World News: 14:18 GMT Tuesday 3rd December 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.This report provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.
New Zealand's isolated geographic location has benefited the country strategically and the country has traditionally maintained a basic defense posture with specific emphasis on surveillance and reconnaissance. This is demonstrated by the fact that the country's air force lacks aerial combat capabilities and the New Zealand Air Force does not possess any fighter aircraft within its inventory.As a member of the Australia, New Zealand, United States Security Treaty (ANZUS or ANZUS Treaty), the country's security is guaranteed by its security alliance with Australia. However, over the years the treaty has increasingly adopted a global posture and thus has come to relate to global conflicts spread across the world. As per the provisions of the treaty, an attack on any of the three participant countries is considered an attack on all members, and as such each of the countries will take action to counter the common threat.As a part of the New Zealand Defense Capability Plan, the country is anticipated to invest a cumulative total of NZ$20 billion (~US$13.24 billion), through 2030, in modernizing the country's defense capability. The country's total defense expenditure for 2019 stands at US$2.86 billion in 2019 and is forecasted to increase from US$2.88 billion in 2020, to US$3.90 billion in 2024, reflecting a CAGR of 7.88%.Although New Zealand has historically been well insulated from terrorist threats, the country is increasingly being forced to deal with rising instances of radicalism and terrorist incidences. The 2019 Christchurch mosque shooting exposed the presence of deep-seated animosity and prejudice against certain communities. The country is wary of intentional acts of sabotage to its communication and ICT infrastructure, and is likely to increase investments in policing and cyber security to safeguard its strategic interests. Against this backdrop, New Zealand's homeland security (police) spending is valued at US$1.3 billion in 2019, and is anticipated to increase from US$1.4 billion in 2020 to US$1.7 billion by 2024, reflecting a CAGR of 5.74%.New Zealand's defense imports are fairly low, and between 2014-2018 the country's cumulative defense imports were valued at just US$181 million. The US emerged as the single largest defense supplier to the country and accounted for a 78.5% share of New Zealand's defense market. The country also acquired defense equipment from other countries such as Australia, France, Canada, and Israel.
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Globe Newswire: 14:18 GMT Tuesday 3rd December 2019
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