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Future of the South Korean Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022

Summary

The Future of the South Korean Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

This report offers detailed analysis of the South Korean defense industry 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.

In particular, it provides an in-depth analysis of the following:
- The South Korean defense industry market size and drivers: detailed analysis of the South Korean defense industry during 2018-2022, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget. It also details the key challenges faced by defense market participants within the country
- Porter’s Five Force analysis of the South Korean defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities over the next 10 years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the South Korean defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis

Scope

- The South Korean defense industry is among the largest in Asia with an allotted budget of US$33.9 billion in 2017, and expenditure registered a CAGR of 1.57% during the historic period. With the threat posed by North Korea, South Korea’s defense expenditure is expected to grow at a healthy CAGR of 4.84% to reach US$43.3 billion in 2022.
- On a cumulative basis, the country is expected to invest US$196.9 billion for defense purposes, of which US$61.4 billion is earmarked for capital expenditure to fund defense procurements. The government’s well-defined military modernization plans to counter North Korea are expected to drive spending over the coming years.
- The MoD is expected to invest in fighters & multirole aircrafts, multi-role aircraft MRO, Military-IT & Networking, Infrastructure Construction and Armed Helicopters over the coming years.

Reasons to buy

- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the South Korean defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the South Korean defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts

Table Of Contents

Future of the South Korean Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022
Table of Contents
1 Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
1.4. About Strategic Defence Intelligence
2 Executive Summary
3 Market Attractiveness and Emerging Opportunities
3.1. Current Market Scenario
3.1.1. Primary threat perception
3.1.2. Military Doctrine and Strategy
3.1.3. Military Fleet Size
3.1.4. Procurement Programs
3.1.5. Ongoing procurement programs
3.1.6. Future procurement programs
3.1.7. Social, Political and Economic Environment and Support for Defense Projects
3.1.8. Political and Strategic Alliances
3.2. Defense Market Size Historical and Forecast
3.2.1. South Korean defense expenditure expected to grow significantly during the forecast period
3.2.2. Nuclear threats from North Korea, acquisition of new technology, and reduction in reliance on imports set to drive defense expenditure
3.2.3. Military expenditure as a percentage of GDP is expected to remain at the same levels during the forecast period
3.3. Analysis of Defense Budget Allocation
3.3.1. Capital expenditure share to increase over the next five years
3.3.2. Capital expenditure expected to grow at a CAGR of 5.40% over the forecast period
3.3.3. Per capita defense expenditure expected to increase during the forecast period
3.4. Homeland Security Market Size and Forecast
3.4.1. Homeland security (HLS) expenditure expected to grow steadily during the forecast period
3.4.2. The majority of terror threats are from North Korea
3.4.3. South Korea faces some threat from foreign terrorist organizations
3.4.4. South Korea faces some level of threat from foreign terrorist organizations
3.4.5. South Korea has a terrorism index score of 0.2
3.5. Benchmarking with Key Global Markets
3.5.1. South Korean defense expenditure expected to remain modest compared to leading spenders
3.5.2. The US and China dominate the global defense industry
3.5.3. South Korea allocates a significant percentage of GDP towards defense
3.6. Market Opportunities: Key Trends and Growth Stimulators
3.6.1. Fighters and Multi-Role Aircraft
3.6.2. Fighters and Multi-Role Aircraft MRO
3.6.3. Military IT- Networking
3.6.4. Infrastructure Construction
3.6.5. Armed Helicopters
4 Defense Procurement Market Dynamics
4.1. Import Market Dynamics
4.1.1. Defense imports expected to decrease during the forecast period
4.1.2. The US dominated South Korean defense imports during the historic period
4.1.3. Aircraft were the major defense imports during 2012-2016
4.2. Export Market Dynamics
4.2.1. Defense exports grew considerably during the historic period
4.2.2. Turkey dominated the South Korean defense export market during the historic period
4.2.3. Artillery accounts for the major defense exports during 2012-2016
5 Industry Dynamics
5.1. Five Forces Analysis
5.1.1. Bargaining power of supplier: low to medium
5.1.2. Bargaining power of buyer: medium to High
5.1.3. Barrier to entry: Medium
5.1.4. Intensity of rivalry: Medium
5.1.5. Threat of substitution: High
6 Market Entry Strategy
6.1. Market Regulation
6.1.1. Offset policy aids development of domestic defense industry
6.1.2. FDI in the defense sector to become less complicated
6.2. Market Entry Route
6.2.1. Budgeting process
6.2.2. Procurement policy and process
6.2.3. Technology transfer provides good market entry opportunities
6.2.4. Research and development collaborations offer market access
6.2.5. Joint ventures and licensing agreements open new market entry strategy choices
6.3. Key Challenges
6.3.1. Intense Emphasis on Technology Transfer
6.3.2. Industrial disputes and rigidity of labor market deter investment
7 Competitive Landscape and Strategic Insights
7.1. Competitive Landscape Overview
7.2. Key Public Sector Companies
7.2.1. Korea Aerospace Industries: overview
7.2.2. Korea Aerospace Industries: Major Products and Services
7.2.3. Korea Aerospace Industries: recent announcements and strategic initiatives
7.2.4. Korea Aerospace Industries: alliances
7.2.5. Korea Aerospace Industries: recent contract wins
7.2.6. Korea Aerospace Industries: financial analysis
7.2.7. Hanwha Techwin America: overview
7.2.8. Hanwha Techwin: Major Products and Services
7.2.9. Hanwha Techwin: recent announcements and strategic initiatives:
7.2.10. Hanwha Techwin: Alliances
7.2.11. Hanwha Techwin: Recent Contract Wins
7.2.12. Hanwha Corporation: overview
7.2.13. Hanwha Corporation: Major products and services
7.2.14. Hanwha Corporation: recent announcements and strategic initiatives
7.2.15. Hanwha Corporation: alliances
7.2.16. Hanwha Corporation: recent contract wins
7.2.17. Hanwha Corporation: Financial Analysis
7.2.18. Hyundai Heavy Industries: overview
7.2.19. Hyundai Heavy Industries: products and services
7.2.20. Hyundai Heavy Industries: recent announcements and strategic initiatives
7.2.21. Hyundai Heavy Industries: alliances
7.2.22. Hyundai Heavy Industries: recent contract wins
7.2.23. Hyundai Heavy Industries: Financial Analysis
7.2.24. Daewoo Shipbuilding and Marine Engineering: overview
7.2.25. Daewoo Shipbuilding: products and services
7.2.26. Daewoo Shipbuilding and Marine Engineering (DSME): recent announcements and strategic initiatives.
7.2.27. Daewoo Shipbuilding and Marine Engineering: alliances
7.2.28. Daewoo Shipbuilding and Marine Engineering: recent contract wins
7.2.29. Daewoo Shipbuilding and Marine Engineering: Financial Analysis
7.2.30. Huneed Technologies: overview
7.2.31. Huneed Technologies: products and services
7.2.32. Huneed Technologies: Recent Announcements and Strategic Initiatives
7.2.33. Huneed Technologies: Alliances
7.2.34. Huneed Technologies: recent contract wins
7.2.35. STX Engine: overview
7.2.36. STX Engine: products and services
7.2.37. STX Engine recent announcements and strategic initiatives
7.2.38. STX Engine: alliances
7.2.39. STX Engine: recent contract wins
7.2.40. STX Engine: Financial Analysis
7.2.41. SandT Dynamics overview
7.2.42. SandT Dynamics: products and services
7.2.43. SandT Dynamics: Recent Announcements and Strategic Initiatives
7.2.44. SandT Dynamics: Recent Contract Wins
7.2.45. SandT Dynamics: Financial Analysis
7.2.46. Poongsan Corporation: overview
7.2.47. Poongsan: products and services
7.2.48. Poongsan Corporation: recent announcements and strategic initiatives
7.2.49. Poongsan Corporation: alliances
7.2.50. Poongsan Corporation: recent contract wins
7.2.51. Poongsan Corporation: Financial Analysis
7.3. Key Private Sector Companies
7.3.1. Samsung Thales: overview
7.3.2. Samsung Thales: products and services
7.3.3. Samsung Thales: recent announcements and strategic initiatives
7.3.4. Samsung Thales: Alliances
7.3.5. Samsung Thales: Recent Contract Wins
7.3.6. LIG NEX1: overview
7.3.7. LIG NEX1: Major Products and Services
7.3.8. LIG NEX1: Recent announcements and strategic initiatives
7.3.9. LIG NEX1: Alliances
7.3.10. LIG NEX1: Recent Contract Wins
7.3.11. Doosan DST: Overview
7.3.12. Doosan DST: products and services
7.3.13. Doosan DST: Recent announcements and strategic initiatives
7.3.14. Doosan DST: Recent contract wins
8 Business Environment and Country Risk
8.1. Economic Performance
8.1.1. GDP Per Capita
8.1.2. GDP, Current Prices
8.1.3. Export of Goods and Services (LCU Bn)
8.1.4. Import of Goods and Services (LCU Bn)
8.1.5. Gross National Disposable Income (US$ Bn)
8.1.6. Local Currency Unit per USD
8.1.7. Market Capitalization of Listed Companies (US$ Bn)
8.1.8. Market Capitalization of Listed Companies (% GDP)
8.1.9. Government cash surplus/deficit as % of GDP (LCU)
8.1.10. Goods Exports as % of GDP
8.1.11. Goods Imports as % of GDP
8.1.12. Service Imports as % of GDP
8.1.13. Service Exports as % of GDP
8.1.14. Foreign Direct Investments
8.1.15. Net Foreign Direct Investments as % of GDP
8.1.16. Mining, Manufacturing, Utilities Output
9 Appendix
9.1. About SDI
9.2. Disclaimer

List of Tables
Table 1: South Korean Army Strength
Table 2: South Korean Navy Strength
Table 3: South Korean Air Force Strength
Table 4: South Korean Ongoing Procurement Programs
Table 5: South Korean Future Procurement Programs
Table 6: South Korean Defense Expenditure (KRW (?) Trillion and US$ Billion), 2013-2022
Table 7: South Korean GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022
Table 8: South Korean Defense Budget Split Between Capital and Revenue Expenditure (%), 2013-2022
Table 9: South Korean Defense Capital Expenditure (KRW (?) Trillion and US$ Billion), 2013-2022
Table 10: South Korean Per Capita Defense Expenditure (US$), 2013-2022
Table 11: South Korean Homeland Security Expenditure (KRW (?) Trillion and US$ Billion), 2013-2022
Table 12: Terrorism Index, 2017
Table 13: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022
Table 14: Offset Regulations in South Korea
Table 15: South Korean Budget Formation Timetable:
Table 16: Korean Aerospace Industries - Major Products and Services
Table 17: Korean Aerospace Industries - Alliances
Table 18: Korean Aerospace Industries - Recent Contract Wins
Table 19: Hanwha Techwin - Major Products and Services
Table 20: Hanwha Techwin - Alliances
Table 21: Hanwha Techwin - Recent Contract Wins
Table 22: Hanwha Corporation - Major Products and Services
Table 23: Hanwha Corporation - Alliances
Table 24: Hanwha Corporation - Recent Contract Wins
Table 25: Hyundai Heavy Industries - Major Products and Services
Table 26: Hyundai Heavy Industries - Alliances
Table 27: Hyundai Heavy Industries - Recent Contract Wins
Table 28: Daewoo Shipbuilding and Marine Engineering - Major Products and Services
Table 29: Daewoo Shipbuilding and Marine Engineering - Alliances
Table 30: Daewoo Shipbuilding and Marine Engineering - Recent Contract Wins
Table 31: Huneed Technologies - Products and Services
Table 32: Huneed Technologies - Alliances
Table 33: Huneed Technologies - Recent Contract Wins
Table 34: STX Engine - Products and Services
Table 35: STX Engine - Alliances
Table 36: STX Engine - Recent Contract Wins
Table 37: SandT Dynamics - Products and Services
Table 38: SandT Dynamics - Recent Contract Wins
Table 39: Poongsan Corporation - Products and Services
Table 40: Poongsan Corporation - Alliances
Table 41: Poongsan Corporation - Recent Contract Wins
Table 42: Samsung Thales - Products and Services
Table 43: Samsung Thales - Alliances
Table 44: Samsung Thales - Recent Contract Wins
Table 45: LIG NEX1 - Products and Services
Table 46: LIG NEX1 - Alliances
Table 47: LIG NEX1 - Recent Contract Wins
Table 48: Doosan DST - Products and Services
Table 49: Doosan DST - Recent Contract Wins

List of Figures
Figure 1: South Korean Defense Expenditure (KRW (?) Trillion), 2013-2022
Figure 2: South Korean Defense Expenditure (US$ billion), 2013-2022
Figure 3: South Korean GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022
Figure 4:South Korean Defense Budget Split Between Capital and Revenue Expenditure (% Share), 2013-2022
Figure 5: South Korean Capital Budget Allocation (KRW (?) Trillion), 2013-2022
Figure 6: South Korean Capital Budget Allocation (US$ Billion), 2013-2022
Figure 7: South Korean Per Capita Defense Expenditure (US$), 2013-2022
Figure 8: South Korean Homeland Security Expenditure (KRW (?) Trillion), 2013-2022
Figure 9: South Korean Homeland Security Budget (US$ Billion), 2013-2022
Figure 10: Terrorism Heat Map, 2017
Figure 11: Terrorism Index, 2017
Figure 12: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022
Figure 13: Defense Expenditure of the World's Largest Military Spenders (US$ Billion), 2017 and 2022
Figure 14: Defense Expenditure as Percentage of GDP of Largest Military Spenders (%), 2017
Figure 15: Fighters and Multi Role Aircraft (US$ Million), 2017-2027
Figure 16: Fighters and Multi-role aircraft MRO (US$ Million), 2017-2027
Figure 17: Military-IT Networking (US$ Million), 2017-2027
Figure 18: Infrastructure Construction (US$ Million), 2017-2027
Figure 19: Armed Helicopter (US$ Million), 2017-2027
Figure 20: South Korean Defense Imports Trend, 2012-2016
Figure 21: South Korean Defense Imports by Country (%), 2012-2016
Figure 22: South Korean Defense Imports by Category (%), 2012-2016
Figure 23: South Korean Defense Exports by Value, 2012-2016
Figure 24: South Korean Defense Exports by Country (US$ million), 2012-2016
Figure 25: South Korean Defense Exports by Category (%), 2012-2016
Figure 26: Industry Dynamics Porter's Five Forces Analysis
Figure 27: Korea Aerospace Industries (KAI) - Revenue Trend Analysis (2011-2015)
Figure 28: Korea Aerospace Industries (KAI) - Operating Profit Trend Analysis (2011-2015)
Figure 29: Korea Aerospace Industries (KAI) - Net Profit Trend Analysis (2011-2015)
Figure 30: Hanwha Corporation - Revenue Trend Analysis, 2011-2015
Figure 31: Hanwha Corporation - Operating Profit Trend Analysis (2011-2015)
Figure 32: Hanwha Corporation - Net Profit Trend Analysis (2011-2015)
Figure 33: Hyundai Heavy Industries - Revenue Trend Analysis, 2011-2015
Figure 34: Hyundai Heavy Industries - Operating Profit Trend Analysis (2011-2015)
Figure 35: Hyundai Heavy Industries - Net Profit Trend Analysis (2011-2015)
Figure 36: Daewoo Shipbuilding and Marine Engineering - Revenue Trend Analysis (2011-2015)
Figure 37: Daewoo Shipbuilding and Marine Engineering - Operating Profit Trend Analysis (2011-2015)
Figure 38: Daewoo Shipbuilding and Marine Engineering - Net Profit Trend Analysis (2011-2015)
Figure 39: STX Engine - Revenue Trend Analysis (2011-2015)
Figure 40: STX Engine - Operating Profit Trend Analysis (2011-2015)
Figure 41: STX Engine - Net Profit Trend Analysis (2011-2015)
Figure 42: SandT Dynamics - Revenue Trend Analysis (2011-2015)
Figure 43: SandT Dynamics - Operating Profit Trend Analysis (2011-2015)
Figure 44: SandT Dynamics - Net Profit Trend Analysis (2011-2015)
Figure 45: Poongsan Corporation - Revenue Trend Analysis (2011-2015)
Figure 46: Poongsan Corporation - Operating Profit Trend Analysis (2011-2015)
Figure 47: Poongsan Corporation - Net Profit Trend Analysis (2011-2015)
Figure 48: South Korean GDP Per Capita (US$), 2015-2025
Figure 49: South Korean GDP Current Prices, 2015-2025
Figure 50: South Korean Exports of Goods and Services (LCU Bn), 2005-2014
Figure 51: South Korean Import of Goods and Services (LCU Bn), 2005-2014
Figure 52: South Korean Gross National Disposable Income (US$ Bn), 2005-2013
Figure 53: South Korean LCU per USD, 2015-2024
Figure 54: South Korean Market Capitalization of Listed Companies (US$ Bn), 2005-2012
Figure 55: South Korean Market Capitalization of Listed Companies (% GDP), 2005-2012
Figure 56: South Korean Government cash surplus/deficit as % of GDP (LCU), 2005-2011
Figure 57: South Korean Good Exports as (% of GDP), 2005-2014
Figure 58: South Korean Good Imports as (% of GDP), 2005-2014
Figure 59: South Korean Service Imports (% GDP), 2005-2014
Figure 60: South Korean Service Exports (% GDP), 2005-2014
Figure 61: South Korean Net Foreign Direct Investments (BoP, current US$ billion), 2005-2014
Figure 62: South Korean Net Foreign Direct Investments (% GDP), 2005-2014
Figure 63: South Korean Mining, Manufacturing, Utilities Output (LCU billion), 2005-2014

Companies Mentioned
Korea Aerospace Industries (KAI)
Hanwha Techwin
Hanwha Corporation
Hyundai Heavy Industries (HHI)
Daewoo Ship Building and Marine Engineering (DSME)
Huneed Technologies
STX Engine
SandT Dynamics
Poongsan Corporation
Samsung Thales
LIG NEX1 and Doosan DST

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