Latvia Defense Market - Size and trends, budget allocation, regulations, key acquisitions, competitive landscape and forecast, 2023-2028

Latvia Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 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.

Latvia’s defense budget is forecast to grow significantly to nearly $1.7 billion by 2028, from $1.0 billion in 2023. This follows a general trend for increased expenditure over the historic period, with more substantial growth picking up pace in 2022. Following Russia’s invasion of Ukraine in 2022, Latvia began making historic investments in its military spending. The growth in the historic period (2019-23) amounted to a CAGR of 9.0%, and the projected spending in the forecast period (2024-28) will produce a CAGR of 10.5%.

Key Highlights

• Drivers of Defense expenditure include modernization programs, exceeding NATO targets, and baltic security
• Major ongoing procurement program include procurement of Armored Engineering Vehicles, Armored Personnel Carriers, and tactical trucks

Who Should Buy

• Defence 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.

Scope

This report offers detailed analysis of Latvia 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 -

• Latvia defense budget: detailed analysis of Latvia 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 process is explained. This is coupled with an analysis of Latvia military doctrine and strategy to provide a comprehensive overview of Belgium military procurement regulation.
• Security Environment: political alliances and perceived security threats to Latvia are examined; there help to explain trends in spending and modernisation.
• Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
• Competitive landscape and strategic insights: analysis of the competitive landscape of Latvia's defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Latvia defense market over the next five years
• Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Latvian 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 others
• Identify the major threats that are driving the Latvia defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
• Channel resources by focusing on the ongoing programs that are being undertaken by the Latvian government
• Make 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