Belgian Defense Market Dynamics, Key Players and Forecasts to 2023

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.

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

Key Topics Covered

1. Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
1.4. About the Publisher

2. Executive Summary

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

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

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

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

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