Greece Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2029

Greece Defense Market Report Overview

In 2024, Greece’s defense budget is worth $8.9 billion and will grow at a CAGR of more than 1% during 2025-2029.

Greece Defense Market Outlook, 2024-2029 ($ Billion)

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The Greece 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. The Greece 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.

Greece Defense Market Drivers

Modernization and relations with Turkey will spur defense spending in the Greece defense market. Greece and Turkey have long had strained relations, with tensions over disputed territory in the Aegean Sea driving ongoing hostilities. In addition, Greece has invested significantly in recent years in programs meant to strengthen its domestic defense industry which also supports the market growth.

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Greece Military Doctrines and Defense Strategies

The Greek Ministry of National Defense (MoND) has created a comprehensive security doctrine that focuses on border security, national sovereignty, preserving political independence, protecting citizens, and global cooperation. Greece’s military doctrine is defensive on the strategic level, following NATO’s posture. The objective is to deter any threat or actual attack against Greece and to protect Greek national interests. The country is undertaking modernization plans to upgrade its military capabilities throughout its army, navy, and air force. The fundamental aim for Greece’s national defense policy is “the strengthening of Greece’s security, through combined actions in the area of defense, diplomacy, and foreign policy, and its constructive role as a driving force for stability in the Eastern Mediterranean”.

Greek National Defense policy is driven by the Governmental Council for Foreign and Defence Affairs. In line with NATO principles, Greece adopts a defensive position in terms of its military strategy. It thus places significant emphasis on deterrence, achieved by increasing and maximizing the operational capabilities of the Hellenic Armed Forces. One of the fundamental cornerstones around which Greek military strategy is centered is deterring the Turkish threat, while simultaneously seeking to deescalate tensions.

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Greece Defense Market Segmentation by Sectors

The key sectors in the Greece defense market are submarines, naval vessels and surface combatants, military fixed-wing aircraft, military land vehicles, and military rotorcraft among others. In 2024, military fixed-wing aircraft account for the highest Greece defense market share. The sector is expected to rise over the forecast period as Greece continues to modernize its air force through the acquisition of numerous platforms.

Greece Defense Market Analysis by Sectors, 2024 (%)

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Greece Defense Market - Competitive Landscape

A few of the leading defense companies operating in Greece are:

• BAE Systems Plc
• Naval Group
• Lockheed Martin Corp
• Yugoimport SDPR
• Navantia SA

Greece is seeking to acquire the F-35 through the American firm Lockheed Martin. Greece signed a Letter of Request (LoR) for the supply of 20 aircraft with the option for 20 more. This has drawn parallels with the sale of F-16s to Turkey which has met significant resistance in Congress, with Greece seen as a much more favourable partner in the sale of advanced aircraft, especially considering recent issues with the F-35 program which saw Turkey expelled. The acquisition of these aircraft will significantly advance Greek air capabilities.

Greece Defense Market Analysis by Companies

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Segments Covered in the Report

Greece Defense Market Sectors Outlook (Value, $ Billion, 2020-2029)

• Submarines
• Naval Vessels and Surface Combatants
• Military fixed-wing aircraft
• Military Land Vehicles
• Military Rotorcraft

Scope

The report provides:

• Defense Budget Assessment: This chapter covers the defense budgeting process, market size forecasts, drivers of expenditure, and allocation analysis. It also examines key market trends and insights.
• Military Doctrine and Security Environment: Detailed analysis of military doctrine, strategic alliances, geopolitical dynamics, and the political, social, and economic factors influencing the security environment.
• Market Entry Strategy and Regulations: This section elaborates on essential aspects of procurement policy and market regulations, market-entry routes, key defense procurement bodies, and major deals.
• Market attractiveness and emerging opportunities: It evaluates the attractiveness of various defense sectors, indicating cumulative market value, and highlights the top sectors and defense segments by value in the country.
• Defense Platforms Import and Export Dynamics: Provides an understanding of the defense platform imports and exports of the country from 2016 to 2023. Both imports and exports of the country are provided in terms of value ($M) and volume (units), categorized by country and sector.
• Defense Platform Acquisitions: It offers an overview of defense platform acquisitions by value. It lists current defense procurement schedules for the major ongoing and planned military platforms that have been formulated in the country and elaborates on the reasons leading to the procurement of the same.
• Fleet Size: Outlines the current fleet sizes of the Army, Air Force, and Navy, detailing the year of acquisition, units in service, and the prime contractor for the equipment.
• Competitive Landscape: Profiles the main defense companies operating in the country, offering insights into their business overviews, latest contracts, and financial results.

Key Highlights

• Modernization of equipment and contribution to NATO are key factors driving defense expenditure

• Major ongoing procurement program include procurement of F-35A, Belharra-class Frigate, Rafale B/C-F3-R, Glavkos-class Submarine Replacement, Constellation-class

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Greece defense market over the next five years.
• Understand the underlying factors driving demand for different defense and internal security segments in the Greece 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 Greece defense market providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channel resources by focusing on the ongoing programs that are being undertaken by the Greece government.
• Make correct business decisions based on an in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available.