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Hungary Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026
Hungary Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026 report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Hungary's defense budget for FY2021 is set at US$2.7 bn, registering a negative Y-o-Y growth rate from 2020 of -4.3%. Defense spending is expected to grow over the forecast period with the country's prioritization of defense expenditure, as the country recovers from the economic consequences of the COVID-19 pandemic. This overall upward trajectory will witness Hungary's total defense budget reach a peak in FY2026, rising to US$3.6 billion with a CAGR of 6.65% for the forecast period.
Over the forecast period, one of the main factors in particular driving defense spending is the country's Zrínyi 2026' modernization plan. This modernization plan, outlined in 2017, saw the Hungarian government set out a number of goals for the 10-year period that included strengthening its domestic defense industry, augmenting and modernizing their fleet through a number of key procurements, and increasing defense expenditure to reach 2% of its overall GDP by 2024.
This report offers detailed analysis of Hungary's defense market 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.
Hungary's modernization program will drive increased investment in defense over the forecast period, but due to the economic aftershocks of the COVID-19 pandemic, the country is unlikely to reach its spending target set out in Zrínyi 2026'. Negatively impacted by the COVID-19 crisis, Hungary's defense budget in 2026 is forecast to reach only 1.7% of the country's GDP, thus falling short of the 2% defense expenditure as a percentage of GDP by 2024 target. The country will be investing in a number of key acquisitions, such as 218 Lynx IFV's, 44 Leopard 2A7+, 20 H145M Helicopters, 24 PzH 2000 Howitzers and National Advanced Surface-to-Air Missile Systems (NASAMS).
Who Should Buy
- Defence Startup's, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
In particular, it provides an in-depth analysis of the following -
- Hungary's defense budget: detailed analysis of Hungary's FY2021 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: the procurement policy and process is explained. This is coupled with an analysis of Hungary's military doctrine and strategy to provide a comprehensive overview of Hungary's military regulation. - Security Environment: political alliances and perceived security threats to Hungary are examined; there help to explain trends in spending and modernisation.
- Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Hungarian defense industry.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the Hungarian defense market over the next five years
- Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Hungarian market and identify the opportunities offered.
- Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
- Identify the major threats that are driving the Hungarian defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the Hungarian government
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available