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The Colombia defence market size reached approximately USD 351 million in 2023. The market is projected to grow at a CAGR of 3.81% between 2024 and 2032, reaching a value of around USD 491 million by 2032.
As per the Colombia defence market analysis, the Colombian defence ministry's budget for 2023 stood at around USD 10.4 billion, representing approximately 10 per cent of the total Colombian budget for the same year (USD 101 billion). Most of this budget was allocated to operational expenses, including payroll, and procurement of essential goods and services, among others. A portion of about four per cent of the total budget (USD 416 million) was dedicated to enhancing the security and strategic capabilities of the armed forces. This investment was anticipated to cover the acquisition of equipment, hardware, weapons, ammunition, and communication upgrades, as well as the execution of significant scheduled maintenance or replacement of ageing equipment. These efforts underscore the strong commitment of the Colombian government to advance its defence sector.
Furthermore, the use of artificial intelligence in the defence sector greatly assists in analysing extensive amounts of data collected during flights, allowing for the detection of patterns, providing valuable insights, and even forecasting enemy actions. Additionally, small to medium-sized unmanned aerial vehicles (UAVs) are extensively employed for intelligence gathering, surveillance, and reconnaissance (ISR) purposes. These drones can linger over areas of interest, providing real-time video and sensor data to ground operators. UAVs have brought about a revolutionary change in defence technology.
Moreover, Colombia has a strong defence partnership with the United States. Colombia's armed forces still heavily rely on American support, primarily from the U.S. State Department's Bureau of International Narcotics and Law Enforcement (INL). Colombia was granted the status of Major Non-NATO Ally of the United States in 2022, which brings forth economic and military privileges. These privileges include advantages in defence trade and security cooperation, loans of material, supplies, and equipment for collaborative research and development, as well as enhanced cooperation in areas such as interoperability, building integrity, training, and education , leading to the Colombia defence market growth.
Colombia Defence Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Armed Forces
Market Breakup by Type
The defence sector is currently witnessing a strong emphasis from market players on integrating advanced technologies. Additionally, there is a notable increase in the production of unmanned aerial aircraft, aimed at enhancing efficiency and reducing human efforts.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Armed Forces |
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Breakup by Type |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 351 million.
The market is estimated to grow at a CAGR of 3.81% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 491 million by 2032.
The growth of the defence sector in Colombia is primarily fuelled by cross-border tensions, geopolitical alliances, and heightened government investments.
The key trends of the market include increased defence funding by national agencies and the adoption of cutting-edge technologies in the defence sector.
The major armed forces include army, navy, and air force.
The major types are weapons and ammunition, vehicles, communication systems, and personnel training, simulation, and protection equipment.
The major players in the market are Lockheed Martin Corporation, The Boeing Company, Thales SA, INDUMIL, Colombian Aeronautical Industry Corporation CIAC SA, COTECMAR - Cartagena de Indias Colombia, and Naval Group, among others.
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