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July 13, 2020

US approves support to Korea’s Peace Krypton aircraft

The US State Department has agreed to approve a sale of services to extend follow-on support of Peace Krypton reconnaissance aircraft to the Republic of Korea for $250m.

The US State Department has agreed to approve a sale of services to extend follow-on support of Peace Krypton reconnaissance aircraft to the Republic of Korea for $250m.

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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 Defense Security Cooperation Agency (DSCA) delivered the required certification notifying Congress of the possible foreign military sale (FMS).

Under the sale, the Republic of Korea is seeking the delivery of Ground System Modernization (GSM) and sustainment of Prime Mission Equipment (PME), Field Service Representatives (FSR), minor modifications and upgrades, and Joint Mission Planning System (JMPS).

Additionally, the sale includes spares and repair and return of parts, publications and technical documentation, technical, and logistical support services, as well as other logistics support elements.

The sale will improve Korea’s capability to meet existing and future threats by supporting the operation of its Peace Krypton aircraft fleet.

This will enable continues intelligence, surveillance and reconnaissance (ISR) interoperability with the US.

The proposed sale supports the foreign policy and national security of the US by enhancing the security of a major non-Nato ally, maintaining the Pacific region’s political stability and economic development.

Lockheed Martin in Bethesda, Maryland, US, will be the principal contractor for the sale programme.

As a result of this proposed sale, there will be no adverse impact on US defence readiness.

In March this year, the US State Department approved a possible FMS to the Republic of Korea for $194m to upgrade its F-16 Block 32 aircraft and its associated equipment.

The upgrade involved F-16 aircraft with Mode 5 Identification Friend or Foe (IFF), Link 16 Tactical Datalink (TDL) and related equipment.

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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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