Saudi Arabia Defence Market - Opportunities and Trends and Challenges (2018 - 2023)
With a population of 30.77 million, Saudi Arabia is one of the biggest economies of the world. The country’s GDP in terms of Purchasing Power Parity of USD 1.668 Trillion is the 14th largest in the world. Defence Market is expected to grow at a CAGR of 5.3% till 2023. Saudi Arabia is embroiled in major conflicts currently. At present major focus is on Yemen where Saudi Government is leading a coalition of forces against the Houthi Rebels. Many more Threats are abounding like the Arab Spring , The ISIS Which is threatening to destroy the existing established structures.
Civil Unrest in the Middle East
The Arab World is in the midst of a major crisis that started with the Arab Spring. This has created havoc in the economies both socially, economically and the security situation has worsened tremendously. Saudi Arabia is one of the very few Arab countries that has remained relatively untouched internally. So naturally Saudi Arabia has been buying tremendous amount of equipment for its military and this has created tremendous opportunities for the defence sector.
The Armed Forces of a nation are ones which are legally empowered by the state to use deadly force in order to protect the inteRest of the nation from enemies both foreign and domestic and are trained specially for the same. Various equipment are needed by the armed forces which are procured exclusively by the state. Artillery, fighter jets, Bombers, Unmanned Aerial Vehicles, Submarines, Ballistic Missiles etc are some of the commonly imported Arms. .The Providers of such equipment are mostly of Western Countries with US Of America a leader in the Market. Even though there are only 4 defence companies in Saudi Arabia, there has been a remarkable progress in the field of Defence in the past 5 years. Saudi Arabia’s focus on improving Defence facilities have resulted in growth of its Defence Market.
Key Players –Constellium, ATI, AMG N.V., Airbus, SABIC's Innovative Plastics, Henkel, Aleris, Toray Industries among others.
February 2018: Toho Tenax launched high-tensile, highly shock-resistant hybrid prepreg combining carbon fiber and CNT technology.
January 2018: Toray planned to expand production facilities for Ultrasuede®
November 2017: ADEKA Corporation and GH Craft developed world's first fiber-to-composite direct molding process.
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