South Korea air report: $16.64 billion in as-yet-unawarded contracts up for grabs
Manufactured by Korea Aerospace Industries (KAI), the KF-21 Boramae is a fighter aircraft that made its maiden flight in July 2022. (Photo: KAI)
South Korea’s military air market is the 12th largest in the world when it comes to unawarded procurement programmes, with an estimated US$7.50 billion potentially set to be awarded over the next decade.
New research from Shephard Defence Insight has revealed that South Korea’s military air market is worth an estimated US$53.19 billion. The findings also highlight the immediacy of the country’s as-yet-unawarded spending in the air domain, with a high proportion likely to be invested before the end of the 2020s.
Additionally, South Korea is expected to invest a comparatively high percentage of its future air spending on uncrewed aerial vehicles (UAVs), with partnerships with domestic suppliers representing one of the best opportunities for international manufacturers to access the country’s future UAV market.
Shephard’s analysis indicates that the value of unawarded opportunities for air programmes in South Korea
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