South Korea Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
South Korea Defense Market Report Overview
The South Korea defense budget is estimated to be $44.2 billion in 2023 and is expected to achieve a CAGR of more than 2% during 2023-2028. The South Korea 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.
South Korea Defense Market Outlook, 2023-2028
To gain more information about the South Korea defense market forecast, download a free report sample
South Korea Defense Market Drivers
The rapid militarization of North Korea is one of the key factors driving South Korea’s defense market. South Korea has traditionally had an inimical, hostile relationship with North Korea. The country faces a direct threat from the North Korean nuclear program and is continuously targeted by an arsenal of North Korean ballistic missiles. With the failure of the peace process in June 2020, the country is compelled to bolster its defense posture to deter any hostile activity from the North Korean regime.
South Korea Military Doctrines and Defense Strategies
North Korea and China continue to be a focal point of South Korea’s doctrine. Driven by the need to counter threats posed by an unpredictable, nuclear-armed North Korea, South Korea has laid down three specific national defense objectives for its armed forces, comprising its Republic of Korea Army (ROKA), the Republic of Korea Air Force (ROKAF) and the Republic of Korea Navy (ROKN). That includes safeguarding the country from military threats and attacks originating from outside the country.
South Korea and the UAE have a growing geopolitical partnership in defense. Several defense agreements have been negotiated between the two nations, and South Korean defense companies have supplied the UAE with military supplies and services. The growth of the UAE’s military sector is one of South Korea’s significant defense projects there.
South Korea Defense Market Segmentation by Sectors
The key sectors in the South Korea defense market are missiles and missile defense systems, military fixed-wing aircraft, tactical communications systems, military land vehicles, military simulation and training, EOIR, military radar, and INS GNSS among others. The military fixed-wing aircraft was the largest market sector in South Korea in 2023 with Multirole Aircraft being the largest contributor to this sector.
South Korea Defense Market Analysis by Sectors, 2023 (%)
For more sector insights into the South Korea defense market, download a free report sample
South Korea Defense Market - Competitive Landscape
Some of the leading defense companies in South Korea are Hanwha Corp, SK Hynix Inc, LG Display Co, KT Corp, Doosan Corp, and Samsung SDI Co Ltd among others.
South Korea Defense Market Report Overview
Market Size (2023) | $44.2 billion |
CAGR (2023-2028) | >2% |
Forecast Period | 2023-2028 |
Key Sectors | Missiles And Missile Defense Systems, Military Fixed-Wing Aircraft, Tactical Communications Systems, Military Land Vehicles, Military Simulation And Training, EOIR, Military Radar, And INS GNSS |
Leading Companies | Hanwha Corp, SK Hynix Inc, LG Display Co, KT Corp, Doosan Corp, and Samsung SDI Co Ltd |
Segments Covered in the Report
South Korea Defense Sectors Outlook (Value, US$ Billion, 2023-2028)
- Missiles and Missile Defense Systems
- Military Fixed-Wing Aircraft
- Tactical Communications Systems
- Military Land Vehicles
- Military Simulation and Training
- EOIR
- Military Radar
- INS GNSS
Scope
The report provides an in-depth analysis of the following –
- South Korea’s defense budget: detailed analysis of South Korea’s FY2023 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 North Macedonia’s military doctrine and strategy to provide a comprehensive overview of South Korea’s military regulation.
- Security Environment: political alliances and perceived security threats to South Korea are examined and they help to explain trends in spending and modernization.
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years.
- Competitive landscape and strategic insights: analysis of the competitive landscape of South Korea’s defense industry.
Key Highlights
• Drivers of Defense expenditure include North Korean militarization, Domestic industry
• Major ongoing procurement program include procurement of KDX-IV Destroyer, F-35A Lightning II, K808 armored personnel carrier
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of South Korea’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 South Korea 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 South Korea’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 the South Korea 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
Table of Contents
Frequently asked questions
-
What was the size of South Korea's defense market in 2023?
The defense market size in South Korea is estimated to be $44.2 billion in 2023.
-
What is the growth rate of South Korea defense market?
The defense market in South Korea is expected to achieve a CAGR of more than 2% during 2023-2028.
-
Which are the key drivers supporting the growth of South Korea defense market?
The rapid militarization of North Korea is one of the key factors driving South Korea’s defense market.
-
Which sector accounted for the largest South Korea defense market?
The military fixed-wing aircraft was the largest market sector in South Korea in 2023.
-
Who are the major players operating in the South Korea defense market?
Some of the leading companies in the South Korea defense market are Hanwha Corp, SK Hynix Inc, LG Display Co, KT Corp, Doosan Corp, and Samsung SDI Co Ltd.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.