The Greek Defense Industry – Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016

2011-12-19
Published : Dec-2011

Synopsis
• Top level overview of the Greek defense industry
• A breakdown of the Greek defense industry by spend pattern valued from 2005 through 2010 and forecasted from 2011 through 2016
• A breakdown of the markets by segment valued from 2005 through 2010 and forecasted from 2011 through 2016
• Details of top companies active across the Greek defense industry
• Emerging trends and opportunities in the Greek defense industry in the last 12 months

Summary
This report offers insights into market opportunities and entry strategies adopted by foreign OEMs to gain a market share in Greece. In particular, it offers in-depth analysis of the following:

• Market opportunity and attractiveness: Detailed analysis of the current market size and growth expectations during 2011–2016, including highlights of the key drivers, to aid understanding of the growth dynamics. It also benchmarks the sector against key global markets and provides detailed understanding of emerging opportunities in specific areas.

• Procurement dynamics: Trend analysis of imports and exports, along with their implications and impact on the Greek industry. Industry structure: Five forces analysis to identify various power centers in the Greek industry and how these are likely to develop in the future.

• Market entry strategy: Analysis of possible ways to enter the market, along with knowledge of how existing companies have entered the market, including key contracts, alliances, and strategic initiatives.

• Competitive landscape and strategic insights: Analysis of the competitive landscape of defense manufacturers in Greece. It provides an overview of the key defense companies (both domestic and foreign) along with insights such as key alliances, strategic initiatives and a brief financial analysis.

• Business environment and country risk: A range of drivers at country level, assessing business environment and country risk. It covers historical and forecast values for a range of indicators evaluating business confidence, economic performance, infrastructure quality and availability, labor force, demographics, and political and social risk.

Scope

• Analysis of defense industry market size from 2005 through 2010 and forecasts till 2016
• Analysis of defense budget allocation
• Benchmarking with key global markets
• Market opportunities
• Defense procurement dynamics
• Industry dynamics
• Market entry strategy
• Competitive landscape and strategic insights
• Business environment and country risk

Reasons To Buy
• Gain insight into the Greek defense industry with current, historic and forecast market values
• Get insight on market opportunity and attractiveness
• Get insight on industry procurement dynamics
• Gain insight on industry structure
• Gain insight into the regulations governing the Greek defense industry and the potential market entry strategies with an expert analysis of the competitive structure
• Identify top companies of the Greek defense industry along with profiles of all those companies

Key Highlights
Greece and Turkey not only share a long-standing territorial dispute involving Cyprus, but are also engaged in a maritime border dispute in the Gulf of Aegean. The situation has nearly escalated to an armed conflict twice, and is historically the driving factor behind Greek defense procurements. The country’s lack of domestic defense capabilities and the extensive capabilities of the Turkish military have driven Greece to procure sophisticated defense systems from foreign OEMs in order to strengthen the country’s strategic assets and protect critical infrastructure. During 2005–2010, Greece accounted for 4% of global arms imports, making it the fifth-largest arms importer globally.

As a percentage of GDP, the country is expected to reduce its defense expenditure over the forecast period, from the 2010 level of 2.8%, to 1.9% by 2016. The total defense expenditure for the forecast period is projected to values US$37.9 billion, and in accordance with its commitment to the protection of civilians and critical infrastructure, Greece is expected to allocate an average per capita defense expenditure of US$562.5. Over the forecast period arms procurement is forecast to value US$10.6 billion, which corresponds to 28% of the country’s total defense expenditure for the same period. The remaining 72% is forecast to be invested in the training of the Hellenic Armed Forces, the MRO activities of existing defense systems and the salaries and pensions of military personnel.

Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
1.3 Summary Methodology
1.4 ICD Research Terrorism Index
1.5 About ICD Research
1.6 About Strategic Defense Intelligence
2 Executive Summary
3 Market Attractiveness and Emerging Opportunities
3.1 Defense Market Size Historical and Forecast
3.1.1 Greece expected to invest US$XX.XX billion in defense over the forecast period
3.1.2 Territorial dispute with Turkey coupled with modernization and the upgrade of existing systems to drive defense expenditure
3.2 Analysis of Defense Budget Allocation
3.2.1 Capital expenditure share in the defense budget to increase over the next five years
3.2.2 Capital expenditure allocation for the army and the air force expected to be strong
3.2.3 Procurement of fighter and trainer jets expected to drive air force capital expenditure
3.2.4 Hellenic Army capital expenditure allocation is the highest
3.2.5 Procurement of maritime patrol aircraft to drive naval capital expenditure
3.3 Homeland Security Market Size and Forecast
3.3.1 Homeland security market valued US$XX.XX billion in 2010
3.3.2 Biometric identification systems predicted to drive homeland security procurements
3.3.3 Threat of terrorism in Greece considered moderate
3.4 Benchmarking with Key Global Markets
3.4.1 Greek defense expenditure is small in comparison to its procurement level and is expected to decline over the forecast period
3.4.2 As a percentage of GDP, Greek defense expenditure is the highest among EU nations
3.4.3 Greece faces a moderate level of terrorist threat
3.5 Market Opportunities: Key Trends and Drivers
3.5.1 Armored vehicles procurement to increase land-based defense
3.5.2 Procurement of submarines and maritime patrol aircrafts to drive naval defense
3.5.3 The procurement and modernization of fighter jets predicted to enhance air defense
Greece’s ongoing obligation to the EU to maintain its budget deficit under the XX% GDP limit may have a negative impact on the country’s defense procurement plans.
4 Defense Procurement Market Dynamics
4.1 Import Market Dynamics
4.1.1 Greece is the fifth-largest defense importer globally
4.1.2 Aircraft and armored vehicles constitute the majority of Greek defense imports
4.1.3 Germany emerged as the leading arms supplier to Greece
4.2 Export Market Dynamics
4.2.1 Greece has negligible arms exports
5 Industry Dynamics
5.1 Five Forces Analysis
5.1.1 Bargaining power of supplier: low
5.1.2 Bargaining power of buyer: high
5.1.3 Barrier to entry: low
5.1.4 Intensity of rivalry: low to medium
5.1.5 Threat of substitution: medium
6 Market Entry Strategy
6.1 Market Regulation
6.1.1 Offset obligations are attached to all defense deals
6.1.2 European Defense Agency promote defense procurements within EU
6.2 Market Entry Route
6.2.1 Foreign OEMs enter the market through collaboration with domestic defense firms
6.3 Key Challenges
6.3.1 Economic crisis will affect current and future procurements
6.3.2 IMF and EU regulations on Greek defense expenditure to limit Greece’s flexibility in military maintenance
7 Competitive Landscape and Strategic Insights
7.1 Competitive Landscape Overview
7.2 Key Public Sector Companies
7.2.1 Hellenic Aerospace Industry: overview
7.2.2 Hellenic Aerospace Industry: product focus
7.2.3 Hellenic Aerospace Industry: recent announcements and strategic initiatives
7.2.4 Hellenic Aerospace Industry: alliances
7.2.5 Hellenic Aerospace Industry: recent contract wins
7.2.6 Hellenic Aerospace Industry: financial analysis
7.2.7 Hellenic Defence Systems S.A: overview
7.2.8 Hellenic Defence Systems S.A: product focus
7.2.9 Hellenic Defence Systems S.A: recent announcements and strategic initiatives
7.2.10 Hellenic Defence Systems S.A: alliances
7.2.11 Hellenic Defence Systems S.A: recent contract wins
7.2.12 Hellenic Defence Systems S.A: financial analysis
7.3 Key Private Sector Companies
7.3.1 ISI Hellas: overview
7.3.2 ISI Hellas: product focus
7.3.3 ISI Hellas: recent announcements and strategic initiatives
7.3.4 ISI Hellas: alliances
7.3.5 ISI Hellas: recent contract wins
7.3.6 ISI Hellas: financial analysis
7.3.7 Hellenic Shipyards S.A: overview
7.3.8 Hellenic Shipyards S.A: product focus
7.3.9 Hellenic Shipyards S.A: recent announcements and strategic initiatives
7.3.10 Hellenic Shipyards S.A: alliances
7.3.11 Hellenic Shipyards S.A: recent contract wins
7.3.12 Hellenic Shipyards S.A: financial analysis
7.3.13 SSMART S.A: overview
7.3.14 SSMART S.A: product focus
7.3.15 SSMART S.A: recent announcements and strategic initiatives
7.3.16 SSMART S.A: alliances
7.3.17 SSMART S.A: recent contract wins
7.3.18 SSMART S.A: financial analysis
7.3.19 Signaal Hellas: overview
7.3.20 Signaal Hellas: product focus
7.3.21 Signaal Hellas: recent announcements and strategic initiatives
7.3.22 Signaal Hellas: alliances
7.3.23 Signaal Hellas: recent contract wins
7.3.24 Signaal Hellas: financial analysis
7.3.25 Theon Sensors: overview
7.3.26 Theon Sensors: product focus
7.3.27 Theon Sensors: recent announcements and strategic initiatives
7.3.28 Theon Sensors: alliances
7.3.29 Theon Sensors: recent contract wins
7.3.30 Theon Sensors: financial analysis
7.3.31 EADS 3 SIGMA: overview
7.3.32 EADS 3 SIGMA: product focus
7.3.33 EADS 3 SIGMA: recent announcements and strategic initiatives
7.3.34 EADS 3 SIGMA: alliances
7.3.35 EADS 3 SIGMA: recent contract wins
7.3.36 EADS 3 SIGMA: financial analysis
7.3.37 Ordtech Military Industries: overview
7.3.38 Ordtech Military Industries: product focus
7.3.39 Ordtech Military Industries: recent announcements and strategic initiatives
7.3.40 Ordtech Military Industries: alliances
7.3.41 Ordtech Military Industries: recent contract wins
7.3.42 Ordtech Military Industries: financial analysis
7.3.43 Intracom Defense Electronics: overview
7.3.44 Intracom Defense Electronics: product focus
7.3.45 Intracom Defense Electronics: recent announcements and strategic initiatives
7.3.46 Intracom Defense Electronics: alliances
7.3.47 Intracom Defense Electronics: recent contract wins
7.3.48 Intracom Defense Electronics: financial analysis
7.3.49 Hellenic Vehicle Industry S.A: overview
7.3.50 Hellenic Vehicle Industry S.A: product focus
7.3.51 Hellenic Vehicle Industry S.A: recent announcements and strategic initiatives
7.3.52 Hellenic Vehicle Industry S.A: alliances
7.3.53 Hellenic Vehicle Industry S.A: recent contract wins
7.3.54 Hellenic Vehicle Industry S.A: financial analysis
8 Business Environment and Country Risk
8.1 Business Confidence
8.1.1 Index of business expectations in manufacturing
8.1.2 Market capitalization trend – The Athens Stock Exchange (ATHEX), Greece
8.1.3 FDI inflows
8.1.4 Deployment of credit by sector
8.2 Economic Performance
8.2.1 GDP at constant prices
8.2.2 GDP per capita at constant prices
8.2.3 GDP at current prices
8.2.4 GDP per capita at current prices
8.2.5 GDP split by key segments
8.2.6 Agriculture net output at current prices (EUR)
8.2.7 Agriculture net output at current prices (US dollar)
8.2.8 Agriculture net output at current prices as percentage of GDP
8.2.9 Manufacturing net output at current prices (EUR)
8.2.10 Manufacturing net output at current prices (US dollar)
8.2.11 Manufacturing net output at current prices as a percentage of GDP
8.2.12 Mining, manufacturing and utilities net output at current prices (EUR)
8.2.13 Mining, manufacturing and utilities at current prices (US dollars)
8.2.14 Mining, manufacturing and utilities at current prices, as a percentage of GDP
8.2.15 Construction net output at current prices (EUR)
8.2.16 Construction net output at current prices (US dollar)
8.2.17 Construction output at current prices as a percentage of GDP
8.2.18 Crude steel production
8.2.19 Crude oil consumption
8.2.20 Inflation rate
8.2.21 Fiscal deficit as a percentage of GDP
8.2.22 Trade balance as a percentage of GDP
8.2.23 Exports as a percentage of GDP
8.2.24 Imports as a percentage of GDP
8.2.25 Exports growth
8.2.26 Imports growth
8.2.27 External debt as percentage of GDP
8.2.28 Annual average exchange rate US$–EUR
8.2.29 End of period exchange rate US$–EUR
8.3 Infrastructure Quality and Availability
8.3.1 Total number of airports and ports
8.3.2 Total length of railways
8.3.3 Railways and highways
8.3.4 Automotive components export trend
8.3.5 Automotive products import trend
8.3.6 Passenger car penetration
8.3.7 Total installed capacity for electricity generation
8.3.8 Installed capacity for the generation of conventional thermal electricity
8.3.9 Electricity production
8.3.10 Installed capacity for the generation of hydro-electricity
8.3.11 Installed capacity for the generation of renewable electricity
8.3.12 Electric power consumption
8.3.13 Electricity exports
8.3.14 Electricity imports
8.3.15 Healthcare expenditure
8.3.16 Healthcare expenditure as a percentage of GDP
8.3.17 Healthcare expenditure per capita
8.3.18 Research and development expenditure as a percentage of GDP
8.3.19 Total internet subscriptions
8.3.20 Broadband internet subscriptions
8.3.21 Mobile phone penetration rate
8.4 Labor Force
8.4.1 Labor force
8.4.2 Unemployment rate
8.5 Demographics
8.5.1 Annual disposable income
8.5.2 Annual per capita disposable income
8.5.3 Annual consumer expenditure on food
8.5.4 Annual per capita consumer expenditure on food
8.5.5 Urban and rural population
8.5.6 Female percentage of population
8.5.7 Males percentage of population
8.5.8 Mean age of population
8.5.9 Median age of population
8.5.10 Population density
8.5.11 Age distribution – total population
8.5.12 Age distribution – male population
8.5.13 Age distribution – female population
8.5.14 Number of households
8.6 Political and Social Risk
8.6.1 Political stability
8.6.2 Terrorism index
8.6.3 Transparency index
9 Appendix
9.1 Contact Us
9.2 About ICD Research
9.3 Disclaimer

List of Tables
Table 1: Greek Defense Expenditure 2005–2010
Table 2: Greek Defense Expenditure 2011–2016
Table 3: Greek Defense Expenditure as a Percentage of GDP, 2005–2010
Table 4: Greek Defense Expenditure as a Percentage of GDP, 2011–2016
Table 5: Greek Defense Budget Split Between Capital and Revenue Expenditure 2005–2010
Table 6: Greek Defense Budget Split Between Capital and Revenue Expenditure 2011–2016
Table 7: Greek Defense Capital Expenditure Breakdown (%) 2005–2010
Table 8: Greek Defense Capital Expenditure Breakdown (%), 2011–2016
Table 9: Hellenic Air Force Capital Expenditure Allocation (US$ Million), 2005–2010
Table 10: Hellenic Air Force Capital Expenditure Allocation (US$ Million), 2011–2016
Table 11: Hellenic Army Capital Expenditure Allocation (US$ Million), 2005–2010
Table 12: Hellenic Army Capital Expenditure Allocation (US$ Million), 2011–2016
Table 13: Hellenic Navy Capital Expenditure Allocation (US$ Million), 2005–2010
Table 14: Hellenic Navy Capital Expenditure Allocation (US$ Million), 2011–2016
Table 15: Greek Homeland Security Expenditure (US$ Billion) 2005–2010
Table 16: Greek Homeland Security Expenditure (US$ Billion) 2011–2016
Table 17: Benchmarking with Key Markets – 2005–2010 vs 2011–2016
Table 18: Benchmarking with World’s Largest Defense Spenders – 2010 and 2016
Table 19: ICD Research Intelligence Terrorism Index
Table 20: Greek Defense Offset Guidelines
Table 21: Hellenic Aerospace Industry – Product Focus
Table 22: Hellenic Aerospace Industry – Alliances
Table 23: Hellenic Aerospace Industry – Recent Contract Wins
Table 24: Hellenic Defence Systems S.A – Product Focus
Table 25: Hellenic Defence Systems S.A – Recent Contract Wins
Table 26: ISI Hellas – product focus
Table 27: ISI Hellas – Recent Contract Wins
Table 28: Hellenic Shipyards S.A – Product Focus
Table 29: SSMART S.A – Product Focus
Table 30: SSMART S.A – Alliances
Table 31: Signaal Hellas – product focus
Table 32: Signaal Hellas – Alliances
Table 33: Theon Sensors – product focus
Table 34: Theon Sensors – Recent Contract Wins
Table 35: EADS 3 SIGMA – product focus
Table 36: Boeing – Product Focus
Table 37: Intracom Defense Electronics – Product Focus
Table 38: Intracom Defense Electronics – Recent Contract Wins
Table 39: Boeing – Product Focus
Table 40: Hellenic Vehicle Industry S.A – Recent Contract Wins

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