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January 16, 2018

eMARINE to maintain ASWTT centre simulator for Korean Navy

The Republic of Korea Navy (ROK Navy) has awarded a new contract to maritime information and communications technology provider eMARINE Global for the maintenance of the navy's anti-submarine war tactical training (ASWTT) simulator at Jinhae Naval Base.

The Republic of Korea Navy (ROK Navy) has awarded a new contract to maritime information and communications technology provider eMARINE Global for the maintenance of the navy’s anti-submarine war tactical training (ASWTT) simulator at Jinhae Naval Base.

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What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
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The deal is valued at KRW754,000,000 ($706,000) and is the Navy’s first maintenance contract to be outsourced to a local company.

The technology was originally installed by Italy-based simulator manufacturer ECA Sindel ten years ago.

eMARINE Global has signed an agreement with ECA Sindel to provide technical support for the ASWTT simulator as part of the maintenance service.

“With this latest award for the ASWTT simulator maintenance, we believe we are in a favourable position to win additional training simulator supply and maintenance contracts in 2018.”

eMARINE Global chairman and chief executive officer Dr Ung Gyu Kim said: “We are pleased to strengthen our relationship with the navy with this latest contract award.

“We have been providing maintenance services for the Navy’s electronic chart (ECDIS) systems under contracts awarded in each of the past eight years.

“With this latest award for the ASWTT simulator maintenance, we believe we are in a favourable position to win additional training simulator supply and maintenance contracts in 2018.”

The ASWTT simulators are expected to be implemented at other naval bases this year.

eMARINE is primarily engaged in the provision of electronic solutions for the collection, integration and display of maritime information abroad and ashore, which are used to enhance berth-to-berth navigation and related services.

Related Companies

Free Report
img

What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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