The Greek Defense Sector Market Opportunities And Entry Strategies, Analyses And Forecasts To 20

Summary

Summary

This report offers insights into the market opportunities and entry strategies adopted by foreign OEMs

(original equipment manufacturers) to gain a market share in the Greek defense industry. In

particular, it offers in-depth analysis of the following:

Market opportunity and attractiveness: detailed analysis of the current industry size and

growth expectations during 20102015, including highlights of the key growth stimulators. It also

benchmarks the industry against key global markets and provides detailed understanding of

emerging opportunities in specific areas.

Procurement dynamics: trend analysis of imports and exports, together with its implications and impact on the Greek defense industry.

Industry structure: five forces analysis to identify various power centers in the industry and how these are likely to develop in the future.

Market entry strategy: analysis of possible ways to enter the market, together with detailed descriptions of how existing players have entered the market, including key contracts, alliances, and strategic initiatives.

Competitive landscape and strategic insights: analysis of competitive landscape of the defense industry in Greece. It provides an overview of key defense companies (both domestic and foreign), together with insights such as key alliances, strategic initiatives, and a brief financial analysis.

Business environment and country risk: a range of drivers at country level, assessing business environment and country risk. It covers historical and forecast values for a range of indicators, evaluating business confidence, economic performance, infrastructure quality and

availability, labor force, demographics, and political and social risk.

Scope

analysis of Defense industry market size from 2004 through 2009 and forecasts till 2015

analysis of defense budget allocation

Benchmarking with key global markets

Market opportunities

Defense procurement dynamics

Industry dynamics

Market entry strategy

Competitive landscape and strategic insights

Business environment and country risk

Reasons To Buy

Gain insight into Greek defense industry with current, historic and forecast market values

Get insight on market opportunity and attractiveness

Get insight on industry procurement dynamics

Gain insight on industry structure

Gain insight into the regulations governing the Greek defense industry and the potential market entry strategies with an expert analysis of the competitive structure

Identify top companies of the Greek defense industry along with profiles of all those companies

Key Highlights

Greece and Turkey share a long-standing territorial dispute involving Cyprus, and are also involved in a maritime border sharing dispute in the Gulf of Aegean. The situation has twice nearly escalated to an armed conflict and is historically the driving factor behind Greek defense procurements. The countrys lack of domestic defense capabilities and the extensive capabilities of the Turkish military have made Greece constantly seek high-tech defense systems from foreign OEMs in order to provide the countrys strategic assets and critical infrastructure with effective protection. During 200509, Greece accounted for 4% of global arms imports, making it the fifth largest arms importer worldwide.

As a percentage of GDP, the country is expected to reduce its defense expenditure over the forecast period, from the 2009 level of 2.8%, to 2.2% by 2015. The total defense expenditure for the forecast period is estimated to be US$46 billion, and in accordance with its commitment to the protection of civilians and critical infrastructure, the country is forecast to allocate an average per capita defense expenditure of US$817.7. Arms procurement during the forecast period is forecast to be worth US$13.5 billion, which corresponds to 29% of the countrys total defense expenditure for the same period. The remaining 71% is forecast to be invested in the training of the Hellenic Armed Forces, the MRO (maintenance repair and overhaul) activities of existing defense systems and the salaries and pensions of military personnel.

Keywords

Defense, Greece, Interoperability Systems International Hellas S.A. , Hellenic Shipyards S.A., SSMART S.A., Signaal Hellas, Theon Sensors, EADS 3 SIGMA, Ordtech Military Industries , Intracom Defense Electronics , Hellenic Vehicle Industry S.A.

Table of Contents :

1 Introduction

1.1 About this Report

1.2 Definitions

1.3 Methodology

1.3.1 Secondary research

1.3.2 Primary research

1.3.3 Conventions

1.4 ICD Research Intelligence Terrorism Index

1.5 About ICD Research Defense Intelligence Center

2 Executive Summary

3 Market Attractiveness and Emerging Opportunities

3.1 Defense Industry Size Review and Forecast

3.1.1 Greece expected to invest US$46 billion in defense during the forecast period

3.1.2 Territorial dispute with Turkey and modernization and upgrade of existing systems to drive defense expenditure

3.2 Analysis of Defense Budget Allocation

3.2.1 Capital expenditure share in the defense budget to increase in the next five years

3.2.2 Capital expenditure allocation for the army and the air force expected to be strong

3.2.3 Procurement of fighter and trainer jets expected to drive air force capital expenditure

3.2.4 Hellenic Army capital expenditure allocation is the highest

3.2.5 Procurement of maritime patrol aircrafts to drive naval capital expenditure

3.3 Homeland Security Market Size and Forecast

3.3.1 Homeland security market estimated to be US$2.6 billion in 2009

3.3.2 Biometric identification systems predicted to drive homeland security procurements

3.3.3 Terrorism threat in Greece is moderate

3.4 Benchmarking with Key Global Markets

3.4.1 Greek defense expenditure is small in comparison with its procurement level and is expected to decline in the forecast period

3.4.2 As a percentage of GDP, Greek defense expenditure is the highest among EU nations

3.4.3 Greece faces a moderate level of terrorist threat

3.5 Market Opportunities: Key Trends and Growth Stimulators

3.5.1 Armored vehicles procurement to increase land-based defense

3.5.2 Procurement of submarines and maritime patrol aircrafts to drive naval defense

3.5.3 The procurement and modernization of fighter jets predicted to enhance air defense

4 Defense Procurement Market Dynamics

4.1 Import Market Dynamics

4.1.1 Greece is the fifth largest defense importer globally

4.1.2 Aircrafts and armored vehicles constitute the majority of Greek defense imports

4.1.3 In 2009, the US emerged as the leading arms supplier to Greece

4.2 Export Market Dynamics

4.2.1 Greece has negligible arms exports

5 Industry Dynamics

5.1 Five Forces Analysis

5.1.1 Bargaining power of supplier: low

5.1.2 Bargaining power of buyer: high

5.1.3 Barrier to entry: low

5.1.4 Intensity of rivalry: low to medium

5.1.5 Threat of substitution: medium

6 Market Entry Strategy

6.1 Market Regulation

6.1.1 Offset obligations are attached to all defense deals

6.1.2 European Defense Agency promote defense procurements within EU

6.2 Market Entry Route

6.2.1 Foreign OEMs enter the market through collaboration with domestic defense firms

6.3 Key Challenges

6.3.1 Economic crisis will affect current and future procurements

6.3.2 IMF and EU regulations on Greek defense expenditure to limit Greeces flexibility in military maintenance

7 Competitive Landscape and Strategic Insights

7.1 Competitive Landscape Overview

7.2 Key Public Sector Companies

7.2.1 Hellenic Aerospace Industry: overview

7.2.2 Hellenic Aerospace Industry: product focus

7.2.3 Hellenic Aerospace Industry: recent announcements and strategic initiatives

7.2.4 Hellenic Aerospace Industry: alliances

7.2.5 Hellenic Aerospace Industry: recent contract wins

7.2.6 Hellenic Aerospace Industry: financial analysis

7.2.7 Hellenic Defence Systems S.A: overview

7.2.8 Hellenic Defence Systems S.A: product focus

7.2.9 Hellenic Defence Systems S.A: recent announcements and strategic initiatives

7.2.10 Hellenic Defence Systems S.A: alliances

7.2.11 Hellenic Defence Systems S.A: recent contract wins

7.2.12 Hellenic Defence Systems S.A: financial analysis

7.3 Key Private Sector Companies

7.3.1 ISI Hellas: overview

7.3.2 ISI Hellas: product focus

7.3.3 ISI Hellas: recent announcements and strategic initiatives

7.3.4 ISI Hellas: alliances

7.3.5 ISI Hellas: recent contract wins

7.3.6 ISI Hellas: financial analysis

7.3.7 Hellenic Shipyards S.A: overview

7.3.8 Hellenic Shipyards S.A: product focus

7.3.9 Hellenic Shipyards S.A: recent announcements and strategic initiatives

7.3.10 Hellenic Shipyards S.A: alliances

7.3.11 Hellenic Shipyards S.A: recent contract wins

7.3.12 Hellenic Shipyards S.A: financial analysis

7.3.13 SSMART S.A: overview

7.3.14 SSMART S.A: product focus

7.3.15 SSMART S.A: recent announcements and strategic initiatives

7.3.16 SSMART S.A: alliances

7.3.17 SSMART S.A: recent contract wins

7.3.18 SSMART S.A: financial analysis

7.3.19 Signaal Hellas: overview

7.3.20 Signaal Hellas: product focus

7.3.21 Signaal Hellas: recent announcements and strategic initiatives

7.3.22 Signaal Hellas: alliances

7.3.23 Signaal Hellas: recent contract wins

7.3.24 Signaal Hellas: financial analysis

7.3.25 Theon Sensors: overview

7.3.26 Theon Sensors: product focus

7.3.27 Theon Sensors: recent announcements and strategic initiatives

7.3.28 Theon Sensors: alliances

7.3.29 Theon Sensors: recent contract wins

7.3.30 Theon Sensors: financial analysis

7.3.31 EADS 3 SIGMA: overview

7.3.32 EADS 3 SIGMA: product focus

7.3.33 EADS 3 SIGMA: recent announcements and strategic initiatives

7.3.34 EADS 3 SIGMA: alliances

7.3.35 EADS 3 SIGMA: recent contract wins

7.3.36 EADS 3 SIGMA: financial analysis

7.3.37 Ordtech Military Industries: overview

7.3.38 Ordtech Military Industries: product focus

7.3.39 Ordtech Military Industries: recent announcements and strategic initiatives

7.3.40 Ordtech Military Industries: alliances

7.3.41 Ordtech Military Industries: recent contract wins

7.3.42 Ordtech Military Industries: financial analysis

7.3.43 Intracom Defense Electronics: overview

7.3.44 Intracom Defense Electronics: product focus

7.3.45 Intracom Defense Electronics: recent announcements and strategic initiatives

7.3.46 Intracom Defense Electronics: alliances

7.3.47 Intracom Defense Electronics: recent contract wins

7.3.48 Intracom Defense Electronics: financial analysis

7.3.49 Hellenic Vehicle Industry S.A: overview

7.3.50 Hellenic Vehicle Industry S.A: product focus

7.3.51 Hellenic Vehicle Industry S.A: recent announcements and strategic initiatives

7.3.52 Hellenic Vehicle Industry S.A: alliances

7.3.53 Hellenic Vehicle Industry S.A: recent contract wins

7.3.54 Hellenic Vehicle Industry S.A: financial analysis

8 Business Environment and Country Risk

8.1 Business Confidence

8.1.1 Index of business expectations in manufacturing

8.1.2 Market capitalization trend - The Athens Stock Exchange (ATHEX), Greece

8.1.3 FDI inflows

8.1.4 Deployment of credit by sector

8.2 Economic Performance

8.2.1 GDP at constant prices

8.2.2 GDP per capita at constant prices

8.2.3 GDP at current prices

8.2.4 GDP Per capita at current prices

8.2.5 GDP split by key segments

8.2.6 Agriculture net output at current prices (EUR)

8.2.7 Agriculture net output at current prices (US dollar)

8.2.8 Agriculture net output at current prices as percentage of GDP

8.2.9 Manufacturing net output at current prices (EUR)

8.2.10 Manufacturing net output at current prices (US dollar)

8.2.11 Manufacturing net output at current prices as a percentage of GDP

8.2.12 Mining, manufacturing and utilities net output at current prices (EUR)

8.2.13 Mining, manufacturing and utilities at current prices (US dollars)

8.2.14 Mining, manufacturing and utilities at current prices, as a percentage of GDP

8.2.15 Construction net output at current prices (EUR)

8.2.16 Construction net output at current prices (US dollar)

8.2.17 Construction output at current prices as a percentage of GDP

8.2.18 Crude steel production

8.2.19 Crude oil consumption

8.2.20 Inflation rate

8.2.21 Fiscal deficit as a percentage of GDP

8.2.22 Trade balance as a percentage of GDP

8.2.23 Exports as a percentage of GDP

8.2.24 Imports as a percentage of GDP

8.2.25 Exports growth

8.2.26 Imports growth

8.2.27 External debt as percentage of GDP

8.2.28 Annual average exchange rate US$EUR

8.2.29 End of period exchange rate US$EUR

8.3 Infrastructure Quality and Availability

8.3.1 Total number of airports and ports

8.3.2 Total length of railways

8.3.3 Railways and highways

8.3.4 Automotive components export trend

8.3.5 Automotive products import trend

8.3.6 Passenger car penetration

8.3.7 Total installed capacity for electricity generation

8.3.8 Installed capacity for the generation of conventional thermal electricity

8.3.9 Electricity production

8.3.10 Installed capacity for the generation of hydro-electricity

8.3.11 Installed capacity for the generation of renewable electricity

8.3.12 Electric power consumption

8.3.13 Electricity exports

8.3.14 Electricity imports

8.3.15 Healthcare expenditure

8.3.16 Healthcare expenditure as a percentage of GDP

8.3.17 Healthcare expenditure per capita

8.3.18 Research and development expenditure as a percentage of GDP

8.3.19 Total internet subscriptions

8.3.20 Broadband internet subscriptions

8.3.21 Mobile phone penetration rate

8.4 Labor Force

8.4.1 Labor force

8.4.2 Unemployment rate

8.5 Demographics

8.5.1 Annual disposable income

8.5.2 Annual per capita disposable income

8.5.3 Annual consumer expenditure on food

8.5.4 Annual per capita consumer expenditure on food

8.5.5 Urban and rural population

8.5.6 Female percentage of population

8.5.7 Males percentage of population

8.5.8 Mean age of population

8.5.9 Median age of population

8.5.10 Population density

8.5.11 Age distribution - total population

8.5.12 Age distribution - male population

8.5.13 Age distribution - female population

8.5.14 Number of households

8.6 Political and Social Risk

8.6.1 Political stability

8.6.2 Terrorism index

8.6.3 Transparency index

9 Appendix

9.1 Contact Us

9.2 About ICD Research

9.3 Disclaimer

List of Tables

Table 1: ICD Research Intelligence Terrorism Index

Table 2: Greek Defense Offset Guidelines

Table 3: Hellenic Aerospace Industry - Alliances

Table 4: Hellenic Aerospace Industry Recent Contract Wins

Table 5: Hellenic Defence Systems S.A - Recent Contract Wins

Table 6: ISI Hellas - Recent Contract Wins

Table 7: SSMART S.A - Alliances

Table 8: Signaal Hellas - Alliances

Table 9: Theon Sensors - Recent Contract Wins

Table 10: Intracom Defense Electronics - Recent Contract Wins

Table 11: Hellenic Vehicle Industry S.A - Recent Contract Wins

List of Figures

Figure 1: Greek Defense Expenditure (US$ Million), 200415F

Figure 2: Greek Defense Expenditure as a Percentage of GDP (%), 200415F

Figure 3: Revenue and Capital Expenditure Allocation of Greek Defense Budget (%), 200415F

Figure 4: Greek Defense Capital Expenditure Breakdown (%), 200415F

Figure 5: Hellenic Air Force Capital Expenditure Allocation (US$ Million), 200415F

Figure 6: Hellenic Army Capital Expenditure Allocation (US$ Million), 200415F

Figure 7: Hellenic Navy Capital Expenditure Allocation (US$ Million), 200415F

Figure 8: Greek Homeland Security Market Size and Forecast (US$ Million), 200415F

Figure 9: ICD Research Intelligence Terrorism Heat Map

Figure 10: ICD Research Intelligence Terrorism Index

Figure 11: Benchmarking with Key Global Markets, Review vs. Forecast Defense Expenditure Growth (%), 200415

Figure 12: Defense Expenditure of the Largest Military Spenders (US$ Billion), 2009 and 2015

Figure 13: Defense Expenditure of the Largest Military Spenders as a Percentage of GDP (%), 2009

Figure 14: Greek Defense Imports (US$ Million), 200409

Figure 15: Greek Defense Imports by Category (%), 200409

Figure 16: Greek Defense Imports by Supplier (%), 200409

Figure 17: Greek Industry Dynamics - Porters Five Forces Analysis

Figure 18: Intracom Defense Electronics - Revenue Trend Analysis (EUR Million) 200509

Figure 19: Intracom Defense Electronics - Operating Profit Trend Analysis (EUR Million), 200509

Figure 20: Intracom Defense Electronics - Net Profit Trend Analysis (EUR Million) 200509

Figure 21: Index of Business Expectations in Greek Manufacturing, 200810

Figure 22: The Athens Stock Exchange (ATHEX) Market Capitalization (US$ Billion), 200309

Figure 23: Greek FDI Inflows by Sector (US$ Billion), 200309

Figure 24: Greek Deployment of Credit by Sector (US$ Billion), 200309

Figure 25: Greek GDP Value at Constant Prices (US$ Billion), 200315F

Figure 26: Greek GDP Per Capita at Constant Prices (US$ Billion), 200315F

Figure 27: Greek GDP at Current Prices (US$ Billion), 200315F

Figure 28: Greek GDP Per Capita at Current Prices (US$ Billion), 200315F

Figure 29: Greek GDP Split by Key Segments (%), 2003 vs. 2009

Figure 30: Greek Agriculture Net Output at Current Prices (EUR Billion), 200315F

Figure 31: Greek Agriculture Net Output at Current Prices (US$ Billion), 200315F

Figure 32: Greek Agriculture Net Output at Current Prices as a Percentage of GDP (%), 200315F

Figure 33: Greek Manufacturing Net Output at Current Prices (EUR Billion), 200315F

Figure 34: Greek Manufacturing Net Output at Current Prices (US$ Billion), 200315F

Figure 35: Greek Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 200315F

Figure 36: Greek Mining, Manufacturing and Utilities Output at Current Prices (EUR Billion), 200315F

Figure 37: Greek Mining, Manufacturing and Utilities Output at Current Prices (US$ Billion), 200315F

Figure 38: Greek Mining, Manufacturing and Utilities Output at Current Prices as a Percentage of GDP, (%), 200315F

Figure 39: Greek Construction Net Output at Current Prices (EUR Billion), 200315F

Figure 40: Greek Construction Net Output at Current Prices (US$ Billion), 200315F

Figure 41: Greek Construction Output at Current Prices as a Percentage of GDP (%), 200315F

Figure 42: Greek Crude Steel Production (Thousand Metric Tons), 200315F

Figure 43: Greek Crude Oil Consumption (Million Tons), 200315F

Figure 44: Greek Inflation Rate (%), 200315F

Figure 45: Greek Fiscal Deficit as a Percentage of GDP (%), 200309

Figure 46: Greek Trade Balance as a Percentage of GDP (%), 200309

Figure 47: Greek Exports as a Percentage of GDP (%), 200315F

Figure 48: Greek Imports as a Percentage of GDP (%), 200315F

Figure 49: Greek Exports Growth (%), 200315F

Figure 50: Greek Imports Growth (%), 200315F

Figure 51: Greek External Debt as a Percentage of GDP (%), 200609

Figure 52: Greek Annual Average Exchange Rate US$EUR, 200309

Figure 53: Greek End of Period Exchange Rate, 200309

Figure 54: Greek Airports and Ports (Number of), 2009

Figure 55: Greek Railways (km), 2009

Figure 36: Greece Railways and highways (Kilometers), 2009

Figure 56: Greek Automotive Components Export

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