Oman Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028
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Oman Defense Market Report Overview
The Oman defense budget is worth $7.8 billion in 2023 and is expected to achieve a CAGR of less than 1% during 2024-2028. The Oman defense market research report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Oman Defense Market Outlook, 2023-2028 ($ Billion)
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Oman Defense Market Trends
Oman ranks third in the world in terms of cyber-attack readiness, behind only the United States and Canada. This is due to its strong cybersecurity strategy and comprehensive roadmap, which have enabled it to adopt best practices for tackling threats. Oman also ranked second in the Middle East for protecting its national infrastructure, as per the most recent International Telecommunications Union Global Cybersecurity Index 2020. Additionally, the country has recognized the importance of cybersecurity and has been taking steps to strengthen its defenses against cyber threats.
Oman Military Doctrines and Defense Strategies
Oman’s foreign policy is an example of how skilled diplomacy works, how balancing interests, tolerance toward differences, and a determined search for mutual benefits can open international doors and keep them open, even during conflict. The Royal Office is one of the most senior and therefore powerful ministries in the Sultanate of Oman. It is a government body that has key influence over national security and intelligence issues.
The country’s main goal regarding domestic and foreign policy is to provide stability, security, and economic prosperity based on regional security and the peaceful resolution of events. Neutrality and the diversification of foreign communications are an integral part of Oman’s foreign policy.
Oman Defense Market Segmentation by Sectors
The key sectors in the Oman defense market are military land vehicles, EOIR systems, military simulation & training, electronic warfare, tactical communications systems, underwater warfare systems, and unmanned aerial vehicles, among others. The top sector in the Oman defense market is military land vehicles. Main battle tanks, the largest segment within this sector is the only segment contributing to the growth of this sector.
Oman Defense Market Analysis by Sectors, 2023-2028 (%)
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Oman Defense Market - Competitive Landscape
Some of the leading defense companies in Oman are Bahwan Engineering Co LLC, Hyundai Rotem Co, Insitu, and Ares Shipyard Ltd.
Hyundai Rotem Co: Hyundai Rotem Co (Hyundai Rotem), an affiliate of Hyundai Motor Co, designs, develops, and markets railway systems, defense solutions, and Eco Plant Business. The company’s railway vehicles include electric multiple units, light rail vehicles, high-speed trains, locomotives, freight wagons, and passenger coaches.
Oman Defense Market Report Overview
Market Size (2023) | $7.8 billion |
CAGR | <1% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Sectors | Military Land Vehicles, EOIR Systems, Military Simulation & Training, Electronic Warfare, Tactical Communications Systems, Underwater Warfare Systems, and Unmanned Aerial Vehicles |
Leading Companies | Bahwan Engineering Co LLC, Hyundai Rotem Co, Insitu, and Ares Shipyard Ltd |
Segments Covered in the Report
Oman Defense Sectors Outlook (Value, $ Billion, 2023-2028)
- Military Land Vehicles
- EOIR Systems
- Military Simulation & Training
- Electronic Warfare
- Tactical Communications Systems
- Underwater Warfare Systems
- Unmanned Aerial Vehicles
Scope
The report provides an in-depth analysis of the following –
- Oman defense budget: Detailed analysis of Oman’s 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: The procurement policy and process is explained. This is coupled with an analysis of Oman’s military doctrine and strategy to provide a comprehensive overview of Oman’s military regulation.
- Security Environment: Political alliances and perceived security threats to Oman are examined; there help to explain trends in spending and modernization.
- Competitive landscape and strategic insights: Analysis of the competitive landscape of Oman’s defense industry.
Key Highlights
• During the historic period, 2019–23, Oman’s defense expenditure registered a negative CAGR of 4%. As part of its initial response to lower oil prices and COVID-19, by May 2020, the Omani Ministry of Finance (MoF) had announced that the defense and security budget would be cut, and the country’s development budget had also been reduced. The defense budget was reduced from $9.2 billion in 2019 to $7.8 billion in 2023. The acquisition budget was reduced from $2.2 billion in 2019 to $1.3 billion in 2023.
• The ongoing tensions and security challenges in neighboring countries pose a security challenge to neutral Oman. The fortification of its borders with Yemen is one major driver of expenditure.
• Military land vehicles, EOIR and military simulation and training are the top three largest sectors within the Omani defense market. Military land vehicles is the largest sector within the Omani defense market and is cumulatively valued at $314.9 million over 2023–28. Main battle tanks segment, the largest segment within this sector is the only segment contributing to the growth of this sector.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of Oman’s defense market over the next five years
- Gain an in-depth understanding of the underlying factors driving demand for different defense and internal security segments in the Oman 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 Oman’s 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 Oman’s 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 include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available
Insitu
Ares Shipyard
Table of Contents
Frequently asked questions
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What is the Oman defense market size in 2023?
The defense market size in Oman is worth $7.8 billion in 2023.
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What is the Oman defense market growth rate?
The defense market in Oman is expected to achieve a CAGR of less than 1% during 2024-2028.
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What are the key sectors in the Oman defense market?
The key sectors in the Oman defense market are military land vehicles, EOIR systems, military simulation & training, electronic warfare, tactical communications systems, underwater warfare systems, and unmanned aerial vehicles, among others.
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Which are the leading defense companies in the Oman defense market?
Some of the leading defense companies in the Oman defense market are Bahwan Engineering Co LLC, Hyundai Rotem Co, Insitu, and Ares Shipyard Ltd.
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