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

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Greece Defense Market Overview

The Greece defense budget is estimated to be $5.8 billion in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028.

Greece Defense Market Outlook, 2023-2028

Greece Defense Market Outlook, 2023-2028

The Greece 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.

Market Size (2023) $5.8 billion
CAGR (2024-2028) >3%
Forecast Period 2024-2028
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 Lockheed Martin Corp, Hanwha Corp, Heraeus Holding GmbH, Fujitsu Ltd, Toshiba Corp, ABB Ltd, Safran SA, Thales SA, and TE Connectivity Ltd

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Greece Defense Market Dynamics

The key drivers in the Greek defense market are modernization, relations with Turkey, and developing the domestic defense industry.  A core driver of Greek defense spending is the modernization of its armed forces, with the country acquiring new platforms for each of its armed services. Greece and Turkey have long had strained relations, with tensions over disputed territory in the Aegean Sea driving ongoing hostilities. Greece has invested significantly in recent years in programs meant to strengthen its domestic defense industry. The key procurement programs are F35A, Rafaele Aircraft, and Belharra Class frigates.

Furthermore, as part of its procurement program, Greece has signed a letter of intent to purchase F-35As from the US. The upcoming contract will total $6 billion. The initial contract will be for 20 aircraft with the option for 20 more.

Greece Military Doctrines and Defense Strategies

Doctrine: The Greek Ministry of National Defense (MoND) has created a comprehensive security doctrine which focuses on border security, national sovereignty, preserving political independence, protecting citizens, and global cooperation. Greece’s military doctrine is defensive on the strategic level, in accordance with NATO’s posture. The objective is to deter any threat or actual attack against Greece and to protect Greek national interests.

Strategy: Greek National Defense policy is driven by the Governmental Council for Foreign and Defence Affairs. In line with NATO principles, Greece adopts a defensive position in terms of its military strategy. It thus places significant emphasis on deterrence, achieved by increasing and maximizing the operational capabilities of the Hellenic Armed Forces. One of the fundamental cornerstones around which Greek military strategy is centered is deterring the Turkish threat, while simultaneously seeking to deescalate tensions.

Greece Defense Market Segmentation by Sectors

The key sectors in the Greece defense market are military fixed-wing aircraft, naval vessels and surface combatants, unmanned aerial vehicles, electronic warfare, military land vehicles, missiles and missle defense systems, tactical communication systems, and underwater warfare systems among others. The military fixed-wing aircraft is the largest market sector in Greece in 2023, followed by naval vessels and surface combatants and unmanned aerial vehicles.

Greece Defense Market Analysis by Sectors, 2023 (%)

Greece Defense Market Analysis by Sectors, 2023 (%)

For more sector insights into the Greece defense market, download a free report sample


Greece Defense Market - Competitive Landscape

Some of the leading defense companies in Greece are Lockheed Martin Corp, Hanwha Corp, Heraeus Holding GmbH, Fujitsu Ltd, Toshiba Corp, ABB Ltd, Safran SA, Thales SA, and TE Connectivity Ltd among others.

Segments Covered in the Report

Greece Defense Sectors Outlook (Value, US$ Billion, 2023-2028)

  • Military Fixed-wing Aircraft
  • Naval Vessels and Surface Combatants
  • Unanned Aerial Vehicles
  • Electronic Warfare
  • Military Land Vehicles
  • Missiles and Missle Defense Systems
  • Tactical Communication Systems
  • Underwater Warfare Systems


The report provides an in-depth analysis of the following –

  • Greece’s defense budget: detailed analysis of Greece’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 Greece’s military doctrine and strategy to provide a comprehensive overview of Greece’s military regulation.
  • Security Environment: political alliances and perceived security threats to Greece 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 Greece’s defense industry.


Key Highlights

• Drivers of Defense expenditure include Greece’s military modernization and Development of Domestic industry. Major ongoing procurement programs include procurement of F-35A’s, Rafaele Aircraft and Belharra Class Frigates.

Reasons to Buy

  • Determine prospective investment areas based on a detailed trend analysis of Greece’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 Greece 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 Greece’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 Greece 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

Lockheed Martin
Dassault Aviation
Naval Group
Atos SE
Rheinmetall AG
Wartsilla Corp
Indra Sistema SA
Daewoo Shipbuilding and Marine Engineering Co Ltd
Kongsberg Gruppen ASA
Moog Inc
Hyundai Rotem Co
Kongsber Maritime AS
Safran Nacelles SA

Table of Contents

  • 2.4. Analysis Of Defense Expenditure Allocation
  • 2.5. Analysis Of Defense Budget Allocation
  • 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 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 2023-28
  • 5.2. Top Defense Segments By Value
  • 6. Defense Platform Acquisitions

  • 6.1. Defense Platform Acquisitions By Value
  • 6.2. F-35A
  • 6.3. Belharra class Frigate
  • 6.4. Rafaele B/C F3-R
  • 6.5. Grypas
  • 6.6. Modular Multipurpose Patrol Corvette
  • 7. Fleet Size
  • 8. Competitive Landscape

  • 8.1. Defense Companies Operating In Greece
  • 8.2. Main Defense Companies
  • 9. Appendix

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

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