Colombia Defense Market Size and trends, budget allocation, regulations, key acquisitions, competitive landscape and forecast, 2024-2029

Colombia Defense Market Size and trends, budget allocation, regulations, key acquisitions, competitive landscape and forecast, 2024-2029

Summary

Colombia 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.

Colombia's defense expenditure is anticipated to grow from $8.9 billion in 2020 to $13.7 billion in 2024, reflecting a CAGR of 11.2% during 2020–24. The spurt in growth is primarily attributed to the sudden acceleration in defense spending in 2022, which is valued at $9.7 billion. This is annual growth of 4.5% over the previous year (2021), when the Colombian budget was valued at $9.3 billion. The sudden outbreak of COVID-19 has affected Colombia’s economy, compelling it to lower the acquisition budget to $277.4 million in 2020. However, the country's economic position has improved in subsequent years. The country's defense budget is anticipated to increase from $13.7 billion in 2025 to $18 billion in 2029, reflecting a robust CAGR of 7%. Colombia's acquisition budget is also anticipated to grow from $1.8 billion in 2025 to $3.1 million in 2029, reflecting a CAGR of 14.5%.

Key Highlights

• Drivers of Defense expenditure include Terrorism and insurgency, Border dispute with neighboring countries, and Continuous human rights violations
• Major ongoing procurement program include procurement of BAL 6012-class Logistic Support Vessels, Light Armored Vehicle III, M1117 Armored Security Vehicle.

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 Colombia 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 -

• Colombia's defense budget: detailed analysis of Colombia's 2024 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 Colombia's military doctrine and strategy to provide a comprehensive overview of Colombia's military procurement regulation.
• Security Environment: political alliances and perceived security threats to Colombia are examined; they help to explain trends in spending and modernisation.
• Competitive landscape and strategic insights: analysis of the competitive landscape of Colombia's defense industry.

Reasons to Buy

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