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April 22, 2022

South Korea reportedly test-fires two SLBMs

The two consecutive missiles flew approximately 400km and hit the predetermined maritime targets.

The Republic of Korea Navy (ROKN) has reportedly test-fired two submarine-launched ballistic missiles (SLBM) off the coast of Yellow Sea.

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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:
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A report published by Yonhap News Agency (YNA) said that the test-launch of the missiles marks the expected operational deployment of the two SLBMs in the near future.

The agency said that the launches were conducted in the presence of Presidential National Security Office director Sun Hoon on 18 April 2022.

According to an undisclosed government source cited by the YNA, the consecutive firings were conducted at an interval of 20 seconds from the ROKN’s Dosan Ahn Chang-ho attack submarine.

The missiles cruised to a distance of approximately 400km and hit the stipulated maritime targets.

The South Korean Navy’s 3,000t Dosan Ahn Chang-ho attack submarine can be equipped with up to six SLBMs.

Built by Daewoo Shipbuilding and Marine Engineering (DSME), the ROKN’s first missile-capable submarine, Dosan Ahn Chang-ho, was launched in 2018.

In addition, the ROKN is also working to deploy the first batch of three Dosan Ahn submarines later this year.

In September 2021, the ROKN also test-launched its homegrown SLBM from Dosan Ahn Chang-ho submarine at the Anheung Test Center in South Chungcheong Province in South Korea.

Following the test, South Korea became the seventh country to have its own homegrown SLBMs.

Besides, the agency reported that North Korea has been working to deploy SLBMs.

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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 GlobalData
Enter your details here to receive your free Report.

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