The Security Market in Saudi Arabia to Grow At A CAGR Of 10.47 Percent over Period 2012-2016

Dec 03, 2013, 13:22 ET from Research and Markets

DUBLIN, Ireland, December 3, 2013 /PRNewswire/ --

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One of the key factors contributing to this market growth is Saudi Arabia's strong economy and availability of revenue. The Security sector in Saudi Arabia has also been witnessing an increasing number of international defense deals. However, the high dependence on import machineries could pose a challenge to the growth of this market.

The key vendors dominating this space include Advanced Electronics Co. Ltd., Alsalam Aircraft Co., BAE Systems plc, Boeing Co., General Dynamics Corp., Lockheed Martin Corp., and Raytheon Co.

The other vendors mentioned in the report are EADS N.V., Northrop Grumman Corp., Science Applications International Corp., Sikorsky Aircraft Corp., and Thales SA.

Commenting on the report, an analyst from the team said: One of the major trends in the Security Sector of the Kingdom of Saudi Arabia is the increasing number of international defence deals. As the defence budget of Saudi Arabia is increasing significantly, its foreign collaborations for military affairs are also increasing. Saudi Arabia mainly engages in defence deals with the US and UK for their defence machineries. Also, other major European countries such as Germany and France supply defence machineries to Saudi Arabia. Hence, as the defence number of international defence deals increase, the Security Sector in the Kingdom of Saudi Arabia is expected to grow significantly.

According to the report, one of the major drivers in the market is strong economy. As Saudi Arabia is the largest economy in the Gulf region and is one the major exporters of petroleum, its economy is financially strong. Therefore, the availability of abundant revenue from the natural resource makes it a strong economy which has the capability of investing in security sector.

Further, the report states that one of the major challenges is the high dependence on import machineries. In Saudi Arabia, most of the defence machineries are imported from the US, the UK, and France. This can affect the growth of the Security sector in the Kingdom of Saudi Arabia due to delay in supply and also increase in prices.

Companies Mentioned

- Advanced Electronics Co. Ltd.
- Alsalam Aircraft Co.
- BAE Systems plc
- Boeing Co.
- General Dynamics Corp.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Raytheon Co.
- Science Applications International Corp.
- Sikorsky Aircraft Corp.
- Thales SA.

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