South
Korea is one of the major economies within Asia with a considerable amount of
security issues, which calls for a firm security posture. To combat the
challenge posed by a nuclear threat from North Korea, the need to replace
obsolete military equipment, and a growing necessity for restructuring and
modernization of the military, South
Korea has introduced the Defense Reform Plan 2020 (DRP 2020) with the aim
of transforming the military into a smaller but more capable force. South Korea
maintained a reasonably constant defense budget in relation to growing GDP and
defense expenditure during 2014–2018 grew at a CAGR of 5.72%. According to
research report “Future of
the South Korean Defense Industry - Market Attractiveness, Competitive
Landscape and Forecasts to 2023”,
Defense expenditure during 2019-2023 is expected to grow at a CAGR of 4.90%,
reaching US$48.5 billion in 2023. The reduction in military personnel,
acquisition of new technology, and a reduction in the reliance of imports are
other factors that impact the dynamics of South Korea’s defense expenditure.
The
country is expected to focus on developing capabilities to develop new weapon
systems, with specific emphasis being given to projects such as laser weapons,
unmanned ground vehicles, and unmanned surveillance vehicles, among others. The
country is also expected to invest in developing dedicated infrastructure for
testing defense equipment and other hi-tech weapon systems. South Korea aims to
increase the efficiency of its defense industrial complex by means of
encouraging robust cooperation with the country’s commercial sector in addition
to enhancing technology transfer (spin-offs) from the military to the country’s
private industries and vice versa to achieve a level of synergy between the two
sectors. South Korea also plans to provide financial assistance for organizing
various market exploration activities such as defense exhibitions. Moreover, it
plans on extending support for increasing the country’s defense exports.
South
Korean homeland security (HLS) expenditure is expected to grow consistently
during the forecast period. The cyber and defense threat from North Korea and
China accentuate the need for the procurement of sophisticated security
technology with the coordination of IT and reinstates the increasing demand for
cloud-based security solutions.
Key Topics Considered in the Report
Global
defense industry research
South
Korea defense industry research
South
Korea Defense expenditure
South
Korea Defense Capital Expenditure
South
Korea Per-Capita Defense Expenditure
South
Korea Missile Systems Market Size
South
Korea Fighters and Multi-role Aircraft
South
Korea Defense Imports and Exports
South
Korea Air force market
South
Korea combat vehicle market
South
Korea Air craft components market
South
Korea defense industry Infrastructure
South
Korea Defense Testing Facilities
Government
expenditure on South Korea Defense Industry
To know more, click on the link below:
Related reports
Contact:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-124-4230204
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