Switzerland’s defence spending is estimated to reach $6.5bn in 2023, registering a compound annual growth rate (CAGR) of 4.67% between 2019 and 2023, according to a report by Strategic Defence Intelligence (SDI).
Titled ‘Future of the Swiss Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2023’, the report provides insights about the Swiss defence industry.
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Swiss defence budget spending in 2018 reported an increase of 6.7% in comparison with 2017, driven by the country’s need to invest in new technologically advanced military equipment and devices to replace outdated equipment.
Allocation of capital expenditure is anticipated to increase to an average of 24.7% of the total defence budget over the forecast period, compared with the average of 22.7% recorded during 2014-18.
Over the forecast period, Switzerland is expected to invest in command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), and cybersecurity.
The country intends to acquire unmanned aerial vehicles, critical infrastructure protection, and military radar, as well as upgrading its existing communications network and incorporating enhanced levels of internet security.
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By GlobalDataSwiss homeland security (HLS) spending is anticipated to reach $1.44bn in 2023, representing a CAGR of 0.91%, the report adds.
The HLS budget registered $1.40bn in 2018, growing at a CAGR of 3.66% in 2014-18.
The Swiss Government adopts defence offsets with an aim to strengthen the country’s defence industry and bolster long-term cooperation between the native and international defence industries.
