South Korea Defense Industry Outlook 2024 - 2028

See how South Korea Defense performed compared to key markets such as the United States, China and Russia.

Key Market Indicators

South Korea’s defense expenditure is projected to climb to approximately $52.6 billion by 2028, up from around $47.5 billion in 2023. This marks a compound annual growth rate (CAGR) of 1.6%. Historically, South Korea's defense spending has seen a steady increase of about 2% annually since 1965. In 2023, the nation ranked 9th globally in terms of defense expenditure. France has surpassed South Korea in this ranking, matching the latter’s $47.5 billion expenditure. Leading the global defense spending are China, Russia, and India, which hold the 2nd, 3rd, and 4th positions respectively.

Latest reports

Defense in South Korea - 2024 Q4

In the fourth quarter of 2024, South Korea's defense sector is marked by strategic advancements and significant investments, reflecting the nation's commitment to...

South Korea Defense Market Data and Forecasts

South Korea Defense : how will it grow in the coming years?

Forecast: Military Expenditure in South Korea
Forecast: General Government Procurement on Defence in South Korea
Forecast: General Government Investment in Defence in South Korea
Forecast: Defence Budget on R&D in South Korea
Forecast: Military Expenditure in South Korea
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