Report: Norwegian defence spending to reach $7.6bn by 2022
Norway’s annual military spending is forecast to increase from the estimated $6bn in 2017 to $7.6bn by 2022, witnessing at a compound annual growth rate (CAGR) of 4.85%, according to a report by Strategic Defence Intelligence (SDI).
Titled ‘Future of the Norwegian Defence Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2022’, the report forecasts the future trends of defence industry in Norway.
The allocation for capital expenditure is anticipated to increase from $1.8bn in 2017 to $2.4bn in 2022, whereas revenue expenditure allocation is projected to grow from $4.2bn in 2017 to $5.2bn in 2022.
Bi-lateral and multi-lateral collaborations with allies within neighbouring areas, allied and international operations, and as anti-terrorism and anti-cybercrime efforts are expected to drive the defence expenditure during the forecast period.
The Norwegian Defense Ministry is anticipated to acquire multi-role fighter aircraft, search-and-rescue (SAR) helicopters, armoured vehicles, main battle tanks (MBTs), cyber security systems, joint strike missile (JSM) system and submarines during the forecast period, says the report.
Norwegian homeland security expenditure is also expected to grow from $7.2bn in 2017 to $16.8bn in 2022. The nation plans to invest in cyber security, surveillance systems, airport security, biometric systems, video-surveillance systems, training and cyber security software during the forecast period.