South Korea Aerospace & Defense Market Overview
The South Korea aerospace & defense market size was valued at USD 15.59 Billion in 2024 and is expected to reach USD 28.20 Billion by 2033, growing at a CAGR of 6.10% during the forecast period 2025-2033. Growth is driven by an increase in space exploration activities, modernization of military forces with advanced technologies, and an expanding focus on cybersecurity to protect critical military infrastructure. Strategic government investments and enhanced international collaborations further bolster this dynamic sector.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
South Korea Aerospace & Defense Market Key Takeaways
- Current Market Size: USD 15.59 Billion in 2024
- CAGR: 6.10%
- Forecast Period: 2025-2033
- The South Korean government committed USD 4 Billion in 2024 for defense upgrades, including USD 2.35 Billion for building Ulsan-class frigates and USD 1.1 Billion for KF-21 fighter aircraft missile development.
- Daily cyberattack attempts hit 1.62 million in 2023, mostly linked to North Korean sources, increasing cybersecurity investments.
- South Korea targets moon and Mars missions by 2032 and 2045, supported by a space budget exceeding KRW 1.5 trillion.
- Cross-border partnerships, such as the Hanwha Aerospace and Poland WB Electronics joint venture, are strengthening defense technology transfer.
- Localized MRO programs, such as Korean Air’s KRW 961.3 billion UH-60 helicopter upgrade project, improve operational readiness.
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