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Technology Advancements, Modernization of Equipment and Unrest Drive Growth of DoD Foreign Military SalesSANTA CLARA, Calif., March 20, 2017 /PRNewswire/ -- Global defense spending is growing. Factors such as the need to modernize equipment, continuing unrest in the Middle East, tensions in South China Seas, and an increased capability to spend after the global recession are driving growth. Technology advances and intensifying competition will compel the United States (US) Department of Defense (DoD) to invest in streamlining foreign military sales (FMS) to international partners, and weapons suppliers to develop and manufacture innovative products at competitive prices. "US defense companies need to tailor the FMS programme to focus on long-term equipment and services deliveries, utilizing direct commercial sales (DCS) for rapid resupply of non-technical and/or military consumables, and improving cost efficiencies through synergistic partnerships with emerging economies,"said Frost & Sullivan Aerospace & Defense Senior Industry Analyst Michael Blades. Recent research from Frost & Sullivan's Defense Growth Partnership Subscription, DoD Foreign Military Sales Market, Forecast to 2021, finds that the market will grow at a compound annual growth rate (CAGR) of about 3.4 percent between 2015 and 2021. The most requested and delivered systems in the FMS programme include ground-based air defense weaponry, fighter aircraft, training services, and tactical vehicles. Click here for complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders. Regional developments include:
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