Norway Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-2027
Norway defense budget is $8.1 billion in 2022. The market is expected to achieve a CAGR of more than 3% during 2023-27. The Norway defense market research report predicts future Norwegian defense expenditures and includes the likely impact of geopolitical events on the market. The market entry strategy and regulations section of the report outlines the issues with engaging with the Norwegian defense market and includes explanations of complex regulations. This report also identifies major players in the existing market and gives an overview of the competitive landscape.
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Norway Defense Market Drivers
Norway is an active participant in global security and peacekeeping operations through both the UN and the EU and is a close working partner to the NATO alliance.
The Russian invasion of Ukraine has brought into focus an urgency to bolster military strength in the face of great power competition.
A new fleet of fighter aircraft and the replacement of naval vessels have increased spending.
Military Doctrines and Defense Strategies in Norway
Norway’s 2020 long-term defense plan identifies three main lines of effort, which are preparedness for national defense, collective activity through the NATO framework, and bilateral support and engagement with close allies and regional partners. The core tasks of the Norwegian military are identified as ensuring credible deterrence and collective defense through NATO, defending Norway and its allies from aggression and threats, preventing and managing incidents and security crises, supporting situational awareness through surveillance and intelligence, safeguarding Norwegian sovereignty and exercising authority in those designated areas, multinational crises management, defense cooperation, and contributing to ‘societal security’.
The Norwegian Armed Forces are undergoing an extensive program of platform replacement and procurement in order to provide credible deterrence and meet NATO responsibilities. For the army, the primary focus is ensuring that their single maneuver formation is properly equipped for high-intensity conventional warfare.
Key Sectors in the Norway Defense Market
Military fixed-wing, submarine, and military land vehicles are the most attractive sectors in the market. Other prominent sectors include artillery, underwater warfare systems, tactical communications, naval vessels and surface combatants, missile and missile defense systems, military UAV, military simulation and training, military rotorcraft, military radar, military ammunitions, INS GNSS, EOIR systems, electronic warfare systems, and body armor and personal protection.
Norway Defense Market Outlook, by Sectors
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Key Companies in the Norway Defense Market
Some of the key companies in the Norway defense market are Telenor ASA, Kongsberg Gruppen ASA, Nammo AS, Comrod Communications AS, Evoy AS, Galleon Embedded Computing AS, Hatteland Display AS, Imenco AS, Kongsberg Protech Systems, and L-3 Communications Valmarine AS.
Norway Defense Market Report Overview
| Market Size (2022) | $8.1 billion |
| CAGR | >3% |
| Forecast Period | 2023-2027 |
| Key Sectors | Military Fixed-Wing, Submarine, Military Land Vehicles, Artillery, Underwater Warfare Systems, Tactical Communications, Naval Vessels and Surface Combatants, Missile and Missile Defense Systems, Military UAV, Military Simulation and Training, Military Rotorcraft, Military Radar, Military Ammunitions, INS GNSS, EOIR Systems, Electronic Warfare Systems, and Body Armor and Personal Protection |
| Key Companies | Telenor ASA, Kongsberg Gruppen ASA, Nammo AS, Comrod Communications AS, Evoy AS, Galleon Embedded Computing AS, Hatteland Display AS, Imenco AS, Kongsberg Protech Systems, and L-3 Communications Valmarine AS |
Scope
This report provides:
- Political alliances and political threat perceptions as well as detailing market attractiveness and emerging opportunities.
- Budgetary trends over the next 5 years to 2027, outlining predicted expenditure as well as expected costs.
Reasons to Buy
- Determine potential investment opportunities based on analysis and market projections
- Gain an understanding of the Norwegian defense market and potential limitations to involvement
- Understanding of how spending will change in the next 5 years and the impact of COVID-19
Key Players
Table of Contents
Frequently Asked Questions
The defense budget of Norway is $8.1 billion in 2022.
The Norway defense market is expected to achieve a CAGR of more than 3% during 2023-27.
The key sectors in the Norway defense market are military fixed-wing, submarine, military land vehicles, artillery, underwater warfare systems, tactical communications, naval vessels and surface combatants, missile and missile defense systems, military UAV, military simulation and training, military rotorcraft, military radar, military ammunitions, INS GNSS, EOIR systems, electronic warfare systems, and body armor and personal protection.
Some of the key companies in the Norway defense market are Telenor ASA, Kongsberg Gruppen ASA, Nammo AS, Comrod Communications AS, Evoy AS, Galleon Embedded Computing AS, Hatteland Display AS, Imenco AS, Kongsberg Protech Systems, and L-3 Communications Valmarine AS.
Leading companies in Norway’s defense market include Lockheed Martin Corp, The Boeing Co, and ThyssenKrupp Marine Systems.
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