The Greek Defense Industry Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
This new ICD Research report offers insights into market opportunities and entry strategies adopted by foreign OEMs to gain a market share in the Greek defense industry.
- (1888PressRelease) January 13, 2012 - "The Greek Defense Industry - Market Opportunities, Entry Strategies, Analyses and Forecasts to 2016" offers the reader detailed analysis of the global defense market over the next five years, alongside potential market opportunities to entry the industry, using detailed market size forecasts.
Greece and Turkey not only share a long-standing territorial dispute involving Cyprus, but are also engaged in a maritime border dispute in the Gulf of Aegean. The situation has nearly escalated to an armed conflict twice, and is historically the driving factor behind Greek defense procurements. The country's lack of domestic defense capabilities and the extensive capabilities of the Turkish military have driven Greece to procure sophisticated defense systems from foreign OEMs in order to strengthen the country's strategic assets and protect critical infrastructure. During 2005-2010, Greece accounted for 4% of global arms imports, making it the fifth-largest arms importer globally.
As a percentage of GDP, the country is expected to reduce its defense expenditure over the forecast period, from the 2010 level of 2.8%, to 1.9% by 2016. The total defense expenditure for the forecast period is projected to increase, and in accordance with its commitment to the protection of civilians and critical infrastructure, Greece is expected to allocate an average per capita defense expenditure of that equals the highest in Europe. Over the forecast period arms procurement is forecast to correspond to 28% of the country's total defense expenditure. The remaining 72% is forecast to be invested in the training of the Hellenic Armed Forces, the MRO activities of existing defense systems and the salaries and pensions of military personnel.
Despite the weakness of its financial sector, both the country's minimal domestic defense capabilities and the threat of the Turkish military have driven Greece to continue to invest in defense, with particular focus on fighter jets, submarines, missile systems and armored vehicles. The country primarily imports arms from EU nations and the US, and is assisting in the development of the domestic industry by sub-contracting deals achieved through defense offset obligations.
Of defense budget capital expenditure, the army is expected to receive 38.2%, while the air force is projected to be allocated 37.6% over the forecast period. The country aims to enhance its land-based defense through the procurement of armored vehicles and improve its air based defense through the procurement of advanced fighter jets. Over the forecast period, naval procurements will amount to an average of 18% of the country's capital expenditure, and this will primarily be invested in submarines and the augmentation of the maritime patrol for the Gulf of Aegean.
Newly established international security standards, and will be procuring equipment and systems related to airport, port and border security. Greece has 120 cargo and passenger ports and the longest stretch of coastline in the EU, 16,000 kilometers. This geographical situation significantly drives sea border patrol and has resulted in the country placing an increased focus on maritime surveillance. The European Border protection fund for the 2007-2013 cycle will drive the procurement of biometric systems for the identification of travelers through the country.
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