Thailand Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2028
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Thailand Defense Market Report Overview
The Thailand defense budget is worth $4.5 billion in 2023, and, is anticipated to register a CAGR of more than 5% during 2024-2028. The acquisition budget is primarily expected to increase due to the procurement of aircraft, submarines, and naval vessels.
The protection of vital infrastructure and securing maritime borders are expected to accelerate the country’s future defense expenditure.
Thailand Defense Market Outlook, 2023-2028 ($ Billion)
Maritime security is one of the biggest concerns for all coastal states, with sea lanes serving as a lifeline in terms of global trade.
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The Thailand defense budget market research report provides the market size forecast and the projected growth rate for the next five years. It also covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Defense Budget (2023) | $4.5 Billion |
CAGR (2024-2028) | >5% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segment | · Submarines
· Military Fixed-Wing Aircraft · Naval Vessels and Surface Combatants · Tactical Communications Systems · EO/IR Systems · Military Radar · Electronic Warfare Systems · Underwater Warfare Systems · INS GNSS |
Leading Companies | · Elbit Systems Ltd
· Textron Aviation Inc. · Elbit Systems Ltd · The Boeing Co · Tata Motors Ltd |
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Thailand Defense Market Drivers
Spending on modernization programs owing to factors such as regional conflicts propels the spending on the defense sector in Thailand. This includes disputes in the South China Sea. In addition, national strategic cultures perceive military weakness as detrimental to national security. Such factors have driven the ongoing militarization of the Southeast Asia region. Moreover, the protection of vital infrastructure and securing maritime borders are expected to drive the country’s future defense expenditure.
Thailand Military Doctrines and Defense Strategies
The security sector has played a foundational role in Thailand’s development. Core security actors are spearheaded by the Royal Thai Armed Forces (RTARF). Thailand’s comprehensive military doctrine focuses on a broad array of security concerns and the deployment of robust military capabilities. The current military-controlled government has prioritized policies to boost consumption and investment, including increased public spending on defense and infrastructure, and has gradually made the regulatory framework more efficient and transparent to attract investment and better integrate the economy into the global marketplace.
The Thai military and defense agencies set the agenda for the National Security Strategy, which primarily focuses on purchases of military equipment to modernize and upgrade military capability. Following two visits of senior Thai military government officials to the US in late 2017 and early 2018, prospects relating to further equipment acquisition are likely, as the two countries share a cooperative military relationship.
Thailand Defense Market Segmentation by Segment
Missile and missile defense systems and naval engines are the fastest growing sector within the Thailand defense market.
The key segment in the Thailand defense market are submarines, military fixed-wing aircraft, naval vessels and surface combatants, tactical communications systems, EO/IR Systems, military radar, electronic warfare systems, underwater warfare systems, and INS GNSS among others. Military fixed-wing aircraft is the largest segment within the Thailand defense market in 2023. Multirole aircraft is ranked as the leading sub-sector within military fixed-wing over the period 2023–28. Training and light attack aircraft is ranked as the second largest sub-sector.
Thailand Defense Market Analysis by Segment, 2023 (%)
For more segment insights into the Thailand defense market, download a free report sample
Thailand Defense Market - Competitive Landscape
The Royal Thai Navy’s High-Performance Frigate Boat Project has its first ship with this vessel. It is capable of carrying out 3D combat operations on land, sea, and in the air.
Some of the leading defense companies operating in Thailand are Elbit Systems Ltd, Textron Aviation Inc., Elbit Systems Ltd, The Boeing Co, and Tata Motors Ltd among others. Thailand decided in 2015 to acquire three S26T diesel-electric submarines, an export version of the Type 039A, or Yuan-class. The contract for the first boat was signed in 2017 by the military government in power at that time, with delivery expected in 2024.
Thailand Defense Market Analysis by Players, 2023 (%)
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Segments Covered in the Report
Thailand Defense Segment Outlook (Value, $ Billion, 2019-2028)
- Submarines
- Military Fixed-Wing Aircraft
- Naval Vessels and Surface Combatants
- Tactical Communications Systems
- EO/IR Systems
- Military Radar
- Electronic Warfare Systems
- Underwater Warfare Systems
- INS GNSS
Scope
The report provides:
- Detailed analysis of Thailand’s defense market with market size forecasts covering the next five years. The report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
- Detailed analysis of the Thailand 2023 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Explanation of the procurement policy coupled with an analysis of Thailand military doctrine and strategy to provide a comprehensive overview of Thailand’s military procurement regulation.
- Examination of political alliances and perceived security threats to Thailand and how they help to explain trends in spending and modernization.
- Analysis of prevalent trends in the country’s imports and exports over the last five years.
- Analysis of the competitive landscape of Thailand’s defense industry.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the Thailand 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 Thailand 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 Thailand 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 Thailand 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.
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Hanwha Ocean
Elbit Systems
Table of Contents
Frequently asked questions
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What is the Thailand defense budget in 2023?
The defense budget in Thailand is $4.5 billion in 2023.
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What is the Thailand defense market growth rate?
The defense market in Thailand is expected to achieve a CAGR of more than 5% during 2024-2028.
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Which segment accounts for the largest Thailand defense market share?
Military fixed-wing aircraft is the largest segment within the Thailand defense market in 2023.
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Who are the leading companies operating in the Thailand defense market?
Some of the leading defense companies operating in Thailand are Elbit Systems Ltd, Textron Aviation Inc., Elbit Systems Ltd, The Boeing Co, and Tata Motors Ltd among others.
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