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Future of the Belgian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023

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Date: 07-Mar-2018
No. of pages: 73
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Summary

The Future of the Belgian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

This report offers detailed analysis of the Belgian defense industry 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.

In particular, it provides an in-depth analysis of the following -


  • The Belgian defense industry market size and drivers: detailed analysis of the Belgian defense industry during 2019-2023, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns

  • Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country

  • Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years

  • Market opportunities:list of the top ten defense investment opportunities over the next 5 years

  • Competitive landscape and strategic insights: analysis of the competitive landscape of the Belgian defense industry


Scope


  • The Belgium government’s austerity measures and focus on reducing public debt have been the primary reasons for the decline in the defense budget from US$3.5 billion in 2014 to US$3.1 billion in 2018, reflecting a CAGR of -3.00%. Over the forecast period, the country’s defense budget is expected to recover and register a CAGR of 1.15%, increasing from US$3.1 billion in 2019 to US$3.3 billion by 2023.

  • On a cumulative basis, expenditure over 2019-2023 is expected to be US$15.9 billion, higher than US$14.8 billion spent during the historic period. Commitment towards operations with NATO allies and the continuation of ongoing military hardware procurement programs are expected to drive the country’s military expenditure.

  • The defense budget as a percentage of GDP is expected to decrease marginally from an average of 0.62% during 2014-2018 to 0.61% over the period 2019-2023.The country’s per capita defense expenditure is expected to increase from US$270.3 in 2018 to US$277.7 by 2023.


Reasons to buy


  • This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Belgian defense industry market trends for the coming five years

  • The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period

  • Profiles of the top domestic and foreign defense manufacturers.This will provide the user with a total competitive landscape of the sector

  • A deep qualitative analysis of the Turkish defense industry covering sections including demand drivers,Key Trends and latest industry contracts


Companies Mentioned


  • Israel Aerospace Industries (IAI)

  • Lockheed Martin

  • Embraer

  • Airbus

  • NH Industries

  • Leonardo (SIAI Marchetti)

  • Dassault/Dornier

  • MOWAG/ General Dynamics European Land Systems

  • teyr-Daimler-Puch Spezialfahrzeuge (SSF)/ General Dynamics

  • Damen Schelde Naval Shipbuilding (DSNS)

  • Mecar SA.

  • Thales Belgium

  • Northrop Grumman Corp

  • Airbus Helicopters

  • FN Herstal

  • Sonaca SA

  • Cockerill Maintenance & Ingénierie SA

  • SABCA Group.

  • Esterline Belgium BVBA

  • Asco Industries.

Future of the Belgian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2023

Table of Contents

1. Introduction 7
1.1. What is this Report About? 7
1.2. Definitions 7
1.3. Summary Methodology 9
1.4. About Strategic Defence Intelligence 10

2. Executive Summary 11

3. Market Attractiveness and Emerging Opportunities 13
3.1. Current Market Scenario 14
3.1.1. Military Fleet Size 14
3.1.2. Procurement Programs 16
3.1.2.1. Ongoing procurement programs 16
3.1.2.2. Future procurement programs 17
3.1.2.3. Key Drivers and Challenges 18
3.2. Defense Market Size Historical and Forecast 19
3.2.1. Belgium defense expenditure is expected to increase at a CAGR of 1.15% over the forecast period 19
3.2.2. Equipment procurement plans and joint operations expected to drive defense expenditure over the forecast period 21
3.3. Analysis of Defense Budget Allocation 22
3.3.1. Belgium’s defense expenditure as a percentage of GDP expected to decrease 22
3.3.2. Share of capital expenditure to average 6.2% over the forecast period 24
3.3.3. Capital expenditure expected to increase at a CAGR of 1.72% over 2019-2023 26
3.3.4. Per capita defense expenditure set to decrease over the forecast period 28
3.4. Homeland Security Market Size and Forecast 29
3.4.1. Belgium homeland security expenditure expected to increase at a CAGR of 4.09% over the forecast period 29
3.4.2. Drug trafficking and cyber security are the main homeland security concerns 31
3.4.3. Belgium falls under “high risk” of terrorism category 32
3.4.4. Belgium faces high level of threat from foreign terrorist organizations 33
3.4.5. Belgium has a terrorism index score of 4.7 35
3.5. Benchmarking with Key Global Markets 36
3.5.1. Belgium defense budget expected to increase at a higher rate than other European countries over the forecast period 36
3.5.2. Belgium defense expenditure is low compared to other European nations 38
3.5.3. Belgium allocates a comparatively low share of GDP for defense 39
3.6. Market Opportunities: Key Trends and Growth Stimulators 40
Top 10 Defense market sectors by value (US$ Million) - Projections over the period 2018-2023 40

4. Defense Procurement Market Dynamics 41
4.1. Import Market Dynamics 42
4.1.1. Defense imports are expected to recover over the forecast period 42
4.1.2. Belgium sourced most its arms imports from its neighbors 43
4.1.3. Aircraft, Naval vessels and armored vehicles dominate military hardware imports 44
4.2. Export Market Dynamics 45
4.2.1. Arms exports to increase during the forecast period 45
4.2.2. Belgium arms exports expected to reach new markets over the forecast period 46
4.2.3. Aircraft and ships are the main exported defense products 47

5. Industry Dynamics 48
5.1. Market Regulation 48
5.1.1. Offset policy aids development of domestic defense industry 48
5.1.2. Belgium permits 100% FDI in defense industry 49
5.2. Market Entry Route 50
5.2.1. Budgeting Process 50
5.2.2. Procurement Policy & Process 51
5.2.3. Joint weapons development program, a viable market entry route 52
5.2.4. Subsidiaries provide market entry opportunities 52
5.2.5. Acquisition of domestic companies enables entrance to market 53

6. Competitive Landscape and Strategic Insights 54
6.1. Competitive Landscape Overview 54

7. Business Environment and Country Risk 57
7.1. Economic Performance 57
7.1.1. Gross Domestic per Capita 57
7.1.2. Gross Domestic Product, current US$ 58
7.1.3. Exports of Goods and Services 59
7.1.4. Imports of Goods and Services 60
7.1.5. Gross National Disposable Income 61
7.1.6. Local Currency Unit per US$ 62
7.1.7. Market Capitalization of Listed Companies 63
7.1.8. Market Capitalization of Listed Companies as a % of GDP 64
7.1.9. Government Cash Surplus/Deficit as % of GDP 65
7.1.10. Goods Exports as a % of GDP 66
7.1.11. Goods Imports as a % of GDP 67
7.1.12. Services Imports as a % of GDP 68
7.1.13. Services Exports as a % of GDP 69
7.1.14. Foreign direct investment, net (BoP, current US$ Billion) 70
7.1.15. Net foreign direct investment as % of GDP 71
7.1.16. Mining, Manufacturing, Utilities Output 72

8. Appendix 73
8.1. About SDI 73
8.2. Disclaimer 73

List of Tables

Table 1: Belgium Army Strength 14
Table 2: Belgium Navy Strength 14
Table 3: Belgium Air Force Strength 15
Table 4: Belgium Ongoing Procurement Programs 16
Table 5: Belgium Future Procurement Programs 17
Table 6: Belgium Defense Expenditure (EUR Billion & US$ Billion), 2014-2023 19
Table 7: Belgium GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2014-2023 22
Table 8: Belgium Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 24
Table 9: Belgium Defense Capital Expenditure (EUR Million & US$ Million), 2014-2023 26
Table 10: Belgium Per Capita Defense Expenditure (US$), 2014-2023 28
Table 11: Belgium Homeland Security Expenditure (EUR Billion & US$ Billion), 2014-2023 29
Table 12: Terrorism Index, 2018 33
Table 13: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023 36
Table 14: Top 10 Defense Market Sectors of Belgium by Value (US$ Million) - 2018-2023 40
Table 15: Offset Regulations in Belgium 49
Table 16: Belgium Budget Formation Timetable: 50
Table 17: Belgium Participation in International Defense Development Programs 52
Table 18: Competitive Landscape of the Belgium Defense Industry 54

List of Figures

Figure 1: Belgium Defense Expenditure (EUR Billion), 2014-2023 20
Figure 2: Belgium Defense Expenditure (US$ Billion), 2014-2023 20
Figure 3: Belgium GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2014-2023 23
Figure 4: Belgium Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 25
Figure 5: Belgium Defense Capital Expenditure (EUR Million), 2014-2023 27
Figure 6: Belgium Defense Capital Expenditure (US$ Million), 2014-2023 27
Figure 7: Belgium Per Capita Defense Expenditure (US$), 2014-2023 28
Figure 8: Belgium Homeland Security Budget (EUR Billion),2014-2023 30
Figure 9: Belgium Homeland Security Budget (US$ Billion), 2014-2023 30
Figure 10: Terrorism Heat Map, 2018 32
Figure 11: Terrorism Index, 2018 35
Figure 12: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023 37
Figure 13: Benchmarking with World’s Largest and Top Regional Defense Spenders (US$ Billion), 2018 and 2023 38
Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018 39
Figure 15: Belgium Defense Import Trend, 2012-2016 (TIV values in US$ Million) 42
Figure 16: Belgium Defense Imports by Country (%), 2012-2016 43
Figure 17: Belgium Defense Imports by Category (%),2012-2016 44
Figure 18: Belgium Defense Exports Trend (TIV Values in US$ Million), 2012-2016 45
Figure 19: Belgium Defense exports by Country (%), 2012-2016 46
Figure 20: Belgium Defense Exports by Category (%), 2012-2016 47
Figure 21: Belgium GDP per capita, 2015-2025 57
Figure 22: Belgium Gross Domestic Product (current US$ Billion), 2015-2025 58
Figure 23: Belgium Exports of goods and services (current LCU Billion), 2005-2014 59
Figure 24: Belgium Imports of goods and services (current LCU Billion), 2005-2014 60
Figure 25: Belgium gross national disposable income (US$ Billion), 2005-2013 61
Figure 26: Belgium LCU per US$, 2015-2024 62
Figure 27: Belgium Market Capitalization of listed Companies (US$ Billion), 2005-2012 63
Figure 28: Belgium Market Capitalization of listed companies as a % of GDP, 2005-2012 64
Figure 29: Belgium Government cash Surplus/deficit as a % of GDP, 2005-2012 65
Figure 30: Belgium Goods Exports as a % of GDP, 2005-2014 66
Figure 31: Belgium Goods Imports as a % of GDP,2005-2014 67
Figure 32: Belgium Services Imports as a % of GDP, 2005-2014 68
Figure 33: Belgium Services Exports as a % of GDP, 2005-2014 69
Figure 34: Belgium Foreign direct investment, net (BoP, current US$ Billion), 2005-2014 70
Figure 35: Belgium Net foreign direct investment as % of GDP, 2005-2014 71
Figure 36: Belgium Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014 72

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