North Korea has reportedly test-fired artillery shots from its multiple rocket launchers amid increasing military tensions in the peninsula.

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What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:

Details on the defense budget
Drivers of defense spending
Key trends impacting the market

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According to the Yonhap news agency, the reclusive nation fired four shots that fell into the Yellow Sea. The shots were fired from an unidentified location in South Pyongan Province, the news agency added citing South Korean military officials.

However, other details of the test-firing, including the type of weapons launched and the range of the missiles, were immediately not clear.

Following the test-firing, South Korea’s Ministry of Unification spokesperson Lee Jong-joo was quoted by Yonhap as saying: “(We) once again urge North Korea to immediately stop unilateral actions that create tensions and go counter to the peace and stability of the Korean Peninsula, and to choose the path of dialogue and cooperation that we and the international community have proposed.”

Notably, North Korea has increased missile testing this year, conducting a record number of firing in January.

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