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Future of the Swedish Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018

Sweden defence market: Forecast investment of $36.5 billion between 2013-18


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20.01.2014 06:16:01 - Future of the Swedish Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 - a new market research report on companiesandmarkets.com

(live-PR.com) - The Swedish defence expenditure, which recorded a CAGR of 8.77% during the review period, is anticipated to drop to a CAGR of 0.66% during 2014 -2018. Over the forecast period, Sweden is expected to invest US$36.5 billion in strengthening its armed forces. The country´s military expenditure will be directed toward the purchase of new defence systems, international peacekeeping missions, and

 

strengthening its borders. Although there is a slight increase in the country´s total defence budget, military expenditure as a percentage of GDP is predicted to decrease during the forecast period from 1.2% in 2013 to 1.0% by 2018. This is primarily because the nation´s defence expenditure is not expected to grow at the same rate as economic growth.The Swedish armed forces have announced their aim to procure modern defence equipment to enhance military capabilities. Despite limited increases predicted in the country´s defence budget, Sweden is expected to modernize defence equipment through the allocation of a greater percentage of the defence budget for capital expenditure. With the government abolishing conscription services in 2010, the number of defence personnel is expected to decline by an estimated 15%. As a result, the country will be able to allocate a higher portion of the total defence budget to capital expenditure. Sweden intends to improve the mobility and the sophistication of its armed forces, to increase their focus on missions. Due to this, Sweden is anticipated to procure defence equipment such as modified minesweepers, submarines, command and control systems, tactical helicopters, new-generation submarines, mobile artillery-hunting radar systems and armored vehicles, and next-generation Gripen aircraft. Pressure to increase the defence budget to effectively transform the Swedish forces from a conscription army to a voluntary force, is expected to drive the defence budget.Sweden has been involved in international peacekeeping operations since the 1940s, and has sent out over 85,000 soldiers to a number of locations including Afghanistan, Liberia, Kosovo, Bosnia, Cyprus, and Sinai. With the aim of achieving its security objectives, Sweden is involved in several bilateral and multilateral cooperation forums - Nordic Defence Cooperation (NORDEFCO), the EU (European Union), and NATO´s (North Atlantic Treaty Organization) Partnership for Peace being the most prominent ones. Sweden, Finland, and Norway have been working together in northern Afghanistan for several years and the cooperation has been extended up to 2014. As part of its cooperation with the EU, Sweden contributes to the EU´s maritime operation (Operation Atlanta) off the coast of Somalia. In 2013, Swedish Armed Forces contributed an ocean patrol vessel to Operation Atlanta. While Sweden is not a member of NATO, it works with NATO through the Partnership for Peace program wherein it has sent troops to several NATO-led operations in Bosnia, Kosovo, Afghanistan, and Libya. Sweden also participates in the UN´s peace-keeping missions.Sweden experienced a terrorist attack for the first time in December 2010, when a suicide bomber detonated an explosion. In 2011 the national terrorism threat remained elevated and, in September, four men were taken into custody by the Swedish Security Service for planning to murder the Swedish artist Lars Vilks. With various terrorist groups using Sweden as a platform to fundraise for international militant activities across the globe, such as Lebanon, Somalia, and Iraq, the need for additional funding for internal security within the country has soared. In this respect, the country is expected to procure equipment such as improvised explosive detectors and surveillance and detection systems, in order to prevent such terror threats in the future.

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