The "Bulgaria Defense Market Attractiveness, Competitive Landscape and Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
Bulgaria Defense Market Attractiveness, Competitive Landscape and Forecasts to 2026 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.
During the historic period, increasing defense expenditure has mainly been driven by its NATO obligations, and the persistent threat of Russia. Over 2017-2021, Bulgaria's defense expenditure increased at a CAGR of 15.27%, growing from US$0.7 billion in 2017 to US$1.3 billion in 2021.
Throughout 2017-2026, there is not expected to be any decline in the annual defense budget. This is largely driven by Bulgaria's commitment to attaining the 2.0% of GDP target set by NATO. Bulgaria has produced a spending plan which will enable the country to reach this target in 2024, with an increasing proportion of GDP being spent on defense annually leading up to 2024.
Over the forecast period, defense expenditure is anticipated to increase from US$1.4 billion in 2022 to US2.1 billion in 2026, reflecting a CAGR of 10.58%. This defense expenditure is driven by the security threat posed by Russia, as well as the need to reach the 2% of GDP spent on defense requested by NATO allies.
The defense budget as a percentage of GDP is expected to grow steadily from 1.2% in 2017 to 2.0% in 2024. Once this threshold has been reached, defense spending as a percentage of GDP is expected to stabilise at around the 2% mark in 2025 and 2026. The impact of the COVID-19 pandemic can be seen in the declining rate of budget growth over the forecast period, falling from 14.9% in 2021 to 9.6% in 2022.
This report offers detailed analysis of Bulgaria's defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
Key Highlights
- Modernization of the Bulgarian armed forces
- Since the collapse of the Soviet Union, Bulgaria has transitioned from close ties with Russia to closer ties with the West, including the US. Hence, Bulgaria has been endeavouring to reduce its reliance upon Russian suppliers for arms and MRO services, and instead procure Western alternatives that will increase Bulgaria's capacity to participate in NATO missions.
- Russia as primary threat
- The persistent threat of Russia fueled Bulgarian defense expenditure during the historic period. Russian military development is the primary driver of Bulgarian defense expenditure in every domain.
Scope
- Bulgaria's defense budget: detailed analysis of Bulgaria's FY2021 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 Bulgaria's military doctrine and strategy to provide a comprehensive overview of Bulgarian military regulation.
- Security Environment: political alliances and perceived security threats to Bulgaria are examined; which will help to explain trends in spending and modernisation.
- 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 the Bulgarian defense industry.
Key Topics Covered:
- Executive Summary
- Defense Budget Assessment
- Budgeting Process
- Defense Market Size Historical And Forecast
- Drivers Of Defense Expenditure
- Analysis Of Defense Budget Allocation
- Key Market Trends and Insights
- Military Doctrine And Security Environment
- Military Doctrine And Strategy
- Primary Threat Perception
- Political And Strategic Alliances
- Geopolitical Social And Economic Scenario
- Market Entry Strategy And Regulations
- Procurement Policy and Process
- Market Regulations and Market Entry Routes
- Key Challenges
- Major Deals and M&A
- Market Attractiveness And Emerging Opportunities
- Market Attractiveness, 2020-2025
- Top Defense Segments By Value
- Import And Export Market Dynamics
- Import Market Dynamics
- Export Market Dynamics
- Defense Platform Acquisitions
- F-16V Block 70
- Guardian
- Fleet Size
- Competitive Landscape
- Defense Companies Operating In Bulgaria
- Main Defense Companies
- Appendix
Companies Mentioned
- Raytheon Technologies
- Northrop Grumman
- Lockheed Martin
For more information about this report visit https://www.researchandmarkets.com/r/ertqe2
View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005543/en/
Contacts:
0ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
