Eastern Europe Defence Market - Analysis of Impact, Growth, Opportunities and Challenges (2018 - 2023)
The market is expected to grow at a CAGR of 5.47% during the forecast period. Eastern Europe has always been more war and strife torn than its western counterpart. The Bosnian War which took place between 1992 -1995, resulted in massive casualties and economic loss to the region. The recent conflicts’ involving Russia and Turkey and Russia and Ukraine has not helped stability in the region. Coupled with the rising threat of the ISIS, there is a rise in instability in the region.
Turkey, Russia, Ukraine and some of the major countries like Poland are at higher risk positions, hence will step up the arms purchases to better defend their countries from both external forces and internal.
The joining of many Eastern European countries with the European Union has relatively improved the security situation of many smaller states, but with the whole of Europe under threat, these countries will also step up their defence acquisitions.
The spending of many Baltic States on military will not rise significantly due to the increasing presence of NATO. NATO recently in August opened a military post in Lithuania to gain better access to the region and counter rising tensions in the region. Hence NATO to counter Russia and other forces has been increasing its presence in the region and taking over the security situation slowly.
Air Based and sea based systems are expected to see high rates of growth. The market for sea based systems is less because of the geography of most eastern Europe states which are landlocked, but countries such as Russia are expected to drive the growth in the sea based systems market and will command majority share. Most of the equipment with the eastern European countries presently is of the soviet era, hence some of the demand will be replacement demand only in the region.
Turkey along with Russia has the most modern armed forces and equipment in the region, and will be significant suppliers of the equipment in region. The recently launched TAI/Agusta Westland T129 attack helicopter will significantly boost the market for Air platforms in turkey as the country has made 60 orders for the aircraft.
Key Players: Heckler & Koch, Lockheed Martin, Boeing, BAE Systems, Raytheon, among others
April 2018: Fighter jets from the north-east are deployed to Eastern Europe for protecting the area from Russian intrusions.
April 2018: U.S. military is opting to keep the carrier strike group in the Mediterranean and the Eastern Europe.
Reasons to Purchase this Report: