Market Size of Middle East and Africa Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 1.00 % |
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?
Middle East & Africa Defense Market Analysis
The Middle-East and African defense market is anticipated to register a CAGR of over 1% during the forecast period.
The decline in revenues of the governments, due to the COVID-19 outbreak, caused a budget deficit, which impacted the defense spending of the countries in the Middle-East. However, countries, like the United Arab Emirates, Qatar, and Morocco, among others, are investing in the modernization of their military capabilities.
The procurement plans of countries to purchase vehicles, weapons, and related armaments to modernize their aging equipment in the region are expected to act as major drivers for the market during the forecast period. These procurements are fueled by geopolitical and military conflicts in the region.
Owing to the crisis and low budgets of governments in the Middle-East and Africa regions, countries, like Saudi Arabia, the United Arab Emirates, South Africa, and Morocco, among others, are taking initiatives to support the local manufactures. Companies, like Saudi Arabian Military Industries (SAMI) and Denel SOC, are working in collaboration with international military OEMs to enhance their technology and manufacturing capabilities to further expand their presence in the domestic and international markets.
