DUBLIN--(BUSINESS WIRE)--The "Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
Summary
Defense budget of the Philippines is set to register a forecast-period CAGR of 8.98%, to reach US$5.3 billion in 2024. The Philippines' defense expenditure recorded a CAGR of 14.25% over the historic-period and stood at US$3.6 billion in 2019. Over the forecast period, it is anticipated to register a CAGR of 8.98% to value US$5.3 billion in 2024.
Capital expenditure allocation, which stood at an average of 19.2% during the historic period, will decrease to an average of 15.4% over the forecast period due to the procurement of fighter aircraft, corvettes, Multipurpose Attack Craft (MPAC), and infrastructure construction projects. The share of revenue expenditure increased from 80.8% during the historic period to 84.6% over the forecast period. Population growth will inflate the per capita defense expenditure from US$33.6 in 2020 to US$45.4 in 2024, at a CAGR of 7.27%. Homeland security expenditure is valued at US$3.35 billion in 2019 and grow to US$4.8 billion in 2024, registering a CAGR of 11.33%. Expenditure will primarily be driven by efforts to counter terrorism, human trafficking and the illicit drug trade.
Air and Naval forces modernization is expected to be key objective of the Philippines Horizon II program. In Response to the perceived internal weakness and regional strategic challenges Philippines department of defense has embarked air force and naval transformation process to enhance their capabilities under Horizon II program. The Air force accounts for highest share of 46.60% and has been allocated US$2.61 billion followed by navy which holds 25% share and has allocated close to US$1.44 billion; as compared to air force and navy army accounts for relatively less share of 15.89% and has allocated US$890 million for modernization under horizon phase II.
The US, Indonesia and South Korea are the major suppliers for The Philippines. During 2014-2018, South Korea emerged as the largest supplier of military hardware to The Philippines with a 28.8% share of defense imports, followed by Indonesia and the US with respective shares of 25.8% and 24.5%. South Korea, Indonesia and US has mainly supplied aircraft and naval vessels, a trend anticipated to continue over the forecast period due to the country's dependence on these three countries as a defense supplier.
In particular the report Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024 provides an in-depth analysis of the following -
- The defense industry market size and drivers: detailed analysis of the Philippines defense industry during 2020-2024, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country's expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
- Porter's Five Force analysis of the Philippines defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Philippines defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis
Scope
- The Philippines' defense expenditure recorded a CAGR of 14.25% over the historic-period and stood at US$3.6 billion in 2019. The growing strength and assertiveness of the Chinese Navy with regards to territorial claims in the South China Sea has spurred the government to enhance its military capabilities
- Capital expenditure allocation, which stood at an average of 19.2% during the historic period, will decrease to an average of 15.4%
- Over the forecast period due to the procurement of fighter aircraft, corvettes, Multipurpose Attack Craft (MPAC), and infrastructure construction projects.
Reasons to buy
- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Philippines defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the Philippines defense industry covering sections including demand drivers, Porter's Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts
Key Topics Covered:
1. Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
1.4. About the Author
2. Executive Summary
3. Market Attractiveness and Emerging Opportunities
3.1. Current Market Scenario
3.2. Defense Market Size Historical and Forecast
3.3. Analysis of Defense Budget Allocation
3.4. Homeland Security Market Size and Forecast
3.5. Benchmarking with Key Global Markets
3.6. Market Opportunities: Key Trends and Drivers
4. Defense Procurement Market Dynamics
4.1. Import Market Dynamics
4.1.1. Limited domestic defense capabilities to drive the country's defense imports
4.1.2. The South Korea, Indonesia and US are the major suppliers for The Philippines
4.1.3. Aircraft and naval vessels accounted for 88.6% of defense imports
4.2. Export Market Dynamics
4.2.1. The Philippines does not export any defense equipment
5. Industry Dynamics
5.1. Five Forces Analysis
5.2. Market Regulation
5.3. Market Entry Route
5.4. Key Challenges
6. Competitive landscape and Strategic Insights
6.1. Competitive landscape Overview
6.1.1. The Philippine Market Share Analysis, 2019-2024
6.2. Key Companies
6.2.1. Raytheon: overview
6.2.2. Raytheon: products
6.2.3. Raytheon: Recent announcements and strategic initiatives
6.2.4. Raytheon: Recent Contract Wins
6.2.5. United Defense Manufacturing Corporation: overview
6.2.6. United Defense Manufacturing Corporation: key products
6.2.7. United Defense Manufacturing Corporation: recent announcements and strategic initiatives
6.2.8. Leonardo: overview
6.2.9. Leonardo: products and services
6.2.10. Leonardo: recent announcements and strategic initiatives
6.2.11. Leonardo: recent contract wins
6.2.12. Remington Arms Company, LLC: overview
6.2.13. Remington Arms Company, LLC: key products and services
6.2.14. Remington: recent announcements and strategic initiatives
6.2.15. Remington Arms Company, LLC: Recent Contract Wins
6.2.16. ELTA Systems Ltd: overview
6.2.17. ELTA Systems Ltd: key products and services
6.2.18. ELTA Systems Ltd: recent announcements and strategic initiatives
6.2.19. ELTA Systems Ltd: Recent Contract Wins
7. Business Environment and Country Risk
7.1. Economic Performance
7.1.1. GDP per capita at constant prices (US$)
7.1.2. GDP at current prices (US$)
7.1.3. Exports of goods and services
7.1.4. Imports of goods and services
7.1.5. Gross national disposable income (US$ billions)
7.1.6. LCU per US$ (period average)
7.1.7. Market capitalization of listed companies (US$ billions)
7.1.8. Market capitalization of listed companies (percentage of GDP)
7.1.9. Government cash surplus/deficit as a percentage of GDP (LCU)
7.1.10. Goods exports as a percentage of GDP
7.1.11. Goods imports as a percentage of GDP
7.1.12. Service imports as a percentage of GDP
7.1.13. Services exports as a percentage of GDP
7.1.14. Foreign direct investment (FDI), net (BoP, current US$ billions)
7.1.15. Net FDI as a percentage of GDP
7.1.16. Mining, manufacturing, utilities output (PHP trillion)
For more information about this report visit https://www.researchandmarkets.com/r/imp3uj
