Bulgaria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026

Bulgaria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026

Summary

Bulgaria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026 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.

During the historic period, increasing defense expenditure has mainly been driven by its NATO obligations, and the persistent threat of Russia. Over 2017-2021, Bulgaria’s defense expenditure increased at a CAGR of 15.27%, growing from US$0.7 billion in 2017 to US$1.3 billion in 2021. Throughout 2017-2026, there is not expected to be any decline in the annual defense budget. This is largely driven by Bulgaria’s commitment to attaining the 2.0% of GDP target set by NATO. Bulgaria has produced a spending plan which will enable the country to reach this target in 2024, with an increasing proportion of GDP being spent on defense annually leading up to 2024.

Over the forecast period, defense expenditure is anticipated to increase from US$1.4 billion in 2022 to US2.1 billion in 2026, reflecting a CAGR of 10.58%. This defense expenditure is driven by the security threat posed by Russia, as well as the need to reach the 2% of GDP spent on defense requested by NATO allies. The defense budget as a percentage of GDP is expected to grow steadily from 1.2% in 2017 to 2.0% in 2024. Once this threshold has been reached, defense spending as a percentage of GDP is expected to stabilise at around the 2% mark in 2025 and 2026. The impact of the COVID-19 pandemic can be seen in the declining rate of budget growth over the forecast period, falling from 14.9% in 2021 to 9.6% in 2022.

This report offers detailed analysis of Bulgaria's 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.

Key Highlights

- Modernization of the Bulgarian armed forces
- Since the collapse of the Soviet Union, Bulgaria has transitioned from close ties with Russia to closer ties with the West, including the US. Hence, Bulgaria has been endeavouring to reduce its reliance upon Russian suppliers for arms and MRO services, and instead procure Western alternatives that will increase Bulgaria’s capacity to participate in NATO missions.
- Russia as primary threat
- The persistent threat of Russia fueled Bulgarian defense expenditure during the historic period. Russian military development is the primary driver of Bulgarian defense expenditure in every domain.

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

In particular, it provides an in-depth analysis of the following -
- Bulgaria's defense budget: detailed analysis of Bulgaria's FY2021 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 Bulgaria's military doctrine and strategy to provide a comprehensive overview of Bulgarian military regulation.
- Security Environment: political alliances and perceived security threats to Bulgaria are examined; which will 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 the Bulgarian defense industry.

Reasons to Buy

- Determine prospective investment areas based on a detailed trend analysis of the Bulgarian 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 Bulgarian 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 Bulgarian 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 Bulgarian 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