Oman Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Oman Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Summary

Oman Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028 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.

Oman's defense expenditure recorded negative a CAGR of 4% during 2019–23 and stands at $7.8 billion in 2023. An arms race in the region, due to the growing turbulence in countries such as Syria and Yemen, is expected to drive the country's defense expenditure over the forecast period. Oman's expenditure is expected to reach $8.2 billion in 2028, growing at a CAGR of 0.9% over the forecast period. Oman’s acquisition budget in 2023 is $1.3 billion.

Who Should BuyDefence Startups, 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.Key HighlightsDuring the historic period, 2019–23, Oman's defense expenditure registered a negative CAGR of 4%. As part of its initial response to lower oil prices and COVID-19, by May 2020, the Omani Ministry of Finance (MoF) had announced that the defense and security budget would be cut, and the country’s development budget had also been reduced. The defense budget was reduced from $9.2 billion in 2019 to $7.8 billion in 2023. The acquisition budget was reduced from $2.2 billion in 2019 to $1.3 billion in 2023.The ongoing tensions and security challenges in neighboring countries pose a security challenge to neutral Oman. The fortification of its borders with Yemen is one major driver of expenditure.Military land vehicles, EOIR and military simulation and training are the top three largest sectors within the Omani defense market. Military land vehicles is the largest sector within the Omani defense market and is cumulatively valued at $314.9 million over 2023–28. Main battle tanks segment, the largest segment within this sector is the only segment contributing to the growth of this sector.Scope

This report offers a detailed analysis of the Oman 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.

In particular, it provides an in-depth analysis of the following - Oman defense budget: detailed analysis of the Oman 2023 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 the process is explained. This is coupled with an analysis of the Oman military doctrine and strategy to provide a comprehensive overview of Oman's military regulation. Security Environment: political alliances and perceived security threats to Oman are examined; there help to explain trends in spending and modernization.Competitive landscape and strategic insights: analysis of the competitive landscape of Oman's defense industry.Reasons to BuyDetermine prospective investment areas based on a detailed trend analysis of the Oman defense market over the next five yearsGain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Oman 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 othersIdentify the major threats that are driving the Oman defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansionChannel resources by focusing on the ongoing programs that are being undertaken by the Oman governmentMake 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