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November 2, 2021updated 23 Nov 2021 1:10pm

South Korea to develop new lightweight torpedoes

According to South Korean arms procurement agency DAPA, the project is worth nearly $135m.

South Korea’s Defense Project Promotion Committee has reportedly approved a new project to develop lightweight torpedoes.

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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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State arms procurement agency Defense Acquisition Program Administration (DAPA) was cited by Yonhap News Agency as saying that the new lightweight torpedoes will bolster the Republic of Korea Navy’s (RoKN) anti-submarine capabilities.

The project has a target time period of up to 2028 and the torpedo will be designed, developed and built domestically. It is worth nearly $135m (KRW160bn), reported the news agency.

In 2017, local defence firm LIG Nex1 unveiled its Tiger Shark Heavyweight Torpedo System concept during the MADEX exhibition.

The Tiger Shark was expected to be deployed on the RoKN’s submarines last year.

The company has also developed the K745 Blue Shark torpedo for the country’s naval platforms. It is a light anti-submarine torpedo with an operational range of 19km.

In addition, DAPA officials said that the committee also approved another project valued at $400m (KRW470bn) to supply global positioning system (GPS) guided bombs for Air Force operations by 2027.

The GPS-guided bombs package project includes separate contracts with four international firms.

The project endorsements follow confirmation reports by North Korea of the test-firing of a new, smaller submarine-launched ballistic missile (SLBM) last month.

In September 2021, the South Korean Navy is said to have test-fired an SLBM from a locally developed submarine.

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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 GD50 ADS
Enter your details here to receive your free Report.

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