In 2014, the Thai government allocated almost US$6 billion to its total defense budget, recording a CAGR of over 3%, According to the New Study on ASDReports
Report description overview:
The new report, now available on ASDReports, Future of the Thai Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2019 analyzes the Thai defense industry market size and drivers, including detailed analysis of the Thai defense industry during 2015–2019, together with highlights of the demand drivers and growth stimulators for the industry. This report provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.
The difference:
- This report will provide you with the confidence to make the correct business decisions based on a detailed analysis of the Thai defense industry market trends for the coming five years.
- You will be provided with a clear uncovering of the key challenges and opportunities which will assist you in identifying key priorities that are likely to affect the industry’s growth prospects.
- This report analyzes factors that influence demand for the industry, including key market trends and challenges faced by industry participants, allowing you to adjust your business plan.
Report Highlight:
Thailand, the second-largest economy of Southeast Asia, allotted an average of 1.5% of GDP towards its defense sector for the last four years. Defense expenditure in the country valued almost US$6 billion in 2014, which increased at a CAGR of over 3% from 2010. Thailand is expected to allocate about half of its total budget for expenditure on its army, with spending on the navy, air force, and others sectors over the next five years.
The escalating arms races in the ASEAN region (Association of Southeast Asian Nations), due to massive military spending by China and India, along with territorial conflicts with adjoining nations and modernization programs for military hardware are the prime driving factors for Thailand’s defense expenditure.
The modernization of Thailand’s armed forces is expected to increase the demand for border security equipment, main battle tanks (MBT), multi-mission helicopters, multi-role aircraft, and frigates and patrol ships, as well as unmanned aerial vehicles (UAV) to counter security threats posed by international terrorist organizations, domestic rebel groups, pirates, and cross border insurgents.
Thailand’s defense industrial base is largely undeveloped and, as a result, the country is highly dependent on foreign suppliers to meet its military needs. Sweden emerged as the largest supplier of defense equipment to the country, accounting for one third of total arms imports during over the last five years.