Norway Defense Expenditure to Reach USD 7.6 Bn by 2022, Says SDI in In-demand Research Study Published at MarketPublishers.com22 Mar 2017 • by Natalie Aster
LONDON – This year, the total defense expenditure of Norway values USD 6 billion, and is predicted to increase to USD 7.6 billion by the year 2022. Robust growth in the national defense market will be fueled by favourable military modernization initiatives as well as training programs that will be carried out during the next five years.
A huge chunk of the budget is predicted to be directed for the procurement of military aircraft like the F-35 fighter aircraft, maritime patrol aircraft, the Norwegian All Weather Search and Rescue Helicopters, Advanced Medium Range Air-to-Air Missiles as well as soldier modernization program, support and upgrade for C-130J aircraft and also buying of advanced technology equipment.
Furthermore, the Norwegian defense budget is expected to be propelled by taking part in peacekeeping initiatives.
During 2013-2017, the country’s average capital expenditure allocation was equal to 27.5% of the total defense budget; this figure is anticipated to reach 32% by 2022.
Norway is predicted to invest around USD 34.8 billion for different defense purposes, of which approximately USD 11.1 billion will go for defense procurement funding. At present, the country is pursuing a long-term plan to reorganize and also to restructure its military sector, as well as to enhance cost-effectiveness.
The new topical study “Future of the Norwegian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022” elaborated by Strategic Defence Intelligence (SDI) presents an in-depth insight into the world’s marketplace. It contains updated statistics, touches upon the market dynamics, examines the key factors influencing the market growth, canvasses the prevailing trends, covers the major aspects of the country’s defense industry and also provides a future outlook through 2022. The report includes Porter’s Five Forces analysis, highlights the competitive landscape, reviews regulative norms and gives a granular analysis of the Norwegian defense industry.
For many other research studies by the publisher follow to the online SDI catalogue at MarketPublishers.com.