South Korea Defense Market

GlobalData’s South Korea Defense Market - 2022 Free Report offers the reader a detailed analysis of South Korea’s defense budget with market size forecasts covering the next five years. This report will also analyze factors that drive defense expenditure in the country

In particular, it provides an in-depth analysis of the following:

• Market size: A detailed analysis of the budget allocation along with budget forecasts over the period 2018-27. The report also provides a breakdown of the defense budget in form of Acquisitions, and Others in both US Dollars ($) and South Korean Won (KRW), and also offers a breakdown of the budget
• Market drivers: The report also provides an analysis of the forces driving South Korea’s defense expenditure. It also gives a purview of procurement decisions in the context of the threat scenario 

Key findings include:

• Drivers of defense expenditure include North Korea’s militarization and the development of the domestic industry
• South Korea’s defense expenditure grew from $38.2 billion in 2018 to $48.3 billion in 2022, reflecting a CAGR of 6% during 2018–22
• The growth is primarily attributed to the sudden acceleration in defense spending in 2022, which is valued at $48.3 billion. This is an annual growth rate of 10.5% over the previous year (2021) when the South Korean budget was valued at $43.7 billion. The collapse of the peace process in June 2020 has compelled South Korea to reinforce its defense posture, as it is likely to result in the North Korean regime resuming its hostile stance against South Korea