DUBLIN--(BUSINESS WIRE)-- The "Future of the Greek Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.

Greece's strained relationship with Turkey over the long standing territorial dispute in Cyprus, along with sovereignty rights issue in the Gulf of Aegean and military modernization initiatives is expected to drive the Greek defense expenditure. As a percentage of GDP, the country's defense budget is expected to average 1.6% over the forecast period.

Greek military expenditure, values US$3.6 billion in 2018, and registered a CAGR of -4.16% during the historic period. However, over the forecast period, the Greek defense expenditure is projected to increase at a CAGR of 2.82% to value US$4.2 billion in 2023. During the same time, the capital expenditure allocation, is projected to increase to an average of 17.5% over 2019-2023.

This increase is primarily due to the procurement of advanced defense equipment and a focus on increasing the capabilities of the country's indigenous defense industry. Various procurements that are expected to fuel the growth of capital spending over the forecast period include frigates, corvettes, and multi-role aircraft modernization and MRO services. The country's lack of domestic defense capabilities juxtaposed to the extensive capabilities of its rival Turkish military, have forced Greece to procure sophisticated defense systems from foreign OEMs in order to strengthen the country's strategic assets and protect critical infrastructure.

The country's domestic defense sector is still in its nascent stage, and is currently developing an expertise in electronic defense systems in the area of military communication, in order to export such systems in the future.

Scope

• Greek military expenditure, values US$3.6 billion in 2018, and registered a CAGR of -4.16% during the historic period. However, over the forecast period, the Greek defense expenditure is projected to increase at a CAGR of 2.82% to value US$4.2 billion in 2023.
• The country's strained relationship with Turkey over the long standing territorial dispute in Cyprus, along with sovereignty rights issue in the Gulf of Aegean and military modernization initiatives is expected to drive the Greek defense expenditure over the forecast period.
• As a percentage of GDP, the country's defense budget is expected to average 1.6% over the forecast period, compared to an average of 1.8% recorded during 2014-2018.
  

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Market Attractiveness and Emerging Opportunities

4. Defense Procurement Market Dynamics

5. Industry Dynamics

6. Market Entry Strategy

7. Competitive Landscape and Strategic Insights

8. Business Environment and Country Risk

Companies Mentioned

• Hellenic Aerospace Industry
• Hellenic Defence Systems S.A
• ISI Hellas
• Hellenic Shipyards S.A
• SSMART S.A
• Signaal Hellas
• Theon Sensors
• Ordtech Military Industries
• Intracom Defense Electronics
• Hellenic Vehicle Industry S.A
• IDE
  

For more information about this report visit https://www.researchandmarkets.com/research/gr83f4/greece_defense?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20181016005633/en/

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