Asia-Pacific Defense Budget Analysis, 2023

Asia-Pacific Defense Budget Analysis, 2023

Increased Spending Drives Transformational Growth through the Proliferation of the Domestic Industry

This research service focuses on defense spending activities in the Asia-Pacific (APAC) region, with an emphasis on select countries, that is, Australia, India, Japan, Singapore, and South Korea. It briefly analyzes the estimated defense budgets of the focus countries for 2023.

The study provides a snapshot of the APAC defense market, including industry trends, key challenges, and competitive landscape, and it outlines the major product categories projected to drive market growth. The study also highlights growth opportunities and technology interests.

As leading economies continue rapid military modernization amidst heightened perceptions of regional security threats, the APAC defense market is poised for robust growth throughout the study period (2022-2029). The stricter enforcement of local mandates on defense import restrictions and the proliferation of domestic defense industries will support market expansion. The research service emphasizes the need for higher investment in research and development (R&D) and partnerships among and between foreign and domestic defense companies to stay competitive in the market.