Bulgaria Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Bulgaria Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028

Summary

Bulgaria Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2023-2028 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.

Bulgaria's defense expenditure recorded a negative CAGR of -9.2% during the historic period to stand at $1.4 billion in 2023. Over the forecast period, it is forecast to register a CAGR of 5.4% to value $2.5 billion in 2028. Bulgaria’s defense spending, like most other European nations, is set to increase substantially compared to recent years as a result of Russia’s invasion of Ukraine in February 2022, and the severe political fallout leading to a shifting security landscape on the continent. A notable spike in the defense budget in 2019 was the result of an extraordinary acquisition of eight F-16V fighter aircraft, however the budget normalised in the following years only to be forecast to ramp up again as the Bulgarian Ministry of Defense (MoD) committed to further defense spending increases. Specific drivers of this spending include a contract for a further eight F-16s, ongoing and planned programs for replacement frigates and patrol boats, and increased commitments to NATO deployments and EU stabilisation and peacekeeping efforts as tensions in Europe rise. A meeting of Bulgaria’s national security council just days before the Russian invasion of Ukraine lamented the poor state of the country’s military capabilities and committed to improvements, and whilst there are aspirations to acquire fleets of modern combat vehicles and improve logistical support capacity, Bulgaria faces significant challenges in maintaining higher levels of spending: corruption issues, political divisions and a struggling and technologically outdated defense industry are all hurdles to overcome before any substantial modernisation may take hold in the Bulgarian defense market.

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.

Key Highlights

• Drivers of Defense expenditure include the war in Ukraine, Balkan security concerns, ongoing tensions with Russia, concerns over security in the Black Sea, and key procurements to modernise the military. Major ongoing procurements include a force of 16 F-16V multirole fighter aircraft from the US's Lockheed Martin, and two new patrol vessels from German firm NVL group.

Scope

This report offers detailed analysis of Bulgaria 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 -

• Bulgaria defense budget: detailed analysis of Bulgaria 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 Bulgarian military doctrine and strategy to provide a comprehensive overview of Bulgaria's military procurement regulation.
• Security Environment: political alliances and perceived security threats to Bulgaria 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 Bulgaria's defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Bulgaria 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 Bulgaria 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 Bulgaria 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 Bulgaria 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