How big is the Saudi Arabia Defense Market?

The Saudi Arabia Defense Market size is expected to reach USD 16.75 billion in 2024 and grow at a CAGR of 3.35% to reach USD 20.64 billion by 2029. Read More

What is the current Saudi Arabia Defense Market size?

In 2024, the Saudi Arabia Defense Market size is expected to reach USD 16.75 billion. Read More

Who are the key players in Saudi Arabia Defense Market?

Lockheed Martin Corporation, The Boeing Company, SAMI, RTX Corporation and Leonardo S.p.A. are the major companies operating in the Saudi Arabia Defense Market. Read More

What years does this Saudi Arabia Defense Market cover, and what was the market size in 2023?

In 2023, the Saudi Arabia Defense Market size was estimated at USD 16.19 billion. The report covers the Saudi Arabia Defense Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Defense Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the challenges faced by the Saudi Arabia Defense Market?

Major challenges faced by Saudi Arabia's Defense Market include a) Dependency on foreign technology b) Geopolitical tensions c) Need for skilled labor to support domestic manufacturing efforts Read More

Saudi Arabia Defense Industry Analysis | Market Growth, Size & Forecast Report

Saudi Arabia Defense Industry Analysis - Market Growth, Size & Forecast Report (2024 - 2029)

The Saudi Arabia Defense Market Report is Segmented by Type (personnel Training, Simulation, and Protection Equipment, Communication Systems, Weapons and Ammunition (artillery and Mortar Systems, Infantry Weapons, Missile and Missile Defense Systems, and Ammunitions), and Vehicles (land-Based Vehicles, Sea-Based Vehicles, and Air-Based Vehicles)). The Report Offers Market Size and Forecast for the Above Segment in Value (USD).

Saudi Arabia Defense Industry Overview

Saudi Arabia's defense market is consolidated in nature, with a presence of few players holding significant shares in the market. Some of the key players in the market are Lockheed Martin Corporation, the Boeing Company, SAMI, Leonardo S.p.A., and RTX Corporation. The Saudi Arabian government is highly investing in enhancing defense capabilities and local defense manufacturing. Also, the growing number of contracts with defense OEMs for the procurement of advanced defense equipment boosts the market growth across the country.

For instance, in December 2021, under the Royal Saudi Air Force (RSAF) AWACS Modernization Program Phase 2, the country was awarded a USD 397.9 million contract to Boeing to modernize its fleet of Boeing E-3 Sentry Airborne Warning and Control System (AWACS) aircraft. Under the contract, the company will modernize five aircraft by 2026.

The government is also trying to develop its indigenous defense manufacturing capabilities. It is focusing on implementing policies to ensure that its publicly held defense manufacturers account for more than 50% of its defense revenue share by 2030. Such initiatives may reduce the market share of foreign companies in the country during the forecast period.