Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024
Summary
Morocco is a constitutional monarchy with an elected parliament. The country has been a key Western ally in its fight against Islamist terrorism. Morocco is enhancing its military capabilities in response to the recent wave of unrest in the Middle East and North Africa (MENA) region. The prime factor stimulating the country’s defense expenditure is its ongoing arms race with adjoining Algeria, which receives a steady supply of weapons from Russia.
Over the forecast period, the increased threat of terrorism from internal and external terrorist groups and the ongoing modernization of its armed forces are the key factors expected to drive military expenditure. The country also faces insurgency in the Western Sahara region, where the local insurgent outfit Polisario Front is engaged in a violent struggle with the Moroccan regime for territory. The threat posed by the prospect of prolonged insurgency within the Western Sahara region makes it imperative for Morocco to allocate substantial expenditure to counter-terrorism and counter-insurgency efforts.
Morocco is projected to increase its defense budget from US$3.7 billion in 2019 to US$4.7 billion in 2024, at a CAGR of 4.24%. Moroccan homeland security (HLS) expenditure increased from US$2.1 billion in 2015 to US$3 billion in 2019, registering a CAGR of 8.56%. On a cumulative basis, Morocco is expected to spend a total of US$21.4 billion on its armed forces over the forecast period, compared to US$17.5 billion over 2015-2019. The country’s capital expenditure is expected to increase from US$1.2 billion in 2020 to US$1.4 billion in 2024, growing at a robust CAGR of 4.31% over the forecast period.
The Moroccan government is expected to procure transport aircraft, multirole fighters, submarines, missile defense system, and armored vehicles, among others. Additionally, opportunities in security systems and platforms such as military IT networking, wireless systems, motion sensors, alarms, and radar systems are expected to arise as a result of the country’s focus on strengthening border security.
The report "Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", 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.
In particular, it provides an in-depth analysis of the following -
Companies mentioned: Lockheed Martin Corp., Raytheon, Damen Schelde Naval Shipbuilding
Scope
Reasons to Buy
Summary
Morocco is a constitutional monarchy with an elected parliament. The country has been a key Western ally in its fight against Islamist terrorism. Morocco is enhancing its military capabilities in response to the recent wave of unrest in the Middle East and North Africa (MENA) region. The prime factor stimulating the country’s defense expenditure is its ongoing arms race with adjoining Algeria, which receives a steady supply of weapons from Russia.
Over the forecast period, the increased threat of terrorism from internal and external terrorist groups and the ongoing modernization of its armed forces are the key factors expected to drive military expenditure. The country also faces insurgency in the Western Sahara region, where the local insurgent outfit Polisario Front is engaged in a violent struggle with the Moroccan regime for territory. The threat posed by the prospect of prolonged insurgency within the Western Sahara region makes it imperative for Morocco to allocate substantial expenditure to counter-terrorism and counter-insurgency efforts.
Morocco is projected to increase its defense budget from US$3.7 billion in 2019 to US$4.7 billion in 2024, at a CAGR of 4.24%. Moroccan homeland security (HLS) expenditure increased from US$2.1 billion in 2015 to US$3 billion in 2019, registering a CAGR of 8.56%. On a cumulative basis, Morocco is expected to spend a total of US$21.4 billion on its armed forces over the forecast period, compared to US$17.5 billion over 2015-2019. The country’s capital expenditure is expected to increase from US$1.2 billion in 2020 to US$1.4 billion in 2024, growing at a robust CAGR of 4.31% over the forecast period.
The Moroccan government is expected to procure transport aircraft, multirole fighters, submarines, missile defense system, and armored vehicles, among others. Additionally, opportunities in security systems and platforms such as military IT networking, wireless systems, motion sensors, alarms, and radar systems are expected to arise as a result of the country’s focus on strengthening border security.
The report "Future of the Moroccan Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", 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.
In particular, it provides an in-depth analysis of the following -
- The Moroccan defense industry market size and drivers: detailed analysis of the Moroccan defense industry during 2020-2024, 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 Moroccan defense industry
Companies mentioned: Lockheed Martin Corp., Raytheon, Damen Schelde Naval Shipbuilding
Scope
- Between 2015 and 2019, Morocco’s defense expenditure increased from US$3.3 billion in 2015 to US$3.7 billion in 2019, registering a CAGR of 3.39%.
- The defense budget is anticipated to increase from US$3.9 billion in 2020 to US$4.7 billion by 2024, registering a CAGR of 4.24%.
- The rise in defense spending is mainly driven by the procurement of F-16 Fighting Falcons, Single Channel Ground and Airborne Radio Systems (SINCGARS) combat net radio, M1A1 tanks, electric submarines and patrol ships.
Reasons to Buy
- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Moroccan 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 Moroccan defense industry covering sections including demand drivers, Key Trends , and latest industry contracts.
Table of Contents
1. Introduction
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Industry Dynamics
6. Market Entry Strategy
7. Competitive Landscape and Strategic Insights
8. Business Environment and Country Risk
9. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Lockheed Martin Corp.
- Raytheon
- Damen Schelde Naval Shipbuilding
