Oman Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2024-2029

Oman Defense Market - Size and trends, budget allocation, regulations, key acquisitions, competitive landscape and forecast, 2024-2029 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 registered a negative CAGR of 2.9%. The defense budget was reduced from $9 billion in 2020 to $8 billion in 2024. The acquisition budget was reduced from $1.7 billion in 2020 to $1.4 billion in 2024.

Key Highlights

• During the historic period, 2020-24, Oman's defense expenditure registered a negative CAGR of 2.9%. 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 billion in 2020 to $8 billion in 2024. The acquisition budget was reduced from $1.7 billion in 2020 to $1.4 billion in 2024.
• The ongoing tensions and security challenges in neighboring countries pose a security challenge to neutral Oman. The fortification of its borders with Yemen coupled with rising instances of Houthi attacks on mercantile shipping are one major driver of expenditure.
• Military land vehicles, Military Fixed-Wing Aircraft and Ammunition are the top three largest sectors within the Omani defense market. The military land vehicles is the single largest sector in the Omani defense market. The sector is powered by the growth in the Main Battle Tank segment. The segment is anticipated to grow from $38 million in 2024 to reach $56.9 million in 2029. Cumulatively the sector is anticipated to value $378.1 million over the period 2024-29.

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 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 Buy

• Determine prospective investment areas based on a detailed trend analysis of the Oman 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 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 others
• Identify the major threats that are driving the Oman 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 Oman 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