Countries in the South East Asian region have begun to overcome the economic downturn and are increasing their defense spending to keep pace with their economic growth. While there has been increasing economic development it has been accompanied by greater geo-political instability in the region. While a few countries have stepped up their arms procurement programs to equip their forces, this has spurred a parallel push from other countries in the region to keep pace and to act as a deterrent. These driving factors have seen increase in military modernization programs and the purchase of UAVs, armored vehicles, ships and aircrafts by many nations. This will pave the way for greater defense allocations and budgets and continued growth in the market for defense products for the period until 2018.
Almost every country in South-East Asia has a defense procurement program and this makes it one of the fastest-growing defense markets in the world. While greater details are provided elsewhere in this report the general trend has been that countries in this region have been adding to their sophisticated arsenal, modernizing and upgrading their equipment and arming themselves to avoid border disputes, regional security threats and as a deterrent.
South East Asian countries have been shopping around for the best price, technology and the need to be not tied to one or a small group of suppliers. Vietnam procuring from India, France and other European nations, apart from its ‘regular ally’ Russia while Philippines buys from its regular partner US and other nations such as South Korea, Japan and Russia and the region’s largest nation Indonesia buys from South Korea, China, Russia and the US.
“South East Asia Defense Market Opportunity Analysis” research report by KuicK Research gives comprehensive insight on following aspects related to booming Defense market opportunity in South East Asian region: