Market Size of GCC Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Defence Market Analysis
The GCC defense market is anticipated to register a CAGR of over 2% during the forecast period, 2022-2031.
The impact of the COVID-19 pandemic on the defense market of the Gulf Cooperation Council (GCC) region has been low. Despite the pandemic, countries in the region, including Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates, have surged their defense expenditures for the modernization of military equipment of their armed forces.
The existing geopolitical tensions between the GCC countries are forcing the armies to concentrate on strengthening their military power by investing in the modernization of air, land, and sea platforms through the replacement of aging military equipment with new generation equipment and up-gradation of technology onboard the existing equipment.
Furthermore, as the governments are increasing their emphasis on the development of local defense manufacturing capabilities, the regional players are expanding their portfolio of defense products in partnership with international players. This is anticipated to support the growth of the market in the coming years.
