Denmark Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028

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Denmark Defense Market Report Overview

As of 2023, the Denmark defense budget is worth $5.1 billion. The country’s defense budget is set to see high levels of growth, registering a CAGR of more than 4% between 2024 and 2028. The increase in Danish defense expenditure is primarily driven by the government’s response to the conflict in Ukraine. Factors expected to accelerate the Denmark’s defense market growth during the projected period are rise in the Danish defense sector spending to facilitate modernization of the Danish military’s equipment and the needed replacement of aging platforms across all military branches.

Denmark Defense Market Outlook, 2023-2028 ($ Billion)

Denmark Defense Market Outlook, 2023-2028 ($ Billion)

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The Denmark defense market research report provides the market size forecast and the projected growth rate for the next five years. Furthermore, our analysts have carried out a comprehensive industry analysis to determine key market drivers, emerging technology trends, key sectors, and major challenges faced by market participants, in this report. The Denmark defense market study has also assessed key factors and government programs that are expected to influence the demand for military platforms over the forecast period.

Market Size (2023) $5.1 Billion
CAGR (2024-2028) >4%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Drivers ·        Regional Priorities

·        Force Restructuring

·        Security Threats

Key Sectors ·        Military Fixed-Wing

·        Missile and Missile Defense Systems

·        Tactical Communications

·        Naval Vessels and Surface Combatants

·        Military Simulation & Training

·        Electronic Warfare Systems

Leading Companies ·        A.P. Mollder – Maersk AS

·        GN Store Nord AS

·        Terma AS

·        Satair AS

·        Systematic AS

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Denmark Defense Market Drivers

The key factors driving the Denmark defense market growth are regional priorities, force restructuring, and security threats.

Regional Priorities: The Danish government has been highlighting an increasingly aggressive Russia on NATO’s eastern flank as a major security concern. The invasion of Ukraine has further worsened the relationship between the economies. This has created a need for Denmark to bolster its military capabilities and demonstrate its commitment to collective defense to its NATO allies. As a result, Denmark is investing in the defense sector and participating in international security agreements. The country has stated its intention to spend 2% of its GDP on defense by 2030. Another factor driving expenditure in the Danish defense market is High North tension. The tension in the Arctic is attributed to the melting of polar ice caps, which is increasing maritime activity, economic exploitation, and territorial disputes over areas such as the Lomonosov Ridge.

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Denmark Military Doctrines and Defense Strategies

The armed service branches in Denmark are collectively titled Danish Defence. Denmark’s membership of NATO remains a cornerstone of the Danish defense doctrine. International cooperation and operations have long been a focus of the Danish military doctrine, as the Danish government views a security situation that promotes stability, strong international law, and multilateral cooperation as an important element of Danish defense policy. The concept of ‘Total Defence’, which implies to the use of all available resources in times of national emergency, also plays an important part in Denmark’s military doctrine, as it combines Danish Defence efforts with emergency management agencies and elements of the police.

The 2018 Danish Defence white paper laid out not just the perceived threats and risks for Danish defense and security, but also its intended responses. It covers a five-year-strategy from 2018 to 2023. Themes emerge in reorganization, modernization, and other initiatives that showcase how Denmark plans to meet these threats and enhance military capability. By 2024, the army plans to have a deployable brigade of approximately 4,000 troops to meet NATO’s force contribution goals for a medium-sized formation. The Royal Danish Air Force (RDAF) is also in the process of replacing its fast jet fleet. Also, the Royal Danish Navy (RDN) is acquiring more offensive capabilities that will meet NATO requirements in certain disciplines such as antisubmarine warfare (ASW). The Danish Home Guard will also have its equipment modernized and its ability to mobilize increased, allowing it to better support the regular armed forces and contribute to securing Danish infrastructure in times of emergency.

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Denmark Defense Market Segmentation by Sectors

The key sectors in the Denmark defense market are military fixed wing aircraft, missiles and missile defense systems, tactical communication systems, and naval vessels and surface combatants. Other key sectors are military simulation & training, electronic warfare systems, underwater warfare systems, artillery systems, among others. In 2023, the most attractive sector in Denmark’s defense market has been military fixed wing aircraft, followed by missiles and missile defense systems, and tactical communication systems.

The military fixed-wing aircraft segment is predicted to be the largest sector in Denmark’s defense market between 2023 and 2028. The only segment that primarily constitute this sector is the multirole aircraft. Within this segment, only the F-35A is currently being procured, and thus accounts for the entirety of the future spending on this sector over the coming years. The F-35A is being procured by the Royal Danish Air Force (RDAF), and four airframes have entered operational use in the country.

Denmark Defense Market Analysis by Sectors, 2023 (%)

Denmark Defense Market Analysis by Sectors, 2023 (%)

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Denmark Defense Market - Competitive Landscape

The leading defense companies operating in Denmark are A.P. Mollder – Maersk AS, GN Store Nord AS, Terma AS, Satair AS, and Systematic AS among others.

Terma AS: The company develops, manufactures, and sells advanced structures for defense, and non-defense applications. The company’s offerings comprise advanced structures, mission-critical electronics, software, network and tactical systems, airborne and naval self-protection systems among others. Terma serves public authorities, defense groups, and commercial enterprises worldwide, and its solutions are applicable for defense aircraft, non-defense aircraft, helicopters, space applications, mission critical defense and security applications, and critical infrastructure. The company operates across Denmark, Germany, the Middle East, the Netherlands, India, Singapore, and the US. Terma is headquartered in Lystrup, Central Denmark Region, Denmark.

Denmark Defense Market Analysis by Companies

Denmark Defense Market Analysis by Companies

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Segments Covered in the Report

Denmark Defense Market Sectors Outlook (Value, $ Billion, 2019-2028)

  • Military Fixed-Wing
  • Missile and Missile Defense Systems
  • Tactical Communications
  • Naval Vessels and Surface Combatants
  • Military Simulation & Training
  • Electronic Warfare Systems


The report provides:

  • Detailed analysis of the Denmark 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
  • Explanation of the procurement policy and process. This is coupled with an analysis of Denmark’s military doctrine and strategy to provide a comprehensive overview of Denmark’s military regulation.
  • Examination of political alliances and perceived security threats to Denmark and explains trends in spending and modernization.
  • Analysis of prevalent trends in the country’s imports and exports over the last five years.
  • Analysis of the competitive landscape of Denmark’s defense industry.

Key Highlights

Drivers of Defense expenditure include Modernization programs, NATO targets, and Internal operations

Major ongoing procurement program include procurement of F-35A, Patrol Vessels, and precise and universal launching systems

Reasons to Buy

  • Determine prospective investment areas based on a detailed trend analysis of the Denmark defense market over the next five years.
  • Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Danish market and identify the opportunities offered.
  • Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others.
  • Identify the major threats that are driving the Denmark defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion.
  • Channel resources by focusing on the ongoing programs that are being undertaken by the Danish government.
  • Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available.

Lockheed Martin Corp
Terma A/S
Odense Maritime Technology

Table of Contents

  • 1. Executive Summary
  • 2. Defense Budget Assessment

    • 2.1. Budgeting Process
    • 2.2. Defense Market Size Historic And Forecast
    • 2.3. Drivers Of Defense Expenditure
    • 2.4. Analysis of Defense Expenditure Allocation
    • 2.5. Key Market Trends and Insights

  • 3. Military Doctrine and Security Environment

    • 3.1. Military Doctrine And Strategy
    • 3.2. Strategic Alliances and Geopolitics
    • 3.3. Political, Social and Economic Scenario

  • 4. Market Entry Strategy and Regulations

    • 4.1. Defense Procurement Bodies
    • 4.2. Funding Opportunities
    • 4.3. Trade Associations and Defense Clusters
    • 4.4. Types of Contracts and Opportunities
    • 4.5. Types of European Procurement Procedure
    • 4.6. Procurement Policy and Market Regulations
    • 4.7. Market Entry Routes
    • 4.8. Key Challenges
    • 4.9. Major Deals and M&A

  • 5. Market Attractiveness and Emerging Opportunities

    • 5.1. Market Attractiveness By Defense Sector
    • 5.2. Top Sectors in the Danish Defense Market
    • 5.3. Top Defense Segments By Value

  • 6. Defense Platform Acquisitions

    • 6.1. Defense Platform Acquisitions By Value
    • 6.2. F-35-A
    • 6.3. Ground Based Air Defense (GBAD) System
    • 6.4. Patrol Vessels

  • 7. Fleet Size

    • 7.1. Army
    • 7.2. Air Force
    • 7.3. Navy

  • 8. Competitive Landscape

    • 8.1. Defense Companies Operating in Denmark
    • 8.2. Main Defense Companies

  • 9. Appendix

    • 9.1. About This Report
    • 9.2. About Us
    • 9.3. Contact Us


List of Tables

Table 1: Danish Ongoing Procurement Programs

Table 2: Danish Future Procurement Programs

Table 3: Top Five Danish Defense Programs by Value (US$ Million), 2019-2024

Table 4: Danish Defense Cooperation

Table 5: Danish Military Training Exercises

Table 6: Danish Defense Expenditure (DKK Billion and US$ Billion), 2015-2024

Table 7: Danish GDP Growth vs Defense Expenditure as a Percentage of GDP, 2015-2024

Table 8: Danish Defense Budget Split Between Capital and Revenue Expenditure (%), 2015-2024

Table 9: Danish Defense Capital Expenditure (DKK Billion and US$ Million), 2015-2024

Table 10: Danish Per-Capita Defense Expenditure (US$), 2015-2024

Table 11: Danish Homeland Security Expenditure (DKK Million & US$ Million), 2015-2024

Table 12: Benchmarking with Key Markets – 2015-2019 vs. 2020-2024

Table 13: Top 10 Danish Defense Sectors by Value (US$ Million) – 2019-2024

Table 14: Offset Regulations in Denmark

Table 15: Top 10 Defense Suppliers in Danish Defense Industry by Value (US$ Million), 2019-2024

Table 16: Competitive Landscape of the Danish Defense Industry

Table 17: Systematic A/S – Products and Services

Table 18: Systematic A/S – Alliances

Table 19: Systematic A/S – Recent Contract Wins

Table 20: Terma A/S – Products

Table 21: Terma A/S – Alliances

Table 22: Terma A/S – Recent Contract Wins

Table 23: Copenhagen Sensor Technology ApS – Products

Table 24: Copenhagen Sensor Technology ApS – Alliances

Table 25: Copenhagen Sensor Technology ApS – Recent Contract Wins

Table 26: Danish Aerotech A/S – Products

Table 27: Danish Aerotech A/S – Alliances

Table 28: Danish Aerotech A/S – Recent Contract Wins

Table 29: Falck Schmidt Defense Systems A/S – Products

Table 30: Falck Schmidt Defense Systems – Alliances

Table 31: Falck Schmidt Defense Systems – Recent Contract Wins

Table 32: IFAD TS A/S – Products

Table 33: IFAD TS A/S – Alliances

Table 34: IFAD TS A/S – Recent Contract Wins

Table 35: Lockheed Martin Denmark – Products and Services

Table 36: Lockheed Martin Denmark – Alliances

Table 37: Lockheed Martin Denmark – Recent Contract Wins

Table 38: TenCate Advanced Armour Denmark A/S – Products

Table 39: TenCate Advanced Armour Denmark A/S – Alliances

Table 40: TenCate Advanced Armour Denmark A/S – Recent Contract Wins


List of Figures

Figure 1: Denmark Defense Budget, 2020 and 2024

Figure 2: Denmark Defense Imports and Exports

Figure 3: Denmark’s Top Five Prospective Procurements/Developments

Figure 4: Denmark’s National Security Threats

Figure 5: Denmark’s Partner Countries for Defense Cooperation and Military Training

Figure 6: Danish Defense Expenditure (DKK Billion), 2015-2024

Figure 7: Danish Defense Expenditure (US$ Billion), 2015-2024

Figure 8: Danish GDP Growth vs Defense Expenditures Percentage of GDP Growth, 2015-2024

Figure 9: Danish Defense Budget Split Between Capital and Revenue Expenditure (%), 2015-2024

Figure 10: Danish Defense Capital Expenditure (DKK Billion), 2015-2024

Figure 11: Danish Defense Capital Expenditure (US$ billion), 2015-2024

Figure 12: Danish Per-Capita Defense Expenditure (US$), 2015-2024

Figure 13: Danish Homeland Security Budget (DKK Million), 2015-2024

Figure 14: Danish Homeland Security Budget (US$ Million), 2015-2024

Figure 15: Benchmarking with Key Markets – 2015-2019 vs 2020-2024

Figure 16: Benchmarking with World’s Largest and Top Regional Defense Spenders (US$ Billion), 2019 and 2024

Figure 17: Benchmarking with Large Defense Spenders as a Percentage of GDP – 2019

Figure 18: Danish Multirole Aircraft Market Size (US$ Million), 2019-2024

Figure 19: Danish Vehicular-based Tactical Communication Systems Market Size (US$ Million), 2019-2024

Figure 20: Danish Land-based C4ISR Market Size (US$ Million), 2019-2024

Figure 21: Danish Defense Procurements In Terms Of Their Supplier Relationships

Figure 22: Denmark Defense Import Trend (US$ Million), 2014-2018 (TIV Values)

Figure 23: Denmark Defense Imports by Country (%), 2014-2018

Figure 24: Denmark Defense Imports by Category (%), 2014-2018

Figure 25: Denmark Defense Exports by Value (US$ Million), 2014-2018 (TIV Values)

Figure 26: Denmark Defense Exports by Country (%), 2014-2018

Figure 27: Denmark Defense exports by Category (%), 2014-2018

Figure 28: Industry Dynamics – Porter’s Five Forces Analysis

Figure 29: Denmark Budgeting Process

Figure 30: Key Challenges in Denmark’s Defense Market

Figure 31: Denmark Market Share Analysis, 2019-2024

Figure 32: Lockheed Martin – Revenue Trend Analysis (US$ Billion), 2014-2018

Figure 33: Lockheed Martin – Operating Profit Trend Analysis (US$ Billion), 2014-2018

Figure 34: Lockheed Martin – Net Profit Trend Analysis (US$ Billion), 2014-2018

Figure 35: Denmark’s GDP Per Capita (US$), 2015-2025

Figure 36: Denmark’s GDP (current US$ Billion), 2015-2025

Figure 37: Denmark’s Exports of Goods and Services (current LCU Billion), 2005-2014

Figure 38: Denmark’s Imports of Goods and Services (current LCU Billion), 2005-2014

Figure 39: Denmark’s Gross National Disposable Income (US$ Billion), 2005-2014

Figure 40: Denmark’s DKK per US$, 2015-2024

Figure 41: Denmark’s Market Capitalization of Listed Companies (US$ Billion), 2005-2012

Figure 42: Denmark’s Market Capitalization of Listed Companies (% of GDP), 2005-2012

Figure 43: Denmark’s Government Cash Surplus/Deficit (% of GDP), 2005-2012

Figure 44: Denmark’s Goods Exports (% of GDP), 2005-2014

Figure 45: Denmark’s Goods Imports (% of GDP), 2005-2014

Figure 46: Denmark’s Services Imports (% of GDP), 2005-2014

Figure 47: Denmark’s Services Exports (% of GDP), 2005-2014

Figure 48: Denmark’s FDI, net (BoP, Current US$ Billion), 2005-2014

Figure 49: Denmark’s Net FDI (% of GDP), 2005-2014

Figure 50: Denmark’s Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014

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