Market Size of Eastern Europe Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
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?
Eastern Europe Defense Market Analysis
The Eastern European defense market is poised to record a CAGR of more than 4% during the forecast period (2022 - 2027).
Though most of the countries in Eastern Europe experienced severe economic downturns in 2020 and 2021 due to the Covid-19 pandemic, the military expenditure of the region continued to increase, driven by the regional conflicts and the push for modernization. According to SIPRI, the defense spending of the countries in the region totaled USD 76.3 billion in 2021, an increase of 2.3% as compared to that of 2020 and 15% higher than that of 2012.
Furthermore, the Russian invasion of Ukraine, the largest armed conflict in the region since the Second World War, is expected to propel the defense spending of the region in the years to come. Countries in the region are going through many military modernization plans, and they are planning to upgrade their armed, naval, and air forces. Such factors may drive the market in the coming years. The growing perceptions of the threat from Russia and calls from the United States to the NATO countries to increase their defense spending will be the growth drivers for the market.
