contract value into the Spanish economy
6.1.2. FDI in defense subject to approval
6.1.3. Unified Procurement Policy
6.2. Market Entry Route
6.2.1. Budgeting Process
6.2.2. Procurement Policy and Process
6.2.3. Foreign OEMs venture into the market by partnering with domestic defense firms
6.2.4. Joint R&D provides an attractive entry route to foreign OEMs
6.2.5. Collaborations provide market entry opportunities
6.3. Key Challenges
6.3.1. Defense budget cuts discourage investors from entering the industry
6.3.2. Project delays deter defense industry growth
7. Competitive Landscape and Strategic Insights
7.1. Competitive Landscape Overview
7.2. Competitive Landscape Overview
7.3. Key Foreign Companies
7.3.1. Thales: Overview
7.3.2. Thales: Key Products
7.3.3. Thales: Recent Announcements and Strategic Initiatives
7.3.4. Thales: Alliances
7.3.5. Thales: Recent Contract Wins
7.3.6. Thales: Financial Analysis
7.3.7. Iveco: Overview
7.3.8. Iveco: Key Products
7.3.9. Iveco: Recent Announcements and Strategic Initiatives
7.3.10. Iveco: Alliances
7.3.11. Iveco: Recent Contract Wins
7.4. Key Public Sector Companies
7.4.1. Navantia: Overview
7.4.2. Navantia: Key Products
7.4.3. Navantia: Recent Announcements and Strategic Initiatives
7.4.4. Navantia: Alliances
7.4.5. Navantia: Recent Contract Wins
7.5. Key Private Sector Companies
7.5.1. General Dynamics European Land Systems (GDELS): Overview
7.5.2. General Dynamics European Land Systems (GDELS): Key Products
7.5.3. General Dynamics European Land Systems (GDELS): Recent Announcements and Strategic Initiatives
7.5.4. General Dynamics European Land Systems (GDELS): Alliances
7.5.5. General Dynamics European Land Systems (GDELS): Recent Contract Wins
7.5.6. Aernnova Aerospace S.A.: Overview
7.5.7. Aernnova Aerospace S.A.: Key Products
7.5.8. Aernnova Aerospace S.A.: Recent Announcements and Strategic Initiatives
7.5.9. Aernnova Aerospace S.A: Alliances
7.5.10. Aernnova Aerospace S.A.: Recent Contract Wins
7.5.11. Aries Ingenieria Y Sistemas, S.A.: Overview
7.5.12. Aries Ingenieria Y Sistemas, S.A.: Key Products
7.5.13. Aries Ingenieria Y Sistemas, S.A.: Recent Announcements and Strategic Initiatives
7.5.14. Aries Ingenieria Y Sistemas, S.A: Alliances
7.5.15. Indra Sistemas S.A.: Overview
7.5.16. Indra Sistemas SA: Key Products
7.5.17. Indra Sistemas S.A.: Recent Announcements and Strategic Initiatives
7.5.18. Indra Sistemas S.A.: Alliances
7.5.19. Indra Sistemas S.A.: Recent Contract Wins
7.5.20. Indra Sistemas S.A.: Financial Analysis
7.5.21. Sociedad Anonima De Electrónica Submarina, S.A.: Overview
7.5.22. Sociedad Anonima De Electrónica Submarina, S.A.: Key Products
7.5.23. Sociedad Anonima De Electrónica Submarina, S.A.: Recent Announcements and Strategic Initiatives
7.5.24. Sociedad Anonima De Electrónica Submarina, S.A.: Alliances
7.5.25. Sociedad Anonima De Electrónica Submarina, S.A.: Recent Contract Wins
7.5.26. Tecnobit: Overview
7.5.27. Tecnobit: Key Products
7.5.28. Tecnobit: Recent Announcements and Strategic Initiatives
7.5.29. Tecnobit: Alliances
7.5.30. Tecnobit: Recent Contract Wins
7.5.31. Uro Vehiculos Especiales S.A.: Overview
7.5.32. Uro Vehiculos Especiales S.A.: Key Products
7.5.33. Uro Vehiculos Especiales S.A.: Recent Announcements and Strategic Initiatives
7.5.34. Uro Vehiculos Especiales S.A.: Recent Contract Wins
7.5.35. Amper S.A.: Overview
7.5.36. Amper S.A.: Key Products
7.5.37. Amper S.A.: Recent Announcements and Strategic Initiatives
7.5.38. Amper S.A.: Alliances
7.5.39. Amper S.A.: Recent Contract Wins
7.5.40. Amper S.A.: Financial Analysis
8. Business Environment and Country Risk
8.1. Economic Performance
8.1.1. GDP Per Capita at Constant Prices
8.1.2. GDP at Current Prices (US$ Billion)
8.1.3. Exports of Goods and Services (current LCU Billion)
8.1.4. Imports of Goods and Services (current LCU Billion)
8.1.5. Gross National Disposable Income (US$ Billion)
8.1.6. LCU per US$ (period average)
8.1.7. Market Capitalization of Listed Companies (US$ Billion)
8.1.8. Market Capitalization of Listed Companies (% of GDP)
8.1.9. Government Cash Surplus/Deficit as a Percentage of GDP (LCU)
8.1.10. Goods Exports as a Percentage of GDP
8.1.11. Goods Imports as a Percentage of GDP
8.1.12. Services Imports as a Percentage of GDP
8.1.13. Service Exports as a Percentage of GDP
8.1.14. Foreign Direct Investment, net (BoP, current US$ Billion)
8.1.15. Net Foreign Direct Investment as a Percentage of GDP
8.1.16. Mining, Manufacturing, Utilities Output (LCU Billion)
List of Tables
Table 1: The Spanish Army Strength
Table 2: Spanish Navy Strength
Table 3: Spanish Air Force Strength
Table 4: Spain - Ongoing Procurement Programs
Table 5: Spain - Future Procurement Programs
Table 6: Spanish - Defense Procurement Programs by Value (US$ Million) 2018-2023
Table 7: Spanish Defense Expenditure (EUR Billion and US$ Billion), 2014-2023
Table 8: Spanish Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023
Table 9: Spanish - Defense Capital Expenditure (EUR Million and US$ Million), 2014-2023
Table 10: Spanish - GDP Growth vs Defense Expenditure as a Percentage of GDP, 2014-2023
Table 11: Spanish Per Capita Defense Expenditure (US$), 2014-2023
Table 12: Spanish - Homeland Security Expenditure (EUR Billion and US$ Billion), 2014-2023
Table 13: Terrorism Index, 2018
Table 14: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023
Table 15: Spain’s - 10 Leading Defense Market Categories by Value (US$ Million) - 2018-2023
Table 16: Spanish Defense Offset Regulations
Table 17: Spanish Budget Formation Timetable
Table 18: Market Entry Strategies by Key Foreign Companies
Table 19: Competitive Landscape of the Spanish Defense Industry
Table 20: Spain - Top 10 Defense Suppliers by Value (US$ Million), 2018-2023
Table 21: Thales - Key Products
Table 22: Thales - Alliances
Table 23: Thales - Recent Contract Wins
Table 24: Iveco - Key Products
Table 25: Iveco - Alliances
Table 26: Iveco - Recent Contract Wins
Table 27: Navantia - Key Products
Table 28: Navantia - Alliances
Table 29: Navantia - Recent Contract Wins
Table 30: General Dynamics European Land Systems (GDELS) - Key Products
Table 31: General Dynamics European Land Systems (GDELS) - Alliances
Table 32: General Dynamics European Land Systems (GDELS) - Recent Contract Wins
Table 33: Aernnova Aerospace S.A. - Key Products
Table 34: Aernnova Aerospace S.A - Alliances
Table 35: Aernnova Aerospace S.A. - Recent Contract Wins
Table 36: Aries Ingenieria Y Sistemas, S.A - Key Products
Table 37: Aries Ingenieria Y Sistemas - Alliances
Table 38: Indra Sistemas SA - Key Products
Table 39: Indra Sistemas S.A. - Alliances
Table 40: Indra Sistemas S.A. - Recent Contract Wins
Table 41: Sociedad Anonima De Electrónica Submarina, S.A. - Key Products
Table 42: Sociedad Anonima De Electrónica Submarina, S.A. - Alliances
Table 43: Sociedad Anonima De Electrónica Submarina, S.A. - Recent Contract Wins
Table 44: Tecnobit - Key Products
Table 45: Tecnobit - Alliances
Table 46: Tecnobit - Recent Contract Wins
Table 47: Uro Vehiculos Especiales S.A. - Key Products
Table 48: Uro Vehiculos Especiales S.A. - Recent Contract Wins
Table 49: Amper S.A. - Key Products
Table 50: Amper S.A.: - Alliances
Table 51: Amper S.A.: - Recent Contract Wins
List of Figures
Figure 1: Spanish Defense Expenditure (EUR Billion), 2014-2023
Figure 2: Spanish Defense Expenditure (US$ Billion), 2014-2023
Figure 3: Spanish Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023
Figure 4: Spanish - Defense Capital Expenditure (EUR Million), 2014-2023
Figure 5: Spanish - Defense Capital Expenditure (US$ Million), 2014-2023
Figure 6: Spanish GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2014-2023
Figure 7: Spanish Per Capita Defense Expenditure (US$), 2014-2023
Figure 8: Spanish Homeland Security Budget (EUR Billion), 2014-2023
Figure 9: Spanish Homeland Security Budget (US$ Billion), 2014-2023
Figure 10: Terrorism Heat Map, 2018
Figure 11: Terrorism Index, 2018
Figure 12: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023
Figure 13: Defense Expenditure of the World’s Largest Military Spenders (US$ Billion), 2018 & 2023
Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018
Figure 15: Land-based C4ISR (US$ Million), 2018-2023
Figure 16: Physical Security (US$ Million), 2018-2023
Figure 17: Multirole Aircraft (US$ Million), 2018-2023
Figure 18: Spain - Defense Procurements in Terms of Supplier Relationships, 2018
Figure 19: Spanish Defense Import Trend (US$ Million), 2013-2017 (TIV values)
Figure 20: Spanish Defense Imports by Country (%), 2013-2017
Figure 21: Spanish Defense Imports by Category (%), 2013-2017
Figure 22: Spanish Defense Exports (US$ Million), 2013-2017 (TIV values)
Figure 23: Spanish Defense Exports by Country (%), 2013-2017
Figure 24: Spanish Defense Exports by Category (%), 2013-2017
Figure 25: Industry Dynamics - Porter’s Five Forces Analysis
Figure 26: Thales - Revenue Trend Analysis (EUR Billion), 2013-2017
Figure 27: Thales - Operating Profit Trend Analysis (EUR Million), 2013-2017
Figure 28: Thales - Net Profit Trend Analysis (EUR Million), 2013-2017
Figure 29: Indra Sistemas S.A. - Revenue Trend Analysis (EUR Billion), 2013-2017
Figure 30: Indra Sistemas S.A. - Operating Profit Trend Analysis (EUR Million), 2013-2017
Figure 31: Indra Sistemas S.A. - Net Profit Trend Analysis (EUR Million), 2013-2017
Figure 32: Amper S.A. - Revenue Trend Analysis (EUR Billion), 2013-2017
Figure 33: Amper S.A. - Operating Profit Trend Analysis (EUR Million), 2013-2017
Figure 34: Amper S.A. - Net Profit Trend Analysis (EUR Million), 2013-2017
Figure 35: Spanish GDP Per Capita at Constant Prices (US$), 2015-2025
Figure 36: Spain GDP at Current Prices (US$ Billion), 2015-2025
Figure 37: Spanish Exports of Goods and Services (LCU Billion), 2005-2014
Figure 38: Spanish Imports of Goods and Services (LCU Billion), 2005-2014
Figure 39: Spanish Gross National Disposable Income (US$ Billion), 2005-2013
Figure 40: Spain LCU per US$, 2015-2024
Figure 41: Spanish Market Capitalization of Listed Companies (US$ Billion), 2005-2012
Figure 42: Spanish Market Capitalization of Listed Companies (% of GDP), 2005-2012
Figure 43: Spanish Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2005-2012
Figure 44: Spain- Goods Exports as a Percentage of GDP (%), 2005-2014
Figure 45: Spain- Goods Imports as a Percentage of GDP (%), 2005-2014
Figure 46: Spanish Services Imports as a Percentage of GDP (%), 2005-2014
Figure 47: Spanish Service Exports as a Percentage of GDP (%), 2005-2014
Figure 48: Spain - Foreign Direct Investment, net (BoP, current US$ Billion), 2005-2014
Figure 49: Spanish Net Foreign Direct Investment (as a Percentage of GDP) 2005-2014
Figure 50: Spanish Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014