1. Introduction 8
1.1. What is this Report About? 8
1.2. Definitions 8
1.3. Summary Methodology 11
1.4. About Strategic Defence Intelligence 12

2. Executive Summary 13

3. Market Attractiveness and Emerging Opportunities 15
3.1. Current Market Scenario 16
3.1.1. Primary threat perception 16
3.1.2. Military Doctrine & Strategy 17
3.1.3. Military Fleet Size 18
3.1.4. Procurement Programs 21
3.1.5. Ongoing procurement programs 21
3.1.6. Future procurement programs 21
3.1.7. Top Procurement Programs By Value (US$ Million) 2018-2023 22
3.1.8. Social, Political and Economic Environment & Support for Defense Projects 23
3.1.9. Political & Strategic Alliances 24
3.2. Defense Market Size Historical and Forecast 25
3.2.1. Danish defense expenditure expected to register a CAGR of 10.51% over the forecast period 25
3.2.2. Growing Russian assertiveness and participation in NATO peacekeeping operations are expected to drive defense expenditure over the forecast period 27
3.2.3. Denmark’s defense expenditure as a percentage of GDP expected to decrease 28
3.3. Analysis of Defense Budget Allocation 30
3.3.1. Capital expenditure is expected to account for 12.3% of the defense budget over 2019-2023 30
3.3.2. Capital expenditure is expected to record a CAGR of 10.91% during the forecast period, 2019-2023 32
3.3.3. Per capita defense expenditure set to increase over the forecast period 35
3.4. Homeland Security Market Size and Forecast 37
3.4.1. Danish homeland security expenditure expected to increase at a CAGR of 1.30% during 2019-2023 37
3.4.2. Cyber security and counter terrorism are main homeland security concerns 39
3.4.3. Denmark falls under “some risk” by terrorism category 41
3.4.4. Denmark faces moderate level of threat from foreign terrorist organizations 42
3.4.5. Denmark has a terrorism index score of 1.5 44
3.5. Benchmarking with Key Global Markets 45
3.5.1. Denmark defense budget expected to decline over the forecast period 45
3.5.2. Danish defense budget expected to remain low compared to other European countries 47
3.5.3. Denmark allocates a low share of GDP for defense compared to most European countries 48
3.6. Market Opportunities: Key Trends and Growth Stimulators 49
3.6.1. Top 10 Defense market sectors by value (US$ Million) - Projections over period 2018-2023 49
3.6.2. Multi-role Aircraft 50
3.6.3. Land Based C4ISR 51
3.6.4. Armored Personnel Carrier (APC) 52

4. Defense Procurement Market Dynamics 53
4.1. Import Market Dynamics 54
4.1.1. Defense imports are expected to increase over the forecast period 54
4.1.2. Denmark sourced most of its arms imports from the US 55
4.1.3. Sensors and naval weapons dominate military hardware imports 56
4.2. Export Market Dynamics 57
4.2.1. Arms exports to recover during the forecast period 57
4.2.2. Brazil, Algeria. Finland, and Oman are the main purchasers of Danish arms 58
4.2.3. Sensors and ships are the main exported defense products 59

5. Industry Dynamics 60
5.1. Five Forces Analysis 60
5.1.1. Bargaining power of supplier: low to medium 61
5.1.2. Bargaining power of buyer: high 61
5.1.3. Barrier to entry: low 61
5.1.4. Intensity of rivalry: medium to high 61
5.1.5. Threat of substitution: high 61

6. Market Entry Strategy 62
6.1. Budgeting Process 62
6.2. Procurement Policy & Process 64
6.3. Market Regulation 65
6.3.1. Offset policy aids development of domestic defense industry 65
6.3.2. Denmark permits 100% foreign direct investment in the defense sector 66
6.4. Market Entry Route 67
6.4.1. Forming subsidiaries or acquiring Danish companies are good market entry opportunities 67
6.4.2. Forming consortiums and product development agreements open new market entry strategy choices 67
6.4.3. Joint weapon development programs are a viable market entry opportunity 67
6.5. Key Challenges 68
6.5.1. Low defense budget and limited technological capability hinder market entry by foreign companies 68
6.5.2. Preference given to procurements from US and Nordic countries 68

7. Competitive Landscape and Strategic Insights 69
7.1. Competitive Landscape Overview 69
7.2. Key Domestic Companies 72
7.2.1. Systematic A/S: overview 72
7.2.2. Systematic A/S: products and services 72
7.2.3. Systematic A/S: recent announcements and strategic initiatives 73
7.2.4. Systematic A/S: alliances 75
7.2.5. Systematic A/S: recent contract wins 76
7.2.6. Terma A/S: overview 77
7.2.7. Terma A/S: products 77
7.2.8. Terma A/S: recent announcements and strategic initiatives 78
7.2.9. Terma A/S: alliances 79
7.2.10. Terma A/S: recent contract wins 81
7.2.11. Copenhagen Sensor Technology ApS: overview 83
7.2.12. Copenhagen Sensor Technology ApS: products 83
7.2.13. Copenhagen Sensor Technology ApS: recent announcements and strategic initiatives 83
7.2.14. Copenhagen Sensor Technology ApS: alliances 85
7.2.15. Copenhagen Sensor Technology ApS: recent contract wins 85
7.2.16. Danish Aerotech A/S: overview 86
7.2.17. Danish Aerotech A/S: products 86
7.2.18. Danish Aerotech A/S: recent announcements and strategic initiatives 87
7.2.19. Danish Aerotech A/S: alliances 88
7.2.20. Danish Aerotech A/S: recent contract wins 89
7.2.21. Falck Schmidt Defense Systems A/S: overview 90
7.2.22. Falck Schmidt Defense Systems A/S: products 90
7.2.23. Falck Schmidt Defense Systems A/S: recent announcements and strategic initiatives 90
7.2.24. Falck Schmidt Defense Systems A/S: alliances 91
7.2.25. Falck Schmidt Defense Systems A/S: recent contract wins 91
7.2.26. IFAD TS A/S: overview 92
7.2.27. IFAD TS A/S: products 92
7.2.28. IFAD TS A/S: recent announcements and strategic initiatives 92
7.2.29. IFAD TS A/S: alliances 93
7.2.30. IFAD TS A/S: recent contract wins 94
7.3. Key Foreign Companies 95
7.3.1. Lockheed Martin: overview 95
7.3.2. Lockheed Martin: products and services 95
7.3.3. Lockheed Martin: recent announcements and strategic initiatives 95
7.3.4. Lockheed Martin: alliances 96
7.3.5. Lockheed Martin: recent contract wins 96
7.3.6. Lockheed Martin Corp.: financial analysis 97
7.3.7. TenCate Advanced Armour Denmark A/S: overview 99
7.3.8. TenCate Advanced Armour Denmark A/S: defense products 99
7.3.9. TenCate Advanced Armour Denmark A/S: recent announcements and strategic initiatives 100
7.3.10. TenCate Advanced Armour Denmark A/S: alliances 101
7.3.11. TenCate Advanced Armour Denmark A/S: recent contract wins 101

8. Business Environment and Country Risk 102
8.1. Economic Performance 102
8.1.1. Gross Domestic per Capita 102
8.1.2. Gross Domestic Product, current US$Billion 103
8.1.3. Exports of Goods and Services 104
8.1.4. Imports of Goods and Services 105
8.1.5. Gross National Disposable Income 106
8.1.6. Local Currency Unit per US$, Period Average 107
8.1.7. Market Capitalization of Listed Companies 108
8.1.8. Market Capitalization of Listed Companies as a % of GDP 109
8.1.9. Government Cash Surplus/Deficit, as a percentage of DKK (LCU) 110
8.1.10. Goods Exports as a % of GDP 111
8.1.11. Goods Imports as a % of GDP 112
8.1.12. Services Imports as a % of GDP 113
8.1.13. Services Exports as a % of GDP 114
8.1.14. Foreign Direct Investment, BoP, Current Values in US$ Billions 115
8.1.15. Net FDI as a percentage of GDP 116
8.1.16. Mining, Manufacturing, Utilities Output 117
9. Appendix 118
9.1. About SDI 118
9.2. Disclaimer 118