Saudi Arabia is one
of the world’s fastest growing markets for safety and security solutions. Saudi
Arabia has invested huge amount of money for the safety and security of the
nation as the government’s major concern is to protect the country from
terrorism. The country has invested huge amount of money to import weapons from
countries such as the US, Russia, France, and the UK, which is expected to grow
further.
Analysts forecast
the Security
sector in Saudi Arabia to grow
at a CAGR of 11.35 percent over the period 2013-2018.
The report
recognizes the following companies as the key players in the Security Sector in
Saudi Arabia: BAE Systems, Boeing Co., General Dynamics Corp., Lockheed Martin
Corp. and Raytheon Co.
Other Prominent
Vendors in the market are: Advanced Electronics, Alsalam Aircraft, EADS,
Northrop Grumman, Sikorsky Aircraft and Thales.
One major trend
emerging in the market is the high investment in safety and security equipment.
As the defense budget of Saudi Arabia is increasing significantly, its foreign
collaborations for military affairs are also increasing. Saudi Arabia imports
defense equipment mainly from the US, Russia, France, and the UK.
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Covered in this Report
This report covers
the present scenario and the growth prospects of the Security sector in
Saudi Arabia for the period 2014-2018. To calculate the market size, the
report considers the HLS and defense budgets allocated for the security of the
country. The market is highly fragmented with the presence of a large number of
small and large vendors. Therefore, the report does not provide the market
share of the vendors; it only lists the key vendors in the market. In addition,
the report discusses the major drivers that influence the growth of the
Security sector of Saudi Arabia. It also outlines the challenges faced by
vendors and the market at large, as well as the key trends that are emerging in
the market.
According to the
report, one of the major drivers in the market is the flourishing economy and
infrastructure. The majority of Saudi Arabia's revenue is dependent on oil
exports; therefore, its economy is financially strong. A flourishing economy
mandates the need for security, which drives the country to invest extensively
in the import of defense equipment.
Further, the report
states that one key challenge that the market faces is the high dependence on
imported equipment. Most of the defense equipment and security systems and
weapons in Saudi Arabia are imported from the US, Russia, France, and the UK.
This dependency can affect the growth of the Security sector in the Kingdom of
Saudi Arabia through delays, price hikes, or even small political issues
between the countries.
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