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May 28, 2015

Boeing opens new avionics facility in South Korea

Boeing has opened a new avionics maintenance and repair centre in the Yeongcheon Industry District of Daegu-Gyeongbuk Free Economic Zone in South Korea.

Boeing

Boeing has opened a new avionics maintenance and repair centre in the Yeongcheon Industry District of Daegu-Gyeongbuk Free Economic Zone in South Korea.

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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
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

The new 10,000ft² facility has a capacity to test and repair aircraft electrical systems. It will help Boeing to minimise repair times and cost for the Republic of Korea Air Force (ROKAF).

Boeing Global Services & Support president Leanne Caret said: "This facility will enhance readiness of the ROKAF’s F-15K fleet by allowing rapid, affordable in-country support of the aircraft’s advanced systems.

"There is also tremendous potential to expand work performed at this facility, by serving other global customers and supporting a variety of weapon systems."

"This facility will enhance readiness of the ROKAF’s F-15K fleet by allowing rapid, affordable in-country support of the aircraft’s advanced systems."

In South Korea, Boeing currently operates facilities in Seoul, Busan, Gimpo, Seosan, Daegu and Sacheon.

Boeing spent more than $460m with Korean companies last year and around 25 Korean companies provided products and services for Boeing production and sustainment programmes, research and development.

Boeing Korea president Eric John said: "Beyond its technology and employment benefits, our new avionics facility in Yeongcheon supports enhanced defence readiness for Korea, particularly the Republic of Korea Air Force.

"Through our own research and development and the work of local industry partners and suppliers, we’re demonstrating that the Korean civil and defence markets are just as important to Boeing’s second century as they have been in the first."

Currently, Boeing is bidding for a ROKAF contract worth $1.36bn to deliver four aerial refuelling tankers.

The other bidders for the project are Airbus Defence and Space, and Israel Aerospace Industries (IAI).


Image: New Boeing avionics facility showcases investment in Korean aerospace industry. Photo: courtesy of Boeing.

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Free Report
img

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
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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