Market Size of Iran Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Iran Defence Market Analysis
Iran defense market is expected to grow with a CAGR of 4% over the forecast period.
Iran defense market has witnessed a significant thump during the covid-19 pandemic. Country's defense expenditure was in a downtrend over from 2018 but in 2020 a sudden cut was registered in comparison to 2018. Due to reduced military expenses, the market has witnessed a notable impact on the value bar. Although, the covid-19 restrictions have winded down and the country is like to regain its growth trajectory by the end of 2023.
Iran, officially known as the Islamic Republic of Iran, has been a prime opposition to the United States' presence in the Middle East and the latter's support to Israel. In an attempt to strengthen its deterrence against foreign attack and influence, the country has committed to becoming the dominant power in the turbulent and strategic Middle East region by adapting its military capabilities and doctrine to account for developments by the US and its allies. To achieve its goals, Iran continues to rely on its unconventional warfare elements and asymmetric capabilities intended to exploit the perceived weaknesses of a superior adversary, such as the US.
Moreover, the recent escalation of hostility between the US and the Iranian forces has led to the US threatening to impose stringent additional sanctions and may affect firms that are engaged in direct trade between the two countries. The reimposition of the sanctions has pushed the Iranian economy into recession, sparking unrest around the country.
