Belgium’s Defense Budget Analysis (FY 2020), Competitive Landscape and Forecasts
Belgium’s Defense Budget Analysis (FY 2020), Competitive Landscape and Forecasts 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.
Belgium’s defense budget for FY 2020 is set at US$3.3 bn, up from the previous year's figure of US$2.9 bn. This trajectory is predicted to continue into the future period, as the total defense budget is set to reach a high in FY 2025 with US$3.8 bn. This increase is in line with Belgium’s 2015-2030 Strategic Vision, which seeks to increase Defense expenditure as a percentage of GDP, while also focusing on investing in several main acquisition projects to modernize and augment its fleet.
The growth rate is predicted to decrease in FY 2021 to -1.3%, as Belgium attempts to recover its economy, which has been impacted significantly by the consequences of the COVID-19 pandemic.
This report offers detailed analysis of Belgium's 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.
The Strategic Defense Plan looking ahead to FY2030 has sought to increase budget allocation for defense to 1.3% of the GDP (investing more in line with NATO standards), with EUR9.2 bn set to be invested in military equipment up until 2030. The acquisition share of the budget is estimated to increase in the future period, with some of the main procurement projects including the acquisition of 34 F-35A aircrafts, 6 MCM vessels and VBMR Griffon/Jaguar EBRC armored vehicles. Belgium imports witnessed a peak in 2015, with weaponry accounting for the largest category share in the historic period.
In particular, it provides an in-depth analysis of the following -
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