Market Share of Saudi Arabia Defense Industry
Saudi Arabia's defense market is consolidated in nature, with a presence of few players holding significant shares in the market. Some of the key players in the market are Lockheed Martin Corporation, the Boeing Company, SAMI, Leonardo S.p.A., and RTX Corporation. The Saudi Arabian government is highly investing in enhancing defense capabilities and local defense manufacturing. Also, the growing number of contracts with defense OEMs for the procurement of advanced defense equipment boosts the market growth across the country.
For instance, in December 2021, under the Royal Saudi Air Force (RSAF) AWACS Modernization Program Phase 2, the country was awarded a USD 397.9 million contract to Boeing to modernize its fleet of Boeing E-3 Sentry Airborne Warning and Control System (AWACS) aircraft. Under the contract, the company will modernize five aircraft by 2026.
The government is also trying to develop its indigenous defense manufacturing capabilities. It is focusing on implementing policies to ensure that its publicly held defense manufacturers account for more than 50% of its defense revenue share by 2030. Such initiatives may reduce the market share of foreign companies in the country during the forecast period.
Saudi Arabia Defense Market Leaders
-
Lockheed Martin Corporation
-
The Boeing Company
-
SAMI
-
RTX Corporation
-
Leonardo S.p.A.
*Disclaimer: Major Players sorted in no particular order
