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

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Latvia Defense Market Report Overview

As of 2023, the Latvia defense budget was worth $1.0 billion. The country’s defense budget is set to see high levels of growth, registering a CAGR of more than 10% between 2024 and 2028. The rise in military spending is attributed to Russia’s invasion of Ukraine in 2022 and Latvia’s increasing tensions with Russia owing to its membership in the EU and NATO.

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

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

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The Latvia 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 Latvia 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) $1.0 Billion
CAGR (2024-2028) >10%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Sectors ·        Missiles and Missile Defense Systems

·        Tactical Communication Systems

·        Military Simulation & Training

·        Electronic Warfare Systems

·        INS GNSS

Leading Companies ·        Latvijas Mobilais Telefons SIA

·        Patria Oyj

·        Parker Hannifin Corp

·        Moog Inc

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Latvia Defense Market Drivers

The key factors driving the Latvia defense market growth are tensions with Russia, modernization of military fleets, and international operations.

International operations: Despite its small military and expenditure, Latvia regularly contributes to multilateral deployments through its allies and partners. Since joining the EU and NATO, the country has made significant contributions to these institutions’ multilateral initiatives, as the organization itself plays an important role in Latvia’s security.

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Latvia Military Doctrines and Defense Strategies

Doctrine: The Latvian National Armed Forces (NBS) consist of the land forces, air force, navy and National Guard. Until 2023, the National Guard was a volunteer-reserve light infantry force, organized into battalions on a regional basis. Currently, Latvia is drafting 7,500 soldiers annually to accomplish its missions in terms of providing for the inviolability of all national territory, its waters, and air space as well as to participate in international operations.

Strategy: Latvia’s defense and security policy is defined by its ‘national defense concept’ documents, published every four to five years. The latest 2023 update outlines the challenges to the liberal world order presented by authoritarian regimes in Russia and increasingly powerful China. These two countries are threatening a balance of power that Latvia has depended upon to secure its independence and prosperity in the post-Cold War world. In addition, the defense concept highlights the belief that Russia seeks to undermine stability and justify aggression against Latvia. Russia has also increasingly employed ‘hybrid’ tactics, including direct cyberattacks, to alter the geopolitical situation in Europe.

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Latvia Defense Market Segmentation by Sectors

The key sectors in the Latvia defense market are missiles and missile defense systems, tactical communication systems, military simulation & training, electronic warfare systems, and INS GNSS among others. In 2023, the most attractive sector in Latvia’s defense market was missiles and missile defense systems. The sector is expected to continue its dominance in the coming years. The growth is attributed to the purchase of multiple missiles such as MANPAD surface-to-air missiles and anti-tank guided missiles (ATGMs) among others.

Latvia Defense Market Analysis by Sectors, 2023 (%)

Latvia Defense Market Analysis by Sectors, 2023 (%)

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Latvia Defense Market - Competitive Landscape

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

  • Latvijas Mobilais Telefons SIA
  • Patria Oyj
  • Parker Hannifin Corp
  • Moog Inc

Latvijas Mobilais Telefons SIA (LMT) is a provider of telecommunication services. The company’s product range includes phones, computer equipment, televisions, and accessories. It also offers products such as drones wireless headphones, smart watches, loudspeakers, and vacuum cleaners among others.

Latvia Defense Market Analysis by Companies

Latvia Defense Market Analysis by Companies

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Segments Covered in the Report

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

  • Missiles and missile defense systems
  • Tactical Communication Systems
  • Military Simulation & Training
  • Electronic Warfare Systems


The report provides:

  • Latvia defense budget: A detailed analysis of the Latvia 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
  • Regulation: A comprehensive overview of Latvia’s military procurement regulation coupled with an analysis of military doctrine and strategy.
  • Security Environment: Information about political alliances and perceived security threats to Latvia to explain trends in spending and modernization.
  • Import and Export Dynamics: An analysis of prevalent trends in the country’s imports and exports over the last five years.
  • Competitive landscape and strategic insights: An overview of the competitive landscape of Latvia’s defense industry.

Key Highlights

• Drivers of Defense expenditure include modernization programs, exceeding NATO targets, and baltic security

• Major ongoing procurement program include procurement of Armored Engineering Vehicles, Armored Personnel Carriers, and tactical trucks

Reasons to Buy

  • Determine prospective investment areas based on a detailed trend analysis of the Latvia defense market over the next five years.
  • Understand the underlying factors driving demand for different defense and internal security segments in the Latvia market and identify the opportunities offered.
  • Identify the major threats that are impacting the Latvia defense market and assess future opportunities that can be tapped for revenue expansion.
  • Channel resources by focusing on the ongoing programs that are being undertaken by the Latvia government.
  • Make smart 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 include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available.

Latvijas Mobilais Telefons SIA
Patria Oyj
Parker Hannifin Corp
Moog Inc

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. Analysis Of Defense Budget Allocation
    • 2.6. 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 Latvia Defense Market
    • 5.3. Top Defense Segments By Value

  • 6. Defense Platform Acquisitions

    • 6.1. Defense Platform Acquisitions By Value
    • 6.2. IRIS-T SLM Air Defense Missile System
    • 6.3. Armored Engineer Vehicle
    • 6.4. Common Armoured Vehicle System (CAVS)

  • 7. Fleet Size

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

  • 8. Competitive Landscape

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

  • 9. Appendix

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

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