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Future of the Spanish Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018

Spain defence market: Expenditure witnesses -10% CAGR decline between 2008-2012


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2014-02-04 03:49:01 - Future of the Spanish Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 - a new market research report on companiesandmarkets.com

Expenditure in the Spain defence market decreased at a CAGR of -9.79% during the review period and valued US$7.58 billion in 2013. The focus of the Spanish government will be on the modernization of its armed forces, participation in peacekeeping operations, and counter terrorism activities and disputes with neighboring countries. Territorial dispute with Morocco and security threats pose by terrorist organizations are the major drivers of the Spanish defence industry.

In 2013, the Spanish defence budget decreased by 6.7% from that of 2011 to US$7.58 billion. While Spanish defence expenditure recorded negative growth of 9.79% during the review period, it is expected to record a CAGR of 1.95% during the forecast period. Furthermore, the share of capital expenditure in the total

 

 

defence budget is also expected to decrease from an average of 14.8% during the review period to 11.9% during the forecast period. As this is expected to reduce market opportunities, investments are expected to fall, which will hinder the growth of the Spanish defence industry.

The growth of the Spanish defence industry is additionally hindered by the project delays associated with the global financial crisis, which lead to project cancellations and rising costs. In particular, the implementation of a European defence industry has caused several project delays, as often member countries are unable to agree unanimously over issues such as specifications.

The Spanish government encourages its domestic defence industry to collaborate with foreign defence organizations from countries such as France and Germany to enhance Spain´s technological capabilities. Furthermore, to encourage RandD within the country, the Spanish government has built technology centers with a combined workforce of over 2,000 people, including military personnel and civilians. Spain collaborated with France and Germany to undertake a risk reduction study for a joint advanced unmanned aerial vehicle (AUAV) in 2007. The fifteen-month study, awarded to EADS, was completed in 2009 and the main objective of the research was to develop a long-wing, high-altitude UAV with extended loiter time. The delivery of the first UAV is expected in 2015. Although the number of systems required by the Spanish Armed Forces has not been finalized, the country is expected to procure these defence systems during the forecast period.

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