Future of the Greek Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2023

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Published: October 05, 2018 Report Code: GD-DF0525MR-ST

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The Future of the Greek Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2023, published by Strategic Defense Intelligence, 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.

Synopsis

This report offers detailed analysis of the Greek defense industry with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.

In particular, it provides an in-depth analysis of the following:
– The Greek defense industry market size and drivers: detailed analysis of the Greek defense industry during 2019-2023, 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 Greek defense industry.

Scope

– Greek military expenditure, values US$3.6 billion in 2018, and registered a CAGR of -4.16% during the historic period. However, over the forecast period, the Greek defense expenditure is projected to increase at a CAGR of 2.82% to value US$4.2 billion in 2023.

– The country’s strained relationship with Turkey over the long standing territorial dispute in Cyprus, along with sovereignty rights issue in the Gulf of Aegean and military modernization initiatives is expected to drive the Greek defense expenditure over the forecast period.

– As a percentage of GDP, the country’s defense budget is expected to average 1.6% over the forecast period, compared to an average of 1.8% recorded during 2014-2018.

Reasons to Buy

– This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Greek 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

– Profiles of the top domestic and foreign defense manufacturers . This will provide the user with a total competitive landscape of the sector

– A deep qualitative analysis of the Greek defense industry covering sections including demand drivers, Key Trends , and latest industry contracts

Hellenic Aerospace Industry
Hellenic Defense Systems S.A
ISI Hellas
Hellenic Shipyards S.A
SSMART S.A
Signaal Hellas
Theon Sensors
Ordtech Military Industries
Intracom Defense Electronics
Hellenic Vehicle Industry S.A
IDE (INTRACOM Defense Electronics)

Table of Contents

Table of Contents

1. Introduction 8

1.1. What is this Report About? 8

1.2. Definitions 8

1.3. Summary Methodology 10

1.4. About Strategic Defense Intelligence 11

2. Executive Summary 12

3. Market Attractiveness and Emerging Opportunities 14

3.1. Current Market Scenario 15

3.1.1. Primary Threat Perception 15

3.1.2. Military Doctrine & Strategy 16

3.1.3. Military Fleet Size 17

3.1.4. Procurement Programs 22

3.1.5. Top Procurement Programs by Value (US$ Million) 2018-2023 24

3.1.6. Social, Political and Economic Environment and Support for Defense Projects 25

3.1.7. Political and Strategic Alliances 26

3.2. Defense Market Size Historical and Forecast 27

3.2.1. Greek total defense expenditure including pension is anticipated to grow at a CAGR of

2.64% over the forecast period 27

3.2.2. Greek base defense budget, excluding pensions is anticipated to grow at a CAGR of

2.82% over the forecast period 29

3.2.3. Conflict with Turkey and military modernization will drive Greek defense expenditure over the forecast period 31

3.2.4. Defense expenditure as a percentage of GDP is anticipated to decline over the forecast period 32

3.3. Analysis of Defense Budget Allocations 34

3.3.1. Capital expenditure allocation expected to increase over the forecast period 34

3.3.2. Capital expenditure expected to increase over the forecast period 36

3.3.3. The Army accounted for the largest share of the overall defense budget during the historic period 38

3.3.4. Other segment to account for the highest share of Greece’s defense budget 40

3.3.5. Per-capita defense expenditure expected to increase over the forecast period 44

3.4. Homeland Security Market Size and Forecast 45

3.4.1. Homeland security market expected to grow at a CAGR of

3.88% over the forecast period 45

3.4.2. Illegal migration predicted to drive homeland security procurement 47

3.4.3. Greece is considered at ‘high risk’ of a terrorist attack 48

3.4.4. Greece experienced moderate terror activity during the historic period 49

3.4.5. Greece has a terrorism index score of

4.1 51

3.5. Benchmarking with Key Global Markets 52

3.5.1. Greek defense budget expected to register consistent growth over the forecast period 52

3.5.2. Greek military expenditure is expected to remain low compared to other leading spenders 54

3.5.3. Defense budget as a percentage of GDP expected to remain moderate on a global scale 55

3.6. Market Opportunities: Key Trends and Growth Stimulators 56

3.6.1. Top 10 Defense Market Categories by Value (US$ million) – Forecast-Period Projections 56

3.6.2. Land-based C4ISR 57

3.6.3. Military IT, Data and Computing- Networking 58

3.6.4. Frigates MRO 59

4. Defense Procurement Market Dynamics 60

4.1. Import Market Dynamics 62

4.1.1. Defense imports maintained high volumes during the historic period 62

4.1.2. Germany accounts for most of Greece’s defense imports 63

4.1.3. Naval vessels, aircraft, and missiles are the main categories of imported military hardware 64

4.2. Export Market Dynamics 65

4.2.1. Naval vessels are the main exported defense products 65

5. Industry Dynamics 66

5.1. Five Forces Analysis 66

5.1.1. Bargaining Power of Supplier: Low to Medium 67

5.1.2. Bargaining Power of Buyer: Medium to High 67

5.1.3. Barrier to Entry: Low 67

5.1.4. Intensity of Rivalry: Low to Medium 67

5.1.5. Threat of Substitution: Medium 67

6. Market Entry Strategy 68

6.1. Market Regulation 68

6.1.1. Offset obligations are attached to all defense deals 68

6.1.2. European Defense Agency promotes defense procurements within the EU 69

6.2. Market Entry Route 70

6.2.1. Budgeting process 70

6.2.2. Procurement policy and process 71

6.3. Key Challenges 72

6.3.1. Economic crisis will affect current and future procurements 72

6.3.2. IMF and EU regulations on Greek defense expenditure will limit Greece’s flexibility in military maintenance 72

7. Competitive Landscape and Strategic Insights 73

7.1. Competitive Landscape Overview 73

7.2. Key Domestic Companies 75

7.2.1. Hellenic Aerospace Industry: overview 75

7.2.2. Hellenic Aerospace Industry: product focus 75

7.2.3. Hellenic Aerospace Industry: recent announcements and strategic initiatives 76

7.2.4. Hellenic Aerospace Industry: alliances 76

7.2.5. Hellenic Aerospace Industry: recent contract wins 77

7.2.6. Hellenic Defense Systems S.A: overview 78

7.2.7. Hellenic Defense Systems S.A: product focus 78

7.2.8. Hellenic Defense Systems S.A: recent announcements and strategic initiatives 79

7.2.9. Hellenic Defense Systems S.A.: alliances 79

7.2.10. Hellenic Defense Systems S.A: recent contract wins 79

7.3. Key Private Sector Companies 80

7.3.1. ISI Hellas: overview 80

7.3.2. ISI Hellas: product focus 80

7.3.3. ISI Hellas: recent announcements and strategic initiatives 81

7.3.4. ISI Hellas: Alliances 81

7.3.5. ISI Hellas: recent contract wins 81

7.3.6. Hellenic Shipyards S.A: overview 82

7.3.7. Hellenic Shipyards S.A: product focus 82

7.3.8. Hellenic Shipyards S.A: recent announcements and strategic initiatives 82

7.3.9. Hellenic Shipyards S.A: recent contract wins 82

7.3.10. SSMART S.A: overview 83

7.3.11. SSMART S.A: product focus 83

7.3.12. SSMART S.A: alliances 84

7.3.13. Signaal Hellas: overview 85

7.3.14. Signaal Hellas: product focus 85

7.3.15. Signaal Hellas: alliances 85

7.3.16. Theon Sensors: overview 86

7.3.17. Theon Sensors: product focus 86

7.3.18. Theon Sensors: recent announcements and strategic initiatives 86

7.3.19. Theon Sensors: recent contract wins 87

7.3.20. Ordtech Military Industries: overview 89

7.3.21. Ordtech Military Industries: product focus 89

7.3.22. Intracom Defense Electronics: overview 91

7.3.23. Intracom Defense Electronics: product focus 91

7.3.24. Intracom Defense Electronics: recent announcements and strategic initiatives 91

7.3.25. Intracom Defense Electronics: recent announcements and strategic initiatives 92

7.3.26. Intracom Defense Electronics: recent contract wins 93

7.3.27. Hellenic Vehicle Industry S.A.: overview 95

7.3.28. Hellenic Vehicle Industry S.A: product focus 95

7.3.29. Hellenic Vehicle Industry S.A: recent announcements and strategic initiatives 95

7.3.30. Hellenic Vehicle Industry S.A: recent contract wins 95

7.3.31. IDE (INTRACOM Defense Electronics): overview 96

7.3.32. IDE (INTRACOM Defense Electronics): product focus 96

7.3.33. IDE (INTRACOM Defense Electronics): recent announcements and strategic initiatives 96

7.3.34. IDE (INTRACOM Defense Electronics): recent contract wins 97

8. Business Environment and Country Risk 98

8.1. Economic Performance 98

8.1.1. GDP Per Capita 98

8.1.2. GDP, Current Prices, US$ Billion 99

8.1.3. Local Currency Unit per US$ 100

8.1.4. Market Capitalization of Listed Companies 101

8.1.5. Market Capitalization of Listed Companies (% of GDP) 102

8.1.6. Exports of Goods and Services (LCU Billion) 103

8.1.7. Imports of Goods and Services (LCU Billion) 104

8.1.8. Goods Exports as percentage of GDP 105

8.1.9. Goods Imports as a Percentage of GDP 106

8.1.10. Gross National Disposable Income (US$ Billion) 107

8.1.11. Service Imports as a Percentage of GDP 108

8.1.12. Service Exports as a Percentage of GDP 109

8.1.13. Foreign Direct Investment 110

8.1.14. Net Foreign Direct Investment as a Percentage of GDP 111

8.1.15. Government Cash Surplus/Deficit as a Percentage of GDP (LCU) 112

8.1.16. Mining, Manufacturing, Utilities Output 113

9. Appendix 114

9.1. About SDI 114

9.2. Disclaimer 114

Table

List of Tables

Table 1: Greek Army Strength 17

Table 2:Greek Navy Strength 19

Table 3: Greek Air Force Strength 21

Table 4: Greek – Ongoing Development and Procurement Programs 22

Table 5: Greece – Future Procurement Programs 23

Table 6: Greek – Defense Procurement Programs by Value (US$ Million), 2018-2023 24

Table 7: Greek Defense Expenditure Including Pension (EUR Billion & US$ Billion), 2014-2023 27

Table 8: Greek Base Defense Budget (EUR Billion & US$ Billion), 2014-2023 29

Table 9: Greek GDP Growth and Defense Expenditure as a Percentage of GDP, 2014-2023 32

Table 10: Greek Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 34

Table 11: Greek Defense Capital Expenditure (EUR Million and US$ Million), 2014-2023 36

Table 12: Greek Defense Budget Split Between Military Services (Army, Air Force, Navy and Others) (%), 2014-2023 38

Table 13: Greek – Defense Budget Breakdown by Service (EUR Million), 2014-2023 40

Table 14: Greek – Defense Budget Breakdown by Service (US$ Billion), 2014-2023 42

Table 15:Greek Per-Capita Defense Expenditure (US$), 2014-2023 44

Table 16: Greek Homeland Security Expenditure (EUR Billion and US$ Billion), 2014-2023 45

Table 17: Terrorism Index, 2018 49

Table 18: Benchmarking with Key Markets – 2014-2018 vs. 2019-2023 52

Table 19: Greek – 10 Leading Defense Market Categories by Value (US$ Million), 2018-2023 56

Table 20: Greece – Offset Guidelines and Agreements 68

Table 21: Greece – Budget Formation Timetable, (January-December) 70

Table 22: Greece – Ongoing Foreign Military Sales Deals 71

Table 23: Greek – Top Defense Suppliers by Value (US$ Million),2018-2023 73

Table 24: Greek – Competitive Landscape, 2018 73

Table 25: Hellenic Aerospace Industry – Product Focus 75

Table 26: Hellenic Aerospace Industry – Alliances 76

Table 27: Hellenic Aerospace Industry – Recent Contract Wins 77

Table 28: Hellenic Defense Systems S.A – Product Focus 78

Table 29: Hellenic Aerospace Industry – Alliances 79

Table 30: Hellenic Defense Systems S.A – Recent Contract Wins 79

Table 31: ISI Hellas – product focus 80

Table 32: Hellenic Aerospace Industry – Alliances 81

Table 33: ISI Hellas – Recent Contract Wins 81

Table 34: Hellenic Shipyards S.A – Product Focus 82

Table 35: Hellenic Defense Systems S.A – Recent Contract Wins 82

Table 36: SSMART S.A – Product Focus 83

Table 37: SSMART S.A – Alliances 84

Table 38: Signaal Hellas – product focus 85

Table 39: Signaal Hellas – Alliances 85

Table 40: Theon Sensors – product focus 86

Table 41: Theon Sensors – Recent Contract Wins 87

Table 42: Ordtech Military Industries- Product Focus 89

Table 43: Intracom Defense Electronics – Product Focus 91

Table 44: Intracom Defense Electronics – Alliances 92

Table 45: Intracom Defense Electronics – Recent Contract Wins 93

Table 46: Hellenic Vehicle Industry S.A – Product Focus 95

Table 47: Hellenic Vehicle Industry S.A – Recent Contract Wins 95

Table 48: IDE (INTRACOM Defense Electronics): – Product Focus 96

Table 49: Hellenic Vehicle Industry S.A – Recent Contract Wins 97

Figures

List of Figures

Figure 1: Greece Defense Expenditure Including Pension (EUR Billion), 2014-2023 28

Figure 2: Greece Defense Expenditure Including Pension (US$ Billion), 2014-2023 28

Figure 3: Greece Defense Expenditure (EUR Billion), 2014-2023 30

Figure 4: Greece Defense Expenditure (US$ Billion), 2014-2023 30

Figure 5: Greek GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2014-2023 33

Figure 6: Greek Defense Expenditure Allocation for Capital and Revenue Expenditure (%), 2014-2023 35

Figure 7: Greek Defense Capital Expenditure (EUR Million), 2014-2023 37

Figure 8: Greek Defense Capital Expenditure (US$ Million), 2014-2023 37

Figure 9: Greek Defense Budget Split Between Army, Air Force, Navy and Others, 2014-2023 39

Figure 10: Greek – Defense Budget Breakdown by Service (EUR Million), 2014-2023 41

Figure 11: Greek – Defense Budget Breakdown by Service (US$ Billion), 2014-2023 43

Figure 12: Greek Per-Capita Defense Expenditure (US$), 2014-2023 44

Figure 13: Greek Homeland Security Budget (EUR Billion), 2014-2023 46

Figure 14: Greek Homeland Security Budget (US$ Billion), 2014-2023 46

Figure 15: Terrorism Heat Map, 2018 48

Figure 16: Terrorism Index, 2018 51

Figure 17: Benchmarking with Key Global Markets: 2014-2018 vs. 2019-2023 53

Figure 18: Defense Expenditure of the World’s Largest Military Spenders (US$ Billion), 2018 and 2023 54

Figure 19: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018 55

Figure 20: Land-based C4ISR Market Size (US$ Million), 2018-2023 57

Figure 21: Military IT, Data and Computing – Networking Market Size (US$ Million), 2018-2023 58

Figure 22: Frigates MRO Market Size (US$ Million), 2018-2023 59

Figure 23: Greece – Defense Procurements in Terms of Supplier Relationships, 2018 61

Figure 24: Greek Defense Imports (US$ Million), 2013-2017 62

Figure 25: Greek Defense Imports by Country (%), 2013-2017 63

Figure 26: Greek Defense Imports by Category(%), 2013-2017 64

Figure 27: Industry Dynamics – Porter’s Five Forces Analysis 66

Figure 28: Greek GDP Per Capita, 2015-2025 98

Figure 29: Greek GDP, Current Prices, US$ Billion, 2015-2025 99

Figure 30: Greek LCU per US$, 2015-2024 100

Figure 31: Greek Market Capitalization of Listed Companies (US$ Billion), 2005-2012 101

Figure 32: Greek Market Capitalization of Listed Companies (% of GDP), 2005-2012 102

Figure 33: Greek Exports of Goods and Services (LCU Billion), 2005-2014 103

Figure 34: Greek Imports of Goods and Services (LCU Billion), 2005-2014 104

Figure 35: Greek Goods Exports as a Percentage of GDP, 2005-2014 105

Figure 36: Greek Goods Imports as a Percentage of GDP, 2005-2014 106

Figure 37: Greek Gross National Disposable Income (US$ Billion), 2005-2014 107

Figure 38: Greek Service Imports as a Percentage of GDP, 2005-2014 108

Figure 39: Greek Service Exports as a Percentage of GDP, 2005-2014 109

Figure 40: Greek Foreign Direct Investment (US$ Billion), 2005-2014 110

Figure 41: Greek Net Foreign Direct Investment as a Percentage of GDP, 2005-2014 111

Figure 42: Greek Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2008-2012 112

Figure 43: Greek Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014 113

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