According to MarkNtel Advisors research report, “GCC Defense Market Analysis, 2021,” the market shall grow at a CAGR of 2.12% in the forecast period of 2021-26. It owes to the rapidly growing phase of modernization and a gradual shift from outsourced to onshore MRO contractors. The defense sector is becoming more sophisticated in its demands. Instead of buying spare parts & individual services, it is purchasing operational time for vehicles, military platforms, and systems, which shall free the military personnel to focus entirely on the operational tasks. This change is likely to continue and increase the defense procurement in the GCC region, thereby fueling the GCC Defense Market in the forecast years.
Key questions answered in the study
Tanks to Attain the Largest Market Share
Based on the Land-Based Vehicles, the market segments into Infantry & Armored Vehicles and Tanks. Of both, Tanks are more likely to witness the largest market share in the forecast years. It owes to the massive investments and demand by countries & leading international companies with export capabilities, producing combat tanks and other military vehicles. All investing countries are likely to adapt to military requirements, with investments, sound policies, and trade deals, thereby propelling the supply and demand of military tanks in the GCC region. Hence, these factors shall lead the segment to attain the largest market share in the forecast years.
“GCC Defense Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Defense providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
UAE to attain the Fastest Growth
The United Arab Emirates (UAE) is likely to register the fastest growth in the GCC Defense Market over the forecast period of 2021-26. It prominently owes to the massive annual defense expenditure ranging at an average of US$26.6 billion per year. The budget is likely to increase on an average of US$37.8 billion in the forecast years, leading UAE to invest US$70 billion cumulatively in resource expenditure. Furthermore, the protection of vital infrastructure, the UAE territorial dispute with Iran, and the ongoing defense industry-building initiatives shall also increase the country’s defense investments. Therefore, based on factors cited above, UAE is likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, “GCC Defense Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the GCC Defense Market are Saudi Arabian Military Industries, Emirates Defence Industries Company, Advanced Electronics Company, Military Industries Corporation, Dahra Engineering & Security Services LLC, Lockheed Martin Corporation, The Boeing Company, Elbit Systems Ltd, Israel Aerospace Industries, Raytheon Company, Rheinmetall AG, Aselsan AS, Northrop Grumman Corporation, Thales SA, Honeywell International Inc., BAE Systems PLC, Rockwell Collins, L3 Technologies Inc., Airbus SE, Leonardo SpA.