South Korea Global Defense Industry Market Size - Ken Research

1
South Korea Global Defense Industry Market Size
research report
2

• South Korea is one of the major economies within
  Asia with a considerable amount of security
  issues, which calls for a firm security posture.
  To combat the challenge posed by a nuclear threat
  from North Korea, the need to replace obsolete
  military equipment, and a growing necessity for
  restructuring and modernization of the military,
  South Korea has introduced the Defense Reform
  Plan 2020 (DRP 2020) with the aim of transforming
  the military into a smaller but more capable
  force. South Korea maintained a reasonably
  constant defense budget in relation to growing
  GDP and defense expenditure during 20142018 grew
  at a CAGR of 5.72. According to research report
  Future of the South Korean Defense Industry -
  Market Attractiveness, Competitive Landscape and
  Forecasts to 2023, Defense expenditure during
  2019-2023 is expected to grow at a CAGR of 4.90,
  reaching US48.5 billion in 2023. The reduction
  in military personnel, acquisition of new
  technology, and a reduction in the reliance of
  imports are other factors that impact the
  dynamics of South Koreas defense expenditure.

3

• The country is expected to focus on developing
  capabilities to develop new weapon systems, with
  specific emphasis being given to projects such as
  laser weapons, unmanned ground vehicles, and
  unmanned surveillance vehicles, among others. The
  country is also expected to invest in developing
  dedicated infrastructure for testing defense
  equipment and other hi-tech weapon systems. South
  Korea aims to increase the efficiency of its
  defense industrial complex by means of
  encouraging robust cooperation with the countrys
  commercial sector in addition to enhancing
  technology transfer (spin-offs) from the military
  to the countrys private industries and vice
  versa to achieve a level of synergy between the
  two sectors. South Korea also plans to provide
  financial assistance for organizing various
  market exploration activities such as defense
  exhibitions. Moreover, it plans on extending
  support for increasing the countrys defense
  exports.

4

• South Korean homeland security (HLS) expenditure
  is expected to grow consistently during the
  forecast period. The cyber and defense threat
  from North Korea and China accentuate the need
  for the procurement of sophisticated security
  technology with the coordination of IT and
  reinstates the increasing demand for cloud-based
  security solutions.

5
Key Topics Considered in the Report

• Global defense industry research,South Korea
  defense industry research,South Korea Defense
  expenditure,South Korea Defense Capital
  Expenditure
• ,South Korea Per-Capita Defense Expenditure,South
  Korea Missile Systems Market Size,South Korea
  Fighters and Multi-role Aircraft,South Korea
  Defense Imports and Exports,South Korea Air force
  market ,South Korea combat vehicle market,South
  Korea Air craft components market,South Korea
  defense industry Infrastructure,South Korea
  Defense Testing Facilities,Government expenditure
  on South Korea Defense Industry

6

• To know more, click on the link below
• https//www.kenresearch.com/defense-and-security/d
  efense/future-south-korean-defense-industry/143769
  -16.html
• Related reports
• Future of the Danish Defense Industry-Market
  Attractiveness, Competitive Landscape and
  Forecasts to 2023
• Future of the Libyan Defense Industry-Market
  Attractiveness, Competitive Landscape and
  Forecasts to 2023
• Contact
• Ken Research
• Ankur Gupta, Head Marketing Communications
• sales_at_kenresearch.com
• 91-124-4230204