According to Goldstein Research, “Growing political and economic relationship and major arms sale deals between countries such as India, Algeria, China, Venezuela, Kazakhstan and other developing countries are positively contributing in the growth of Russia arms market. Moreover, arms exports play an important role in the Russia’s domestic and economic stability. As per Russian Ministry of Industry and Trade, Russian defense industry provides employment to more than 1.3 million people.”
Russia arms market is segmented on the basis of types of weapon and by application. Application segment is further bifurcated into military & defense actions, law enforcement, hunting & sports and self-defense. Military & defense actions are the domination segment for Russia arms market. In 2014, military budget of Russia was USD 69.3 billion highest from other European countries such as Germany, the UK and France. Due to ongoing economic crisis and currency devaluation, Russia military budget was reduced to 25.6% in 2015. However, increasing arms exports in developing countries expected to accelerate the growth of Russia arms market during the forecast period.
In 2016, Russia accounted for over 25% share of global military aircraft market, around 29% of global land weapons market and nearly 18% share of global air defense systems market. Russia is the biggest arms exporter to India, where India accounts for the largest share of Russian arms deliveries. In 2016, China accounted for 11% share of Russian arms deliveries, whereas Vietnam, Algeria and Venezuela accounted for over 7% share of Russian arms deliveries.
Weapon Imports to Middle East region: Tough Challenge for Russian arms suppliers
As per Federal Service for Military-Technical Cooperation, Russian weapons deliveries estimated to reach over USD 50 billion over coming years. As per Stockholm International Peace Research Institute (SIPRI), in 2016, weapon sales increased by 86% in Middle East region as compared to 2007 and the region accounted for over 28% share of global arms import. Russia’s position is limited as major weapon suppliers to this region are the U.S. and European countries. However, Russia’s recent surface-to-air missile system deal with Turkey and arms deal with Saudi Arabia is expected to achieve untapped business opportunities in Asia-Pacific and Middle East region.
“Russia Arms Market Outlook 2024” contains detailed overview of the Russia arms market in terms of market segmentation by types of weapon and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Russia arms market also provides competitive outlook of some of the major players of Russia arms market which includes profiling of companies such as Almaz-Antey Corporation, United Shipbuilding Corporation, United Aircraft Corporation, Tactical Missiles Corporation, Russian Helicopters, Uralvagonzavod, Vertolety Rossii AO, United Instrument Manufacturing Corporation (UIMC), United Engine Corporation, High Precision Systems, Radio-Electronic Technologies Concern (KRET), Radio Technical and Informational Systems Concern (RTI), Sukhoi Company, Irkut Corporation, Sevmash and Salyut Machine-Building Production Association. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Russia arms market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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