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

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

Publishing Date : Jun, 2018

License Type :
 

Report Code : 1205954

No of Pages : 135

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

Summary

The Future of the Spanish 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.

Synopsis

This report offers detailed analysis of the Spanish 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 Spanish defense industry market size and drivers: detailed analysis of the Spanish 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 Spanish defense industry.

Scope

- The Spanish defense industry, which values US$10.2 billion in 2018, is anticipated to grow at a CAGR of 7.09% over the forecast period to reach US$14 billion in 2023.
- The country was facing a fiscal debt due to its economic slowdown, which resulted in a cut in military procurements during 2015-2016. - - However, in 2017, Spain’s defense expenditure was stimulated and is anticipated to grow over the forecast period through its involvement in existing military procurement programs, security threats from terrorist organizations, and territorial disputes with Morocco.
- The country’s defense budget is anticipated to average 0.7% of GDP over the forecast period.

Reasons to buy

- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Spanish 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 Spanish defense industry covering sections including demand drivers, Key Trends , and latest industry contracts

Companies Mentioned
Thales
Iveco
Navantia
General Dynamics European Land Systems (GDELS)
Aernnova Aerospace S.A.
Aries Ingenieria Y Sistemas, S.A.
Indra Sistemas S.A.
Sociedad Anonima De Electrónica Submarina, S.A.
Tecnobit
Uro Vehiculos Especiales S.A.
Amper S.A.

Geographical Area
Spain
Index
Table of Contents
1. Introduction 9
1.1. What is this Report About? 9
1.2. Definitions 9
1.3. Summary Methodology 11
1.4. About Strategic Defence Intelligence 12
2. Executive Summary 13
3. Market Attractiveness and Emerging Opportunities 15
3.1. Current Market Scenario 16
3.1.1. Primary threat perception 16
3.1.2. Military Doctrine and Strategy 17
3.1.3. Military Fleet Size 18
3.1.4. Procurement Programs 22
3.1.5. Ongoing procurement programs 22
3.1.6. Future procurement programs 23
3.1.7. Top Procurement Programs by Value (US$ Million) 2018-2023 24
3.1.8. Social, Political and Economic Environment and Support for Defense Projects 25
3.1.9. Political and Strategic Alliances 26
3.2. Defense Market Size - Historical and Forecast 27
3.2.1. Spanish defense budget is expected to grow at a CAGR of 7.09% over the forecast period 27
3.2.2. Territorial dispute with Morocco, security threats posed by terrorist organizations, and large equipment procurement programs will drive defense expenditure over the forecast period 29
3.3. Analysis of Defense Budget Allocation 31
3.3.1. Revenue expenditure accounts for the largest percentage share 31
3.3.2. Capital expenditure expected to increase at a CAGR of 9.22% over 2019-2023 33
3.3.3. Defense expenditure as a percentage of GDP is expected to reach 0.75% in 2023 35
3.3.4. Per capita defense expenditure set to increase over the forecast period 37
3.4. Homeland Security Market Size and Forecast 38
3.4.1. Homeland security expenditure is expected to register a CAGR of 2.28% over the forecast period 38
3.4.2. Border security and drug trafficking will drive homeland security expenditure in Spain 40
3.4.3. Spain is at “some risk” of terrorism 41
3.4.4. Spain faces some level of threat from foreign terrorist organizations 42
3.4.5. Spain has a terrorism index score of 1.7 44
3.5. Benchmarking with Key Global Markets 45
3.5.1. Spanish defense expenditure expected to increase over the forecast period 45
3.5.2. The country’s defense budget is relatively small compared to other leading spenders 47
3.5.3. Spanish defense expenditure as a percentage of GDP is expected to increase over the forecast period 48
3.6. Market Opportunities: Key Trends and Drivers 49
3.6.1. Top 10 Defense Market Categories by Value (US$ Million) - Forecast-Period Projections 49
3.6.2. Land-based C4ISR 50
3.6.3. Physical Security 51
3.6.4. Multirole Aircraft 52
4. Defense Procurement Market Dynamics 53
4.1. Import Market Dynamics 55
4.1.1. Spanish defense imports are expected to grow moderately over the forecast period 55
4.1.2. Germany emerged as a significant arms supplier to Spain 56
4.1.3. Missiles and aircraft dominate military hardware imports 57
4.2. Export Market Dynamics 58
4.2.1. Spain ranked seventh among the countries with the highest volume of defense exports 58
4.2.2. Australia accounted for the largest percentage share of Spanish defense exports 59
4.2.3. Aircraft and naval vessels are the main exported defense products 60
5. Industry Dynamics 61
5.1. Five Forces Analysis 61
5.1.1. Bargaining Power of Supplier: Low 62
5.1.2. Bargaining Power of Buyer: Medium 62
5.1.3. Barrier to Entry: Medium 62
5.1.4. Intensity of Rivalry: High 62
5.1.5. Threat of Substitution: High 62
6. Market Entry Strategy 63
6.1. Market Regulation 63
6.1.1. Offset policy mandates suppliers invest 100% of the contract value into the Spanish economy 63
6.1.2. FDI in defense subject to approval 64
6.1.3. Unified Procurement Policy 64
6.2. Market Entry Route 65
6.2.1. Budgeting Process 65
6.2.2. Procurement Policy and Process 66
6.2.3. Foreign OEMs venture into the market by partnering with domestic defense firms 67
6.2.4. Joint R&D provides an attractive entry route to foreign OEMs 68
6.2.5. Collaborations provide market entry opportunities 68
6.3. Key Challenges 69
6.3.1. Defense budget cuts discourage investors from entering the industry 69
6.3.2. Project delays deter defense industry growth 69
7. Competitive Landscape and Strategic Insights 70
7.1. Competitive Landscape Overview 70
7.2. Competitive Landscape Overview 73
7.3. Key Foreign Companies 74
7.3.1. Thales: Overview 74
7.3.2. Thales: Key Products 74
7.3.3. Thales: Recent Announcements and Strategic Initiatives 75
7.3.4. Thales: Alliances 76
7.3.5. Thales: Recent Contract Wins 77
7.3.6. Thales: Financial Analysis 79
7.3.7. Iveco: Overview 81
7.3.8. Iveco: Key Products 81
7.3.9. Iveco: Recent Announcements and Strategic Initiatives 81
7.3.10. Iveco: Alliances 82
7.3.11. Iveco: Recent Contract Wins 82
7.4. Key Public Sector Companies 83
7.4.1. Navantia: Overview 83
7.4.2. Navantia: Key Products 83
7.4.3. Navantia: Recent Announcements and Strategic Initiatives 85
7.4.4. Navantia: Alliances 86
7.4.5. Navantia: Recent Contract Wins 87
7.5. Key Private Sector Companies 89
7.5.1. General Dynamics European Land Systems (GDELS): Overview 89
7.5.2. General Dynamics European Land Systems (GDELS): Key Products 89
7.5.3. General Dynamics European Land Systems (GDELS): Recent Announcements and Strategic Initiatives 89
7.5.4. General Dynamics European Land Systems (GDELS): Alliances 90
7.5.5. General Dynamics European Land Systems (GDELS): Recent Contract Wins 91
7.5.6. Aernnova Aerospace S.A.: Overview 93
7.5.7. Aernnova Aerospace S.A.: Key Products 93
7.5.8. Aernnova Aerospace S.A.: Recent Announcements and Strategic Initiatives 94
7.5.9. Aernnova Aerospace S.A: Alliances 94
7.5.10. Aernnova Aerospace S.A.: Recent Contract Wins 95
7.5.11. Aries Ingenieria Y Sistemas, S.A.: Overview 96
7.5.12. Aries Ingenieria Y Sistemas, S.A.: Key Products 96
7.5.13. Aries Ingenieria Y Sistemas, S.A.: Recent Announcements and Strategic Initiatives 97
7.5.14. Aries Ingenieria Y Sistemas, S.A: Alliances 97
7.5.15. Indra Sistemas S.A.: Overview 98
7.5.16. Indra Sistemas SA: Key Products 98
7.5.17. Indra Sistemas S.A.: Recent Announcements and Strategic Initiatives 99
7.5.18. Indra Sistemas S.A.: Alliances 100
7.5.19. Indra Sistemas S.A.: Recent Contract Wins 101
7.5.20. Indra Sistemas S.A.: Financial Analysis 103
7.5.21. Sociedad Anonima De Electrónica Submarina, S.A.: Overview 105
7.5.22. Sociedad Anonima De Electrónica Submarina, S.A.: Key Products 105
7.5.23. Sociedad Anonima De Electrónica Submarina, S.A.: Recent Announcements and Strategic Initiatives 106
7.5.24. Sociedad Anonima De Electrónica Submarina, S.A.: Alliances 106
7.5.25. Sociedad Anonima De Electrónica Submarina, S.A.: Recent Contract Wins 107
7.5.26. Tecnobit: Overview 108
7.5.27. Tecnobit: Key Products 108
7.5.28. Tecnobit: Recent Announcements and Strategic Initiatives 110
7.5.29. Tecnobit: Alliances 110
7.5.30. Tecnobit: Recent Contract Wins 111
7.5.31. Uro Vehiculos Especiales S.A.: Overview 112
7.5.32. Uro Vehiculos Especiales S.A.: Key Products 112
7.5.33. Uro Vehiculos Especiales S.A.: Recent Announcements and Strategic Initiatives 112
7.5.34. Uro Vehiculos Especiales S.A.: Recent Contract Wins 113
7.5.35. Amper S.A.: Overview 114
7.5.36. Amper S.A.: Key Products 114
7.5.37. Amper S.A.: Recent Announcements and Strategic Initiatives 115
7.5.38. Amper S.A.: Alliances 115
7.5.39. Amper S.A.: Recent Contract Wins 116
7.5.40. Amper S.A.: Financial Analysis 117
8. Business Environment and Country Risk 119
8.1. Economic Performance 119
8.1.1. GDP Per Capita at Constant Prices 119
8.1.2. GDP at Current Prices (US$ Billion) 120
8.1.3. Exports of Goods and Services (current LCU Billion) 121
8.1.4. Imports of Goods and Services (current LCU Billion) 122
8.1.5. Gross National Disposable Income (US$ Billion) 123
8.1.6. LCU per US$ (period average) 124
8.1.7. Market Capitalization of Listed Companies (US$ Billion) 125
8.1.8. Market Capitalization of Listed Companies (% of GDP) 126
8.1.9. Government Cash Surplus/Deficit as a Percentage of GDP (LCU) 127
8.1.10. Goods Exports as a Percentage of GDP 128
8.1.11. Goods Imports as a Percentage of GDP 129
8.1.12. Services Imports as a Percentage of GDP 130
8.1.13. Service Exports as a Percentage of GDP 131
8.1.14. Foreign Direct Investment, net (BoP, current US$ Billion) 132
8.1.15. Net Foreign Direct Investment as a Percentage of GDP 133
8.1.16. Mining, Manufacturing, Utilities Output (LCU Billion) 134
9. Appendix 135
9.1. About SDI 135
9.2. Disclaimer 135
List of Tables
List of Tables
Table 1: The Spanish Army Strength 18
Table 2: Spanish Navy Strength 20
Table 3: Spanish Air Force Strength 21
Table 4: Spain - Ongoing Procurement Programs 22
Table 5: Spain - Future Procurement Programs 23
Table 6: Spanish - Defense Procurement Programs by Value (US$ Million) 2018-2023 24
Table 7: Spanish Defense Expenditure (EUR Billion and US$ Billion), 2014-2023 27
Table 8: Spanish Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 31
Table 9: Spanish - Defense Capital Expenditure (EUR Million and US$ Million), 2014-2023 33
Table 10: Spanish - GDP Growth vs Defense Expenditure as a Percentage of GDP, 2014-2023 35
Table 11: Spanish Per Capita Defense Expenditure (US$), 2014-2023 37
Table 12: Spanish - Homeland Security Expenditure (EUR Billion and US$ Billion), 2014-2023 38
Table 13: Terrorism Index, 2018 42
Table 14: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023 45
Table 15: Spain’s - 10 Leading Defense Market Categories by Value (US$ Million) - 2018-2023 49
Table 16: Spanish Defense Offset Regulations 64
Table 17: Spanish Budget Formation Timetable 65
Table 18: Market Entry Strategies by Key Foreign Companies 67
Table 19: Competitive Landscape of the Spanish Defense Industry 70
Table 20: Spain - Top 10 Defense Suppliers by Value (US$ Million), 2018-2023 73
Table 21: Thales - Key Products 74
Table 22: Thales - Alliances 76
Table 23: Thales - Recent Contract Wins 77
Table 24: Iveco - Key Products 81
Table 25: Iveco - Alliances 82
Table 26: Iveco - Recent Contract Wins 82
Table 27: Navantia - Key Products 83
Table 28: Navantia - Alliances 86
Table 29: Navantia - Recent Contract Wins 87
Table 30: General Dynamics European Land Systems (GDELS) - Key Products 89
Table 31: General Dynamics European Land Systems (GDELS) - Alliances 90
Table 32: General Dynamics European Land Systems (GDELS) - Recent Contract Wins 91
Table 33: Aernnova Aerospace S.A. - Key Products 93
Table 34: Aernnova Aerospace S.A - Alliances 94
Table 35: Aernnova Aerospace S.A. - Recent Contract Wins 95
Table 36: Aries Ingenieria Y Sistemas, S.A - Key Products 96
Table 37: Aries Ingenieria Y Sistemas - Alliances 97
Table 38: Indra Sistemas SA - Key Products 98
Table 39: Indra Sistemas S.A. - Alliances 100
Table 40: Indra Sistemas S.A. - Recent Contract Wins 101
Table 41: Sociedad Anonima De Electrónica Submarina, S.A. - Key Products 105
Table 42: Sociedad Anonima De Electrónica Submarina, S.A. - Alliances 106
Table 43: Sociedad Anonima De Electrónica Submarina, S.A. - Recent Contract Wins 107
Table 44: Tecnobit - Key Products 108
Table 45: Tecnobit - Alliances 110
Table 46: Tecnobit - Recent Contract Wins 111
Table 47: Uro Vehiculos Especiales S.A. - Key Products 112
Table 48: Uro Vehiculos Especiales S.A. - Recent Contract Wins 113
Table 49: Amper S.A. - Key Products 114
Table 50: Amper S.A.: - Alliances 115
Table 51: Amper S.A.: - Recent Contract Wins 116

List of Figures
List of Figures
Figure 1: Spanish Defense Expenditure (EUR Billion), 2014-2023 28
Figure 2: Spanish Defense Expenditure (US$ Billion), 2014-2023 28
Figure 3: Spanish Defense Budget Split Between Capital and Revenue Expenditure (%), 2014-2023 32
Figure 4: Spanish - Defense Capital Expenditure (EUR Million), 2014-2023 34
Figure 5: Spanish - Defense Capital Expenditure (US$ Million), 2014-2023 34
Figure 6: Spanish GDP Growth vs. Defense Expenditure as a Percentage of GDP, 2014-2023 36
Figure 7: Spanish Per Capita Defense Expenditure (US$), 2014-2023 37
Figure 8: Spanish Homeland Security Budget (EUR Billion), 2014-2023 39
Figure 9: Spanish Homeland Security Budget (US$ Billion), 2014-2023 39
Figure 10: SDI Terrorism Heat Map, 2018 41
Figure 11: Terrorism Index, 2018 44
Figure 12: Benchmarking with Key Markets - 2014-2018 vs. 2019-2023 46
Figure 13: Defense Expenditure of the World’s Largest Military Spenders (US$ Billion), 2018 & 2023 47
Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2018 48
Figure 15: Land-based C4ISR (US$ Million), 2018-2023 50
Figure 16: Physical Security (US$ Million), 2018-2023 51
Figure 17: Multirole Aircraft (US$ Million), 2018-2023 52
Figure 18: Spain - Defense Procurements in Terms of Supplier Relationships, 2018 54
Figure 19: Spanish Defense Import Trend (US$ Million), 2013-2017 (TIV values) 55
Figure 20: Spanish Defense Imports by Country (%), 2013-2017 56
Figure 21: Spanish Defense Imports by Category (%), 2013-2017 57
Figure 22: Spanish Defense Exports (US$ Million), 2013-2017 (TIV values) 58
Figure 23: Spanish Defense Exports by Country (%), 2013-2017 59
Figure 24: Spanish Defense Exports by Category (%), 2013-2017 60
Figure 25: Industry Dynamics - Porter’s Five Forces Analysis 61
Figure 26: Thales - Revenue Trend Analysis (EUR Billion), 2013-2017 79
Figure 27: Thales - Operating Profit Trend Analysis (EUR Million), 2013-2017 79
Figure 28: Thales - Net Profit Trend Analysis (EUR Million), 2013-2017 80
Figure 29: Indra Sistemas S.A. - Revenue Trend Analysis (EUR Billion), 2013-2017 103
Figure 30: Indra Sistemas S.A. - Operating Profit Trend Analysis (EUR Million), 2013-2017 103
Figure 31: Indra Sistemas S.A. - Net Profit Trend Analysis (EUR Million), 2013-2017 104
Figure 32: Amper S.A. - Revenue Trend Analysis (EUR Billion), 2013-2017 117
Figure 33: Amper S.A. - Operating Profit Trend Analysis (EUR Million), 2013-2017 117
Figure 34: Amper S.A. - Net Profit Trend Analysis (EUR Million), 2013-2017 118
Figure 35: Spanish GDP Per Capita at Constant Prices (US$), 2015-2025 119
Figure 36: Spain GDP at Current Prices (US$ Billion), 2015-2025 120
Figure 37: Spanish Exports of Goods and Services (LCU Billion), 2005-2014 121
Figure 38: Spanish Imports of Goods and Services (LCU Billion), 2005-2014 122
Figure 39: Spanish Gross National Disposable Income (US$ Billion), 2005-2013 123
Figure 40: Spain LCU per US$, 2015-2024 124
Figure 41: Spanish Market Capitalization of Listed Companies (US$ Billion), 2005-2012 125
Figure 42: Spanish Market Capitalization of Listed Companies (% of GDP), 2005-2012 126
Figure 43: Spanish Government Cash Surplus/Deficit as a Percentage of GDP (LCU), 2005-2012 127
Figure 44: Spain- Goods Exports as a Percentage of GDP (%), 2005-2014 128
Figure 45: Spain- Goods Imports as a Percentage of GDP (%), 2005-2014 129
Figure 46: Spanish Services Imports as a Percentage of GDP (%), 2005-2014 130
Figure 47: Spanish Service Exports as a Percentage of GDP (%), 2005-2014 131
Figure 48: Spain - Foreign Direct Investment, net (BoP, current US$ Billion), 2005-2014 132
Figure 49: Spanish Net Foreign Direct Investment (as a Percentage of GDP) 2005-2014 133
Figure 50: Spanish Mining, Manufacturing, Utilities Output (LCU Billion), 2005-2014 134