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South Korea Defence Market to Reach $12.5B by 2030

October 13, 2026

2 min read

Key Takeaways

South Korea's defence market to reach $12.5B by 2030.
4.3% CAGR driven by modernization and regional security.
Government procures defence equipment via competitive tenders.

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Strategic Implications

This growth may indicate increased opportunities for defence contractors in South Korea, driven by the country's focus on modernization and regional security. The emphasis on domestic industry support suggests that local companies could benefit from these developments, which could also attract international players seeking to expand their presence in the Asian market.

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What Happened

Growing Demand for Modernization and Regional Security Drives Defence Spending

South Korea’s defence market is projected to reach $12.5 billion by 2030, growing at a 4.3% CAGR driven by modernization and regional security needs. The government procures defence equipment mainly through competitive tenders, focusing on technology, reliability, and domestic industry support. Major buyers include the Ministry of National Defense, Defense Acquisition Program Administration, and Armed Forces, with leading companies such as Hanwha Defense, LIG Nex1, Hyundai Rotem, and Korea Aerospace Industries winning the most contracts. This information was reported by an unknown source.

Source | Originally Published: October 13, 2026

Companies Mentioned