Colombia Defence Market Report and Forecast 2024-2032

Colombia Defence Market Outlook

The Colombia defence market size reached approximately USD 351 million in 2023. The market is projected to grow at a CAGR of 3.81% between 2024 and 2032, reaching a value of around USD 491 million by 2032.

Key Takeaways

• Colombia imported $3.67M worth of military weapons in 2022, ranking as the 48th largest importer of such goods globally. 

• Colombia's key sources of imports for military weapons are the United States and South Africa.

• The defence sector is placing  a greater emphasis on artificial intelligence due to its widespread utilisation in various areas such as independent decision-making, data analysis, and predictive maintenance for military equipment.

As per the Colombia defence market analysis, the Colombian defence ministry's budget for 2023 stood at around USD 10.4 billion, representing approximately 10 per cent of the total Colombian budget for the same year (USD 101 billion). Most of this budget was allocated to operational expenses, including payroll, and procurement of essential goods and services, among others. A portion of about four per cent of the total budget (USD 416 million) was dedicated to enhancing the security and strategic capabilities of the armed forces. This investment was anticipated to cover the acquisition of equipment, hardware, weapons, ammunition, and communication upgrades, as well as the execution of significant scheduled maintenance or replacement of ageing equipment. These efforts underscore the strong commitment of the Colombian government to advance its defence sector.

Furthermore, the use of artificial intelligence in the defence sector greatly assists in analysing extensive amounts of data collected during flights, allowing for the detection of patterns, providing valuable insights, and even forecasting enemy actions. Additionally, small to medium-sized unmanned aerial vehicles (UAVs) are extensively employed for intelligence gathering, surveillance, and reconnaissance (ISR) purposes. These drones can linger over areas of interest, providing real-time video and sensor data to ground operators. UAVs have brought about a revolutionary change in defence technology.

Moreover, Colombia has a strong defence partnership with the United States. Colombia's armed forces still heavily rely on American support, primarily from the U.S. State Department's Bureau of International Narcotics and Law Enforcement (INL). Colombia was granted the status of Major Non-NATO Ally of the United States in 2022, which brings forth economic and military privileges. These privileges include advantages in defence trade and security cooperation, loans of material, supplies, and equipment for collaborative research and development, as well as enhanced cooperation in areas such as interoperability, building integrity, training, and education , leading to the Colombia defence market growth.

Market Segmentation

Colombia Defence Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Armed Forces

• Army

• Navy

• Air Force

Market Breakup by Type

• Weapons and Ammunition
  • Artillery and Mortar Systems
  • Infantry Weapons
  • Missile and Missile Defence Systems
  • Ammunitions

• Vehicles
  • Land-based Vehicles
  • Sea-based Vehicles
  • Air-based Vehicles

• Communication Systems 

• Personnel Training, Simulation, and Protection Equipment

Competitive Landscape

The defence sector is currently witnessing a strong emphasis from market players on integrating advanced technologies. Additionally, there is a notable increase in the production of unmanned aerial aircraft, aimed at enhancing efficiency and reducing human efforts.

• Lockheed Martin Corporation 

• The Boeing Company 

• Thales SA 

• INDUMIL 

• Colombian Aeronautical Industry Corporation CIAC SA 

• COTECMAR - Cartagena de Indias Colombia 

• Naval Group 

• Others

Key Highlights of the Report