Future of the Belgium Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022

Future of the Belgium Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022

Summary

The Future of the Belgium Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

Synopsis

This report offers detailed analysis of the Belgian defense industry 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 -
- The Belgian defense industry market size and drivers: detailed analysis of the Belgian defense industry during 2018-2022, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the countrys expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget. It also details the key challenges faced by defense market participants within the country
- Porters Five Force analysis of the Belgian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the countrys imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities over the next 10 years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Belgian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis

Scope

- The Belgian governments austerity measures and focus on reducing public debt have been the primary reasons for the decline in the defense budget from US$3.5 billion in 2013 to US$2.6 billion in 2017, reflecting a CAGR of -7.08%. Although the budget is projected to remain low over the next three years, an expected economic upturn in the second half of the decade will lead to an increase in the defense budget from 2018 onwards. On a cumulative basis, expenditure over 2018-2022 is expected to be US$16.2 billion, higher than US$15 billion spent during the historic period.Commitment towards operations with NATO allies and the continuation of ongoing military hardware procurement programs are expected to drive the countrys military expenditure.The countrys defense expenditure is expected to focus on the procurement of equipment to augment its air defense capabilities, enhancing operational capabilities of the current fleet of naval vessels, and communications and surveillance systems over the next five years.
- The Belgian Ministry of Defence (MoD) allocated an average of 22.3% to capital expenditure during 2013-2017, and is expected to increase marginally over the forecast period to reach an average of 22.9%. Opportunities related to the procurement of defense equipment in Belgium are expected to be in areas such as multi-role aircraft, multi-role aircraft MRO, transport aircraft, missiles, and arms and ammunitions.
- The MoD is expected to invest in fighters and Multi-role aircraft, fighters & multi-role aircraft MRO and transport aircraft.

Reasons to buy

- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Belgian defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the Belgian defense industry covering sections including demand drivers, Porters Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts

1. Introduction 8
1.1. What is this Report About? 8
1.2. Definitions 8
1.3. Summary Methodology 10
1.4. About Strategic Defence Intelligence 11
2. Executive Summary 12
3. Market Attractiveness and Emerging Opportunities 14
3.1. Current Market Scenario 15
3.1.1. Primary threat perception 15
3.1.2. Military Doctrine & Strategy 16
3.1.3. Military Fleet Size 18
3.1.4. Procurement Programs 20
3.1.4.1. Ongoing procurement programs 20
3.1.4.2. Future procurement programs 21
3.1.5. Social, Political and Economic Environment & Support for Defense Projects 22
3.1.6. Political & Strategic Alliances 23
3.2. Defense Market Size Historical and Forecast 25
3.2.1. Belgian defense expenditure is expected to increase at a CAGR of 6.82% over the forecast period 25
3.2.2. Equipment procurement plans and joint operations expected to drive defense expenditure over the forecast period 27
3.3. Analysis of Defense Budget Allocation 28
3.3.1. Belgiums defense expenditure as a percentage of GDP expected to decrease 28
3.3.2. Share of capital expenditure to average 22.9% over the forecast period 30
3.3.3. Capital expenditure expected to increase at a CAGR of 7.65% over 2018-2022 32
3.3.4. Per capita defense expenditure set to decrease over the forecast period 34
3.4. Homeland Security Market Size and Forecast 35
3.4.1. Belgian homeland security expenditure expected to increase at a CAGR of 8.03% over the forecast period 35
3.4.2. Drug trafficking and cyber security are the main homeland security concerns 37
3.4.3. Belgium falls under some risk of terrorism category 38
3.4.4. Belgium faces some level of threat from foreign terrorist organizations 39
3.4.5. Belgium has a terrorism index score of 1.2 41
3.5. Benchmarking with Key Global Markets 42
3.5.1. Belgian defense budget expected to increase at a higher rate than other European countries over the forecast period 42
3.5.2. Belgian defense expenditure is low compared to other European nations 44
3.5.3. Belgium allocates a comparatively low share of GDP for defense 45
3.6. Market Opportunities: Key Trends and Growth Stimulators 46
3.6.1. Fighters & Multi-role Aircraft 46
3.6.2. Fighters and Multi-Role Aircraft MRO 47
3.6.3. Transport Aircraft 48
4. Defense Procurement Market Dynamics 49
4.1. Import Market Dynamics 50
4.1.1. Defense imports are expected to recover over the forecast period 50
4.1.2. Belgium sourced most its arms imports from its neighbors 51
4.1.3. Aircraft and armored vehicles dominate military hardware imports 52
4.2. Export Market Dynamics 53
4.2.1. Arms exports to increase during the forecast period 53
4.2.2. Belgian arms exports expected to reach new markets over the forecast period 54
4.2.3. Aircraft and ships are the main exported defense products 55
5. Industry Dynamics 56
5.1. Five Forces Analysis 56
5.1.1. Bargaining power of supplier: low to medium 57
5.1.2. Bargaining power of buyer: medium 57
5.1.3. Barrier to entry: medium 57
5.1.4. Intensity of rivalry: low to high 58
5.1.5. Threat of substitution: low to medium 58
6. Market Entry Strategy 59
6.1. Market Regulation 59
6.1.1. Offset policy aids development of domestic defense industry 59
6.1.2. Belgium permits 100% FDI in defense industry 60
6.2. Market Entry Route 61
6.2.1. Budgeting Process 61
6.2.2. Procurement Policy & Process 62
6.2.3. Joint weapons development program, a viable market entry route 63
6.2.4. Subsidiaries provide market entry opportunities 63
6.2.5. Acquisition of domestic companies enables entrance to market 64
6.3. Key Challenges 65
6.3.1. Stringent offset policy discourages foreign OEMs from entering the industry 65
6.3.2. Limited defense budget discourages investors from market entry 65
6.3.3. Preference for EU companies poses a challenge for non-European companies 65
7. Competitive Landscape and Strategic Insights 66
7.1. Competitive Landscape Overview 66
7.2. Key Domestic Companies 68
7.2.1. FN Herstal: overview 68
7.2.2. FN Herstal: products 68
7.2.3. FN Herstal: recent announcements and strategic initiatives 69
7.2.4. FN Herstal: alliances 70
7.2.5. FN Herstal: recent contract wins 70
7.2.6. Sonaca SA: overview 72
7.2.7. Sonaca SA: products and services 72
7.2.8. Sonaca SA: recent announcements and strategic initiatives 73
7.2.9. Sonaca SA: alliances 73
7.2.10. Sonaca SA: recent contract wins 74
7.2.11. Cockerill Maintenance & Ingnierie SA: overview 75
7.2.12. Cockerill Maintenance & Ingnierie SA: products and services 75
7.2.13. Cockerill Maintenance & Ingnierie SA: recent announcements and strategic initiatives 76
7.2.14. Cockerill Maintenance & Ingnierie SA: alliances 76
7.2.15. Cockerill Maintenance & Ingnierie SA: recent contract wins 78
7.2.16. SABCA Group: overview 79
7.2.17. SABCA Group: products and services 79
7.2.18. SABCA Group: recent announcements and strategic initiatives 79
7.2.19. SABCA Group: alliances 81
7.2.20. SABCA Group: recent contract wins 81
7.2.21. Esterline Belgium BVBA: overview 82
7.2.22. Esterline Belgium BVBA: products and services 82
7.2.23. Esterline Belgium BVBA: recent announcements and strategic initiatives 83
7.2.24. Esterline Belgium BVBA: alliances 84
7.2.25. Esterline Belgium BVBA: recent contract wins 85
7.2.26. Asco Industries: overview 86
7.2.27. Asco Industries: products and services 86
7.2.28. Asco Industries: recent announcements and strategic initiatives 87
7.2.29. Asco Industries: alliances 87
7.2.30. Asco Industries: recent contract wins 87
7.3. Key Foreign Companies 88
7.3.1. Mecar SA: overview 88
7.3.2. Mecar SA: products 88
7.3.3. Mecar SA: recent announcements and strategic initiatives 89
7.3.4. Mecar SA: alliances 89
7.3.5. Mecar SA: recent contract wins 89
7.3.6. Thales Belgium: overview 90
7.3.7. Thales Belgium: products 90
7.3.8. Thales Belgium: recent announcements and strategic initiatives 90
7.3.9. Thales Belgium: alliances 92
7.3.10. Thales Belgium: recent contract wins 92
7.3.11. Northrop Grumman Belgium: overview 94
7.3.12. Northrop Grumman Belgium: products and services 94
7.3.13. Northrop Grumman Belgium: recent announcements and strategic initiatives 95
7.3.14. Northrop Grumman Belgium: recent contract wins 95
7.3.15. Airbus Helicopters: overview 96
7.3.16. Airbus Helicopters: products and services 96
7.3.17. Airbus Helicopters: recent announcements and strategic initiatives 96
7.3.18. Airbus Helicopters: alliances 96
7.3.19. Airbus Helicopters: recent contract wins 97
8. Business Environment and Country Risk 98
8.1. Economic Performance 98
8.1.1. Gross Domestic per Capita 98
8.1.2. Gross Domestic Product, current US$ 99
8.1.3. Exports of Goods and Services 100
8.1.4. Imports of Goods and Services 101
8.1.5. Gross National Disposable Income 102
8.1.6. Local Currency Unit per US$ 103
8.1.7. Market Capitalization of Listed Companies 104
8.1.8. Market Capitalization of Listed Companies as a % of GDP 105
8.1.9. Government Cash Surplus/Deficit as % of GDP 106
8.1.10. Goods Exports as a % of GDP 107
8.1.11. Goods Imports as a % of GDP 108
8.1.12. Services Imports as a % of GDP 109
8.1.13. Services Exports as a % of GDP 110
8.1.14. Foreign direct investment, net (BoP, current US$ Bn) 111
8.1.15. Net foreign direct investment as % of GDP 112
8.1.16. Mining, Manufacturing, Utilities Output 113
9. Appendix 114
9.1. About SDI 114
9.2. Disclaimer 114

List Of Tables

Table 1: Belgian Army Strength 18
Table 2: Belgian Navy Strength 18
Table 3: Belgian Air Force Strength 19
Table 4: Belgian Ongoing Procurement Programs 20
Table 5: Belgian Future Procurement Programs 21
Table 6: Belgian Defense Expenditure (EUR Billion & US$ Billion), 2013-2022 25
Table 7: Belgian GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022 28
Table 8: Belgian Defense Budget Split Between Capital and Revenue Expenditure (%), 2013-2022 30
Table 9: Belgian Defense Capital Expenditure (EUR Million & US$ Million), 2013-2022 32
Table 10: Belgian Per Capita Defense Expenditure (US$), 2013-2022 34
Table 11: Belgian Homeland Security Expenditure (EUR Billion & US$ Billion), 2013-2022 35
Table 12: Terrorism Index, 2017 39
Table 13: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022 42
Table 14: Offset Regulations in Belgium 60
Table 15: Belgian Budget Formation Timetable: 61
Table 16: Belgian Participation in International Defense Development Programs 63
Table 17: Competitive Landscape of the Belgian Defense Industry 66
Table 18: FN Herstal- Product focus 68
Table 19: FN Herstal- Alliances 70
Table 20: FN Herstal- Recent Contract Wins 70
Table 21: Sonaca SA- Product focus 72
Table 22: Sonaca SA- Alliances 73
Table 23: Sonaca SA - Contracts 74
Table 24: Cockerill Maintenance & Ingnierie SA- Product focus 75
Table 25: Cockerill Maintenance & Ingnierie SA- Alliances 76
Table 26: Cockerill Maintenance & Ingnierie SA- Recent Contract Wins 78
Table 27: SABCA Group- Product focus 79
Table 28: SABCA Group- Alliances 81
Table 29: SABCA Group- Recent Contract Wins 81
Table 30: Esterline Belgium BVBA- Product focus 82
Table 31: Esterline Belgium BVBA- Alliances 84
Table 32: Esterline Belgium BVBA- Recent Contract Wins 85
Table 33: Asco Industries- Product focus 86
Table 34: Asco Industries- Alliances 87
Table 35: Asco Industries- Recent Contract Wins 87
Table 36: Mecar SA- Product focus 88
Table 37: Mecar SA- Alliances 89
Table 38: Mecar SA- Recent Contract Wins 89
Table 39: Thales Belgium - Product focus 90
Table 40: Thales Belgium- Alliances 92
Table 41: Thales Belgium- Recent Contract Wins 92
Table 42: Northrop Grumman Belgium - Product focus 94
Table 43: Northrop Grumman Belgium- Recent Contract Wins 95
Table 44: Airbus Helicopters- Product focus 96
Table 45: Airbus Helicopters - Alliances 96
Table 46: Airbus Helicopters - Recent Contract Wins 97

List Of Figures

Figure 1: Belgian Defense Expenditure (EUR Billion), 2013-2022 26
Figure 2: Belgian Defense Expenditure (US$ Billion), 2013-2022 26
Figure 3: Belgian GDP Growth vs. Defense Expenditure as Percentage of GDP Growth, 2013-2022 29
Figure 4: Belgian Defense Budget Split Between Capital and Revenue Expenditure (%), 2013-2022 31
Figure 5: Belgian Defense Capital Expenditure (EUR Million), 2013-2022 33
Figure 6: Belgian Defense Capital Expenditure (US$ Million), 2013-2022 33
Figure 7: Belgian Per Capita Defense Expenditure (US$), 2013-2022 34
Figure 8: Belgian Homeland Security Budget (EUR Billion),2013-2022 36
Figure 9: Belgian Homeland Security Budget (US$ Billion), 2013-2022 36
Figure 10: Terrorism Heat Map, 2017 38
Figure 11: Terrorism Index, 2017 41
Figure 12: Benchmarking with Key Markets - 2013-2017 vs. 2018-2022 43
Figure 13: Benchmarking with Worlds Largest and Top Regional Defense Spenders (US$ Billion), 2017 and 2022 44
Figure 14: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2017 45
Figure 15: Belgian Multi-role Aircraft Market Size (US$ Million), 2017-2027 46
Figure 16: Belgian Aircraft MRO Market Size (US$ Million), 2017- 2027 47
Figure 17: Belgian Transport Aircraft Market Size (US$ Million), 2017- 2027 48
Figure 18: Belgium Defense Import Trend, 2012-2016 (TIV values in US$ Mn) 50
Figure 19: Belgium Defense Imports by Country (%), 2012-2016 51
Figure 20: Belgium Defense Imports by Category (%),2012-2016 52
Figure 21: Belgium Defense Exports Trend (TIV Values in US$ Mn), 2012-2016 53
Figure 22: Belgium Defense exports by Country (%), 2012-2016 54
Figure 23: Belgium Defense Exports by Category (%), 2012-2016 55
Figure 24: Industry Dynamics Porters Five Forces Analysis 56
Figure 25: Belgium GDP per capita, 2015-2025 98
Figure 26: Belgium Gross Domestic Product (current US$ Bn), 2015-2025 99
Figure 27: Belgium Exports of goods and services (current LCU Bn), 2005-2014 100
Figure 28: Belgium Imports of goods and services (current LCU Bn), 2005-2014 101
Figure 29: Belgium gross national disposable income (US$ Bn), 2005-2013 102
Figure 30: Belgium LCU per US$, 2015-2024 103
Figure 31: Belgium Market Capitalization of listed Companies (US$ Bn), 2005-2012 104
Figure 32: Belgium Market Capitalization of listed companies as a % of GDP, 2005-2012 105
Figure 33: Belgium Government cash Surplus/deficit as a % of GDP, 2005-2012 106
Figure 34: Belgium Goods Exports as a % of GDP, 2005-2014 107
Figure 35: Belgium Goods Imports as a % of GDP,2005-2014 108
Figure 36: Belgium Services Imports as a % of GDP, 2005-2014 109
Figure 37: Belgium Services Exports as a % of GDP, 2005-2014 110
Figure 38: Belgium Foreign direct investment, net (BoP, current US$ Bn), 2007-2014 111
Figure 39: Belgium Net foreign direct investment as % of GDP, 2005-2014 112
Figure 40: Belgium Mining, Manufacturing, Utilities Output (LCU Bn), 2005-2014 113

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