The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Thailand, the second-largest economy in Southeast Asia, witnessed defense budget growth of 5.53% during 2015-2019, to reach a value of US$6.9 billion in 2019. The country faces an ongoing and brutal insurgency in its southernmost provinces, as well as continued threats in Bangkok and other parts of the country from southern militants. Thailand has amped up the security spending to manage new threats, maintain internal peace and order, prevent transnational crimes and cyber-attacks and protect the monarchy.
Thailand has continued the pattern of having one of Southeast Asia’s highest levels of defense spending. With this trend expected to continue over the forecast period, the country’s defense expenditure is projected to grow at a CAGR of 4.25% to reach US$8.6 billion by 2024. Defense capital expenditure is anticipated to increase from US$1.9 billion in 2020 to US$2.3 billion in 2024, at a CAGR of 4.39%, over the forecast period. The country’s defense revenue expenditure is expected to value US$5.4 billion in 2020 and grow at a CAGR of 4.20% over the forecast period to reach US$6.3 billion by 2024.
Thailand’s homeland security (HLS) budget increased at a CAGR of 6.69% during the historical period, to reach US$6 billion in 2019. Over the forecast period, the country’s HLS budget is projected to increase from US$6.3 billion in 2020 to US$7.7 billion in 2024, at a CAGR of 5.04%. Thailand is expected to allocate 49.6% of its total budget to its army, with expenditure on the navy, air force, and others sectors accounting for an average of 20.2%, 18.5%, and 11.7% respectively over the forecast period.
Thailand’s homeland security (HLS) budget increased at a CAGR of 6.69% during the historical period, to reach US$6 billion in 2019. Over the forecast period, the country’s HLS budget is projected to increase from US$6.3 billion in 2020 to US$7.7 billion in 2024, at a CAGR of 5.04%. The expected increase in funding for domestic security will cover important infrastructure upgrades and overhauls for areas such as airports, port and harbors, and mass transportation systems over the forecast period.
The report "Future of the Thai Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies and key news.
Companies mentioned: Saab, Airbus Helicopters, Sikorsky, Northrop Grumman Corp, Lockheed Martin Corp., Leonardo, Daewoo Shipbuilding & Marine Engineering
In particular, it provides an in-depth analysis of the following -
- The Thai defense industry market size and drivers: detailed analysis of the Belgian 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.
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years.
- Market opportunities:list of the top ten defense investment opportunities over the next 5 years.
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Belgian defense industry.
Reasons To Buy
- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Thai 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 Thai defense industry covering sections including demand drivers, key trends and latest industry contracts.