Eastern Europe Defense Market: Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecast: 2022-2031

Japan, Japan, Thu, 07 Apr 2022 02:29:51 / Comserve Inc. / -- The Eastern Europe Defense Market is projected to register a CAGR of over 4% during the forecast period 2022-2031.

The Eastern Europe Defense Market is projected to register a CAGR of over 4% during the forecast period 2022-2031.

- Several countries in Eastern Europe made huge increases in their defense spending in 2019. According to SIPRI, defense spending by Bulgaria rose by 121.33% in 2019, to reach USD 2.18 billion followed by Slovakia, which grew by 43.9% to reach USD 1.87 billion. Spending by countries, like Romania, Moldova and Ukraine, also increased by more than 13% in 2019.
- Countries in the region are also going through many military modernization plans, and are planning to upgrade their armed, naval, and air forces. This may drive the market in the coming years.
- Growing perceptions of threat from Russia and calls from the United States to the NATO countries to increase their defense spending are also some growth drivers for the market.

Download PDf Sample For More Information: https://www.sdki.jp/sample-request-80989

Key Market Trends

Vehicles Segment Accounted for a Major Market Share in 2019

In 2019, the vehicle segment dominated the market, owing to the various ongoing upgrade and procurement programs in the region. Currently, most of the investments are being directed toward fleet expansion initiatives. Additionally, fleet modernization plans are underway for many countries, as most of the fleet in the region belonged to the Soviet era. Many countries in the region are members of NATO and have vowed to increase their military spending to 2% of the GDP. Countries like Poland and Russia have been investing in increasing the fleet of naval vessels. For instance, Poland launched a second Kormoran II-class minehunter named ORP Albatros in October 2019 and it is expected to be delivered to the navy by 2020. Similarly, in January 2020, Sredne-Nevsky Shipyard, part of United Shipbuilding Corporation had delivered Russian Navy the newest project 12700 Aleksandrit-class minesweeper Vladimir Yemelyanov. The Russian Navy plans to build and procure a total of 40 Project 12700 mine countermeasure vessels by 2035. In addition to the naval capabilities, the countries are also developing their air and land capabilities for surveillance and combat missions. In May 2019, the US State Department approved sales of 12 UH-60M Black Hawk helicopters and related equipment to the Czech Republic for an estimated cost of USD 800 million. Such procurements are anticipated to propel the growth of the vehicle segment in the Eastern Europe region.

Poland to Show Significant Growth During the Forecast Period

Currently, Russia is the largest defense market in Eastern Europe. Globally, Russia is one of the military superpowers, and the country has been increasing its military spending over the years. In 2019, Russia's military spending increased by 6.05%, as compared to that in 2018. However, at USD 65.1 billion, Russian military spending was the fourth highest in the world in 2019. In 2019, Russia's military expenditure was 3.9% of the GDP. With such high military spending, the country is dominating the market in the region, with various procurements and aftermarket investments. However, during the forecast period, Poland is expected to show significant growth among other countries in the region. Poland's military is continuously undergoing changes, aimed at transforming it into a more capable, modern, and NATO-compatible force. In 2019, Poland's military expenditure was 2% of the GDP and the Polish government has further pledged to raise military expenditure to 2.5% by 2030. The government is making changes in every area of operation, including training, protection, communications, weapon systems, and across all types of vehicles. The main elements of the Polish army's modernization plans include the improvement of troop capacity and air defense systems and the development of weaponry and manned and unmanned vehicle strength. In 2020, Polish Air Force ordered 32 Lockheed Martin F-35 Joint Strike Fighter Aircraft under a deal of USD 4.6 billion. These aircraft will replace ageing MiG-29 and Su-22 aircraft currently in service of Polish Air Force. Such procurement of land, air, and sea platforms will propel the growth of the market in the region during the forecast period.

Request To Download Sample of This Strategic Report: https://www.sdki.jp/sample-request-80989

Competitive Landscape

Rostec, United Aircraft Corporation (UAC), BAE Systems plc, Thales Group, and Ukroboronprom are some of the major players in the market. Major players, in order to reduce the supply chain complexity, are acquiring or merging with smaller players. In addition, the merger plans between larger firms, like Rostec and UAC (expected to be completed by the first half of 2020), may further consolidate the market in Russia, thereby, strengthening their plans to become the largest players, together, in the region. Players can make use of the rising opportunities from countries, like Romania, Bulgaria, Ukraine, etc., as these countries increased their defense spending in 2019, and are planning for further upgrades in military equipment.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

The post Eastern Europe Defense Market: Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecast: 2022-2031 appeared first on Comserveonline.