Norway Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026
Norway Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026 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.
The Norwegian defense budget has been slated to increase despite the global COVID-19 induced economic downturn.The Norwegian government will increase spending to help modernize the armed forces through personnel development, investment in platform acquisitions and developing military cooperation for a stable security environment in the Arctic.
Heightened military activity from Russia in the High North region and increased investment in ballistic missile submarines and long-range strike capabilities are key security priorities in Norway’s active defense strategy.Norway’s defense goals of maintaining stability and predictability in the Arctic region drive military expenditure as Norway continues its role in NATO’s Northern Flank, conducting air policing operations in the High North region and maritime surveillance in the Barents Sea and the Norwegian Sea.
Military spending is steadily increasing, in line with Norway’s commitment to reach the NATO spending goal of 2% of GDP by 2028 in the Long-Term Defense Plan. The 2021 Norwegian defense budget has increased from US$6.2 billion in 2017 to US$7.2 billion in 2021. The Norwegian defense budget is forecast to follow an increasing trend until 2026, as Norway implements service-wide modernization to meet its strategic policy goals in the High North.
This report offers detailed analysis of Norway’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.
Drivers of Defense expenditure include: Maintaining stability to counteract rising activity in the Arctic region
Russia’s increased assertiveness in achieving political, economic, and security goals in the High North is perceived as a threat to the NATO alliance and, in turn, Norway’s security.
Increased acquisition investments for the Norwegian Armed Forces in response to heightened military activity in the High North: Key drivers can be partly attributed to increasing procurements of high-priced platforms as part of a strategy to modernize the Norwegian forces, as seen by the U212CD (Type 212-class) submarine program (four platforms), estimated at US$45 billion in total.
Who Should Buy
- Defence Startups, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
In particular, it provides an in-depth analysis of the following -
- Norway’s defense budget: detailed analysis of Norway’s FY2021 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: the procurement policy and process is explained. This is coupled with an analysis of Norway’s military doctrine and strategy to provide a comprehensive overview of Norwegian military regulation.
- Security Environment: political alliances and perceived security threats to Norway are examined; which will help to explain trends in spending and modernisation.
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Norwegian defense industry.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the Norwegian defense market over the next five years
- Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Norwegian market and identify the opportunities offered.
- Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
- Identify the major threats that are driving the Norwegian defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channel resources by focusing on the ongoing programs that are being undertaken by the Norwegian government
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available