STOCKHOLM, Sweden – The Asia-Pacific region is one of the fastest-growing markets for arms dealers. The Los Angeles Times reports. Continue reading original article
The Military & Aerospace Electronics take:
10 June 2019 -- Economic growth, territorial disputes, and long-sought military modernizations there propelled a 52 percent increase in military spending over the last decade to $392 billion in 2018, according to the Stockholm International Peace Research Institute.
The region accounts for more than a fifth of the global defense budget and is expected to grow. That was underscored this week by news of Taiwan’s bid to strike a $2-billion deal to purchase U.S. tanks and missiles.
The biggest driver in arms purchases, however, is China — responsible for 64 percent of military spending in the region. With a defense budget that is second only to the U.S., China is amassing a navy that can circle the globe and developing state-of-the-art autonomous drones. The buildup is motivating surrounding countries to bolster their armed forces too — good news for purveyors of submarines, unmanned vehicles and warplanes.
Related: Airports, borders drive security technology spending in Asia Pacific
Related: Global military simulation and training market trending stable to downward through 2022
John Keller, chief editor
Military & Aerospace Electronics
