Report Price: US$ 1250 (Single User) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2020

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1 Report Price: US$ 1250 (Single User) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2020

2 Summary Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2020 report offers the reader detailed analysis of the defense budget over the next five years. Alongside it offers insights into the market opportunities and entry strategies adopted by foreign OEMs (original equipment manufacturers) to gain a market share in the Norwegian defense industry. The report provides detailed analysis of the current industry size and growth expectations during , including highlights of the key growth stimulators. It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas. Key Findings Recovering from global financial crisis, Norway aims to develop a strong and modern defense force that is capable of addressing national threats as well as contributing effectively in allied and international operations for security and peace. The country is part of NORDEFCO (Nordic Defence Cooperation), which was established in 2009 and has the goal of strengthening defense capabilities through cost-effective collaborations. The country has expressed interest in multinational defense cooperation via procurement, training, and support agreements. The government is also keen to enter into bilateral and multilateral collaborations with allies within neighboring areas, to contribute actively to EU security and defense operations and to establish Nordic security and defense cooperation. These measures are likely to stimulate the Norwegian defense budget over the next five years; the defense budget is expected to grow at an estimated CAGR of XX% over the forecast period, to reach US$XX billion in Key Features and Benefits The report provides detailed analysis of the Norwegian defense industry during , including the factors that influence the military expenditure. It provides detailed expectations of growth rates and projected total expenditure. It provides the manufacturers with insights on market opportunities along with industry structure and dynamics prevalent in the country. In addition, the report focuses on the regulations governing the Norwegian defense industry and the potential market entry strategies with an expert analysis of the competitive structure. 2

3 Defense budget (US$ Billion) Defense expenditure growth rate (%) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Market Attractiveness and Emerging Opportunities 1.1. Defense Market Size Historical and Forecast Norwegian defense budget will grow at a CAGR of XX over In 2015, the Norwegian government allocated US$XX billion to the total defense budget, which registered a negative CAGR of XX%. Although the government increased its budget in 2015, the annual decrease is primarily due to the decline in the exchange rate. Over the forecast period, the defense budget is expected to increase at a CAGR of XX% from US$XX billion in 2016 to US$XX billion in The government s efforts to strengthen the country s defense capabilities are expected to fuel Norwegian defense expenditure, and a significant amount is expected to be spent on the procurement of advanced equipment, modernization and training, and the development of the armed forces. The country is projected to invest in the acquisition of fighter aircraft, armored vehicles, Advanced Medium Range Air-to-Air Missiles (AMRAAMs), and helicopters. The following table and figure show the Norwegian defense expenditure during the historic period: Table 1: Norwegian Defense Expenditure (US$ billion), Year Defense expenditure (US$ bn) Defense growth percentage Ministry of Finance, Norway and SDI analysis CAGR Figure 1: Norwegian Defense Expenditure (US$ billion), % 20% 15% 10% 5% 0% -5% -10% -15% -20% Defense Expenditure (US$ bn) Defense Growth Percentage Ministry of Finance, Norway and SDI analysis 3

4 Defense budget (US$ Billion) Defense expenditure growth rate (%) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2020 The following table and figure show projected defense expenditure of Norway over the forecast period: Table 2: Norwegian Defense Expenditure (US$ billion), Year Defense expenditure (US$ bn) Defense growth percentage Ministry of Finance, Norway and SDI analysis CAGR Figure 2: Norwegian Defense Expenditure (US$ billion), % % 6% 5% 4% 3% 2% 1% Defence Expenditure (US$ bn) Defense expenditure growth % 0% Ministry of Finance, Norway and SDI analysis 4

5 Defense Budget Split (%) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Analysis of Defense Budget Allocation Capital expenditure allocation is expected to increase over the forecast period The Norwegian MoD allocated an average of XX% of capital expenditure between 2011 and 2015, which is expected to continue to grow at a slightly higher rate during the forecast period. Capital expenditure is driven by the number of procurements and modernization programs formulated by the Norwegian armed forces, and increasing material and research and development (R&D) expenses. Its military modernization programs include the acquisition of F-35 aircraft, AW101 helicopters, CV90 armored fighting vehicles (AFVs), Leopard 2A6 tanks, cyber security, a joint strike missile (JSM) system for the F-35 JSF, and the submarine replacement program. Norwegian revenue expenditure is expected to be driven by an increase in training expenditure and the number of army personnel, continued contributions to international peace and stability, and enhancement of home guard training and coast guard capabilities. The following table and chart display Norway s defense budget share of capital and revenue during the historic period: Table 3: Norway s Defense Budget Split Between Capital and Revenue Expenditure (%), Year Capital Expenditure Share Revenue Expenditure Share Source: Ministry of Finance, Norway and SDI analysis Figure 3: Norway s Defense Budget Split Between Capital and Revenue Expenditure (%), % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Capital Expenditure Revenue Expenditure Source: Ministry of Defense and SDI analysis 5

6 Defense Budget Split (%) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2020 The following table and chart display Norway s defense budget share of capital and revenue expenditure over the forecast period: Table 4: Norway s Defense Budget Split Between Capital and Revenue Expenditure (%), Year Capital Expenditure Share Revenue Expenditure Share Source: Ministry of Finance, Norway and SDI analysis Figure 4: Norway s Defense Budget Split Between Capital, Revenue and Other Expenditure (%), % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Capital Expenditure Revenue Expenditure Source: Ministry of Defense and SDI analysis 6

7 Homeland Security Expenditure (US$ bn) Growth rate (%) Future of the Norwegian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Homeland Security Market Size and Forecast Norwegian homeland security expenditure is expected to grow at a CAGR of XX% over the forecast period The Royal Norwegian Ministry of Justice is responsible for internal security and the maintenance of law and order in the country. Norway s homeland security (HLS) expenditure registered growth of XX% over and is expected to grow at a CAGR of XX% during the forecast period. This can be attributed to the revised training and development plans of the Norwegian home guard, as formulated in the long-term defense plan Moreover, the government has undertaken the Norwegian All-Weather Search and Rescue Helicopter (NAWSARH) program to replace the existing fleet of Sea King helicopters. Under the program, Norway has a contract for 16 AW101 helicopters for US$XX billion scheduled to be delivered during Furthermore, the increase in HLS expenditure is due to the growing threat from radical and terrorist organizations, such as Al-Qaeda, as a result of Norway s ongoing operations in Afghanistan and Iraq. The table and chart below show Norway s homeland security expenditure during the historic period: Table 5: Norwegian Homeland Security Expenditure (US$ Million), Year Source: Ministry of Finance, Norway and SDI analysis Homeland expenditure (US$ mn) Growth Rate (%) Figure 5: Norwegian Homeland Security Expenditure (US$ Million), Homeland Security Expenditure (US$ Bn) Growth Rate (%) 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Source: Ministry of Finance, Norway and SDI analysis 7

8 2. Industry Dynamics - Porter s Five Forces Analysis Figure 4: Industry Dynamics Porter s Five Forces Analysis Barrier to Entry Bargaining Power of Supplier Intensity of Rivalry Bargaining Power of Buyer Threat of Substitute Source: SDI analysis 8

9 Report Methodology SDI s dedicated research and analysis teams consist of experienced professionals with a background in industry research and consulting in the defense sector. The following research methodology is followed for all databases and reports: Secondary Research The research process begins with exhaustive secondary research to source reliable qualitative and quantitative information related to the defense market. The secondary research sources that are typically referred to include, but are not limited to: Industry associations National government documents and statistical databases Company websites, annual reports, financial reports, broker reports, investor presentations Industry trade journals and other literature Internal and external proprietary databases News articles, press releases, and webcasts specific to the companies operating in the market Primary Research SDI conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions: Provides first-hand information on market size, market trends, growth trends, competitive landscape, and future outlook Helps to validate and strengthen secondary research findings Further develops the analysis team s expertise and market understanding Primary research involves interactions, telephone interviews, and face-to-face interviews for each market category, division, and sub-division across geographies The participants who typically take part in such a process include, but are not limited to: Conventions Industry participants: CEOs, VPs, business development managers, market intelligence managers, and national sales managers External experts: investment bankers, valuation experts, research analysts, and key opinion leaders specializing in defense markets Currency conversions are performed on the basis of average annual conversion rate format calculations All the values in tables, with the exception of compounded annual growth rate (CAGR) and compounded annual rate of change (CARC), are displayed to one decimal place; therefore, due to this rounding method, growth rates may appear inconsistent with absolute values The forecasted values are projected on the basis of nominal values; the inflation was not taken into account 9

10 TABLE OF CONTENTS 1. Introduction What is this Report About? Definitions Summary Methodology SDI Terrorism Index About Strategic Defence Intelligence Executive Summary Market Attractiveness and Emerging Opportunities Defense Market Size Historical and Forecast Norwegian defense budget will grow at a CAGR of XX% over Modernizing the armed forces, participating in international peacekeeping operations, and an interest in the Arctic region are the main factors driving the Norwegian defense industry Defense expenditure as a percentage of GDP is expected to average XX% during the forecast period Analysis of Defense Budget Allocation Capital expenditure allocation is expected to increase over the forecast period Expenditure on the other segment expected to be the largest during forecast period Army expenditure to grow at a CAGR of XX% over the forecast period to reach US$XX billion in Air force expenditure to grow at a CAGR of XX% over the forecast period Naval expenditure is expected to reach US$XX billion by Procurement of material, buildings, and construction work expected to be the second largest defense budget expenditure during the forecast period Other expenditure is expected to increase at a CAGR of XX% over the forecast period Homeland Security Market Size and Forecast Norwegian homeland security expenditure is expected to grow at a CAGR of XX% over the forecast period Counter-terrorism and enhanced cyber security are expected to drive homeland security expenditure Norway is at a low risk of terrorism Norway has a terrorism index score of zero Benchmarking with Key Global Markets Norwegian defense budget expenditure expected to increase over the forecast period Norway has the one of the fastest-growing defense industries in Europe Norwegian defense budget as a percentage of GDP is expected to grow over the forecast period Norway has a terrorism index score of zero Market Opportunities: Key Trends and Growth Stimulators Fighters and Multi-role aircraft

11 Diesel Electric Submarine Multi-mission Helicopters Multi-role Aircraft MRO Defense Procurement Market Dynamics Import Market Dynamics Norwegian defense imports are expected to increase over the forecast period Spain and the US are the largest arms suppliers to Norway Ships accounted for the largest percentage share of overall defense imports Export Market Dynamics Norway was among the top 20 countries with the highest volume of defense exports Exports to European countries are expected to increase over the forecast period The other category accounted for the majority of Norway s defense exports during Industry Dynamics Five Forces Analysis Bargaining power of Supplier: Low Bargaining power of Buyer: High Barrier to entry: Medium Intensity of rivalry: High Threat of Substitution: High Market Entry Strategy Market Regulation The Norwegian defense industry is largely driven by government regulation and offset policy The Norwegian government supports FDI Market Entry Route Entry through joint development programs Foreign Military Sales (FMS) to Norway Collaborations provide market entry opportunities Key Challenges The Norwegian government prefers Scandinavian and European countries for defense trade The Norwegian export policy poses a challenge for domestic defense companies Competitive Landscape and Strategic Insights Competitive Landscape Overview Key Public Sector Companies Kongsberg Defense Systems: Overview Kongsberg Defense Systems: Major Products and Services Kongsberg Defense Systems: Recent Announcements and Strategic Initiatives Kongsberg Defense Systems: alliances

12 Kongsberg Defense Systems: recent contract wins Kongsberg Defense Systems: financial analysis Forsvarets Forsknings Institutt: overview Forsvarets ForskningsInstitutt: defense products Forsvarets ForskningsInstitutt: recent announcements and strategic initiatives Forsvarets ForskningsInstitutt: alliances Forsvarets ForskningsInstitutt: recent contract wins NAMMO AS: overview NAMMO AS: products and services NAMMO AS: recent announcements and strategic initiatives NAMMO AS: alliances NAMMO AS: recent contract wins NAMMO AS: financial analysis Kitron: overview Kitron: products and services Kitron: recent announcements and strategic initiatives Kitron: alliances Kitron: recent contract win Kitron: financial analysis Key Private Sector Companies Thales Norway AS: overview Thales Norway AS: products and services Thales Norway AS: recent announcements and strategic initiatives Thales Norway AS: alliances Thales Norway AS: recent contract wins UmoeMandal: overview UmoeMandal: products and services Umoe Mandal: recent announcements and strategic initiatives Umoe Mandal: alliances Eidsvoll Electronics AS: overview Eidsvoll Electronics AS: products and services Eidsvoll Electronics AS: recent announcements and strategic initiatives Eidsvoll Electronics AS: alliances Eidsvoll Electronics AS: recent contract wins Business Environment and Country Risk Demographics Total Rural population Total urban population

13 Number of households Economic Performance GDP per capita at constant prices GDP at current prices (US$) Exports of goods and services (current US$ bn) Imports of goods and services (current US$ bn) Gross national disposable income (US$ billion) Manufacturing output (US$ bn) Consumer price index Wholesale price index LCU per US$ (period average) LCU per EUR (period average) Market capitalization of listed companies (US$ bn) Market capitalization of listed companies (% of GDP) Total Government cash surplus/deficit (LCU billion) Government cash surplus/deficit as a percentage of GDP (LCU) Central government debt (LCU billion) Central government debt as a percentage of GDP (LCU) Goods exports as a percentage of GDP Goods imports as a percentage of GDP Goods balance as a percentage of GDP Services imports as a percentage of GDP Service exports as a percentage of GDP Services balance as a percentage of GDP Foreign direct investment, net (BoP, current US$ billions) Net foreign direct investment as a percentage of GDP International reserves, including gold (US$ billion) Energy and utilities Total Conventional Thermal Electricity Net Generation (Billion kwh) Hydroelectricity Net Generation (Billion kwh) Total Conventional Thermal Electricity Installed Capacity (Million kw) Proved Reserves of Natural Gas (Trillion Cubic Feet) Total Petroleum Consumption (Thousand Barrels Per Day) Crude Oil Proved Reserves (Billion Barrels) Total Non-Hydro Renewable Electricity Net Generation (Billion kw) Mineral Mining, Manufacturing, Utilities Output (US$ billion) Technology

14 Research and Development expenditure (LCU Thousands) Telecommunication Telephone lines (in mn) Telephone lines Penetration Rate (per 100 people) Appendix About SDI Disclaimer

15 LIST OF FIGURES Figure 1: Norwegian Defense Expenditure (US$ Billion), Figure 2: Norwegian Defense Expenditure (US$ Billion), Figure 3: Norwegian Defense Expenditure (NOK Billion), Figure 4: Norwegian Defense Expenditure (NOK Billion), Figure 5: Norwegian GDP Growth vs. Defense Expenditure Growth vs. Defense Expenditure as Percentage of GDP, Figure 6: Norwegian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP, Figure 7:Norwegian Defense Budget Split Between Capital and Revenue Expenditure (%), Figure 8: Norwegian Defense Budget Split Between Capital and Revenue Expenditure (%), Figure 9: Norwegian Defense Expenditure Breakdown (%), Figure 10: Norwegian Defense Expenditure Breakdown (%), Figure 11: Norwegian Defense Expenditure for Army (US$ billion), Figure 12: Norwegian Defense Expenditure for Army (US$ billion), Figure 13: Norwegian Defense Expenditure for Army (NOK billion), Figure 14: Norwegian Defense Expenditure for Army (NOK billion), Figure 15: Norwegian Defense Expenditure for Air Force (US$ billion), Figure 16: Norwegian Defense Expenditure for Air Force (US$ billion), Figure 17: Norwegian Defense Expenditure for Air Force (NOK billion), Figure 18: Norwegian Defense Expenditure for Air Force (NOK billion), Figure 19: Norwegian Defense Expenditure for Navy (US$ billion), Figure 20: Norwegian Defense Expenditure for Navy (US$ billion), Figure 21: Norwegian Defense Expenditure for Navy (NOK billion), Figure 22: Norwegian Defense Expenditure for Navy (NOK billion), Figure 23: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (US$ billion), Figure 24: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (US$ billion), Figure 25: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (NOK billion), Figure 26: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (NOK billion), Figure 27: Norwegian Defense Expenditure for Other Categories (US$ billion), Figure 28: Norwegian Defense Expenditure for Other Categories (US$ billion), Figure 29: Norwegian Defense Expenditure for Other Categories (NOK billion), Figure 30: Norwegian Defense Expenditure for Other Categories (NOK billion), Figure 31: Norwegian Homeland Security Expenditure (US$ billion), Figure 32: Norwegian Homeland Security Expenditure (US$ billion), Figure 33: Norwegian Homeland Security Expenditure (NOK billion), Figure 34: Norwegian Homeland Security Expenditure (NOK billion), Figure 35: SDI Terrorism Heat Map, Figure 36: SDI Terrorism Index, Figure 37: Benchmarking with Key Markets vs Figure 38: Benchmarking with World s Largest Defense Spenders (US$ Billion), 2015 and Figure 39: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), Figure 40: Fighters & Multi-Role Aircraft (US$ Million), Figure 41: Diesel Electric Submarine (US$ Million), Figure 42: Multi-mission Helicopters (US$ Million), Figure 43: Multi-role Aircraft MRO (US$ Million), Figure 44: Norwegian Defense Import Trend, (TIV values*) Figure 45: Norwegian Defense Import by Country, (TIV values) Figure 46: Norwegian Defense Imports by Category (%), Figure 47: Norwegian Defense Exports by Value (%), Figure 48: Norwegian Defense exports by Country (%), Figure 49: Norwegian Defense Exports by Category (%), Figure 50: Industry Dynamics Porter s Five Forces Analysis Figure 51: Kongsberg Defense Systems Revenue Trend Analysis (NOK Million), Figure 52: Kongsberg Defense Systems Operating Profit Trend Analysis (NOK Million), Figure 53: Kongsberg Defense Systems Net profit Trend Analysis (NOK Million), Figure 54: NAMMO AS Revenue Trend Analysis (NOK Million),

16 Figure 55: NAMMO AS Operating Profit Trend Analysis (NOK Million), Figure 56: NAMMO AS Net Profit Trend Analysis (NOK Million), Figure 57: Kitron Revenue Trend Analysis (NOK Million), Figure 58: Kitron Operating Profit Trend Analysis (NOK Million), Figure 59: Kitron Net Profit Trend Analysis (NOK Million), Figure 60: Norway Rural population (In million), Figure 61: Norway Urban population (In million), Figure 62: Norway- Number of Households (Million), Figure 63: Norwegian GDP Per Capita at Constant Prices (US$), Figure 64: Norway GDP at Current Prices (US$ Billion), Figure 65: Norwegian Exports of goods and services (US$), Figure 66: Norwegian Imports of goods and services (US$), Figure 67: Norwegian Gross national disposable income (US$ billion), Figure 68: Norwegian Manufacturing output (US$ Billion), Figure 69: Norwegian Consumer price index, Figure 70: Norwegian Wholesale price index, Figure 71: Norway LCU per US$, Figure 72: LCU per EUR (period average), Figure 73: Norwegian market capitalization of listed companies (US$ billion), Figure 74: Norwegian market capitalization of listed companies (% of GDP), Figure 75: Norwegian Total Government cash surplus/deficit (LCU billion), Figure 76: Norwegian Government cash surplus/deficit as % of GDP (LCU), Figure 77: Norwegian- Central government debt (LCU billion), Figure 78: Norwegian Central government debt as % of GDP (LCU), Figure 79: Norway- Goods exports as a % of GDP (%), Figure 80: Norway- Goods imports as a % of GDP (%), Figure 81: Norwegian Goods balance as a % of GDP (%), Figure 82: Norwegian Services imports as a % of GDP (%), Figure 83: Norwegian Service exports as a % of GDP (%), Figure 84: Norway- Services balance as a % of GDP (%), Figure 85: Norway- Foreign direct investment, net (BoP, current US$ billion), Figure 86: Norwegian Net foreign direct investment as % of GDP, Figure 87: Norwegian International reserves, including gold (US$ billion), Figure 88: Norway- Total Conventional Thermal Electricity Net Generation (Billion Kilowatt hours), Figure 89: Norwegian Hydroelectricity Net Generation (Billion Kilowatt hours), Figure 90: Norwegian Total Conventional Thermal Electricity Installed Capacity (Million Kilowatts), Figure 91: Norwegian Proved Reserves of Natural Gas (Trillion Cubic Feet), Figure 92: Norwegian Total Petroleum Consumption (Thousand Barrels Per Day), Figure 93: Crude Oil Proved Reserves (Billion Barrels), Figure 94: Total Non-Hydro Renewable Electricity Net Generation (Billion Kilowatts), Figure 95: Norwegian Mining, Manufacturing, Utilities Output (US$ billion), Figure 96: Norwegian Research and development expenditure (LCU thousands), Figure 97: Norwegian Telephone lines, Figure 98: Norwegian Telephone lines Penetration Rate (per 100 people),

17 LIST OF TABLES Table 1: Norwegian Defense Expenditure (US$ Billion), Table 2: Norwegian Defense Expenditure (US$ Billion), Table 3: Norwegian Defense Expenditure (NOK Billion), Table 4: Norwegian Defense Expenditure (NOK Billion), Table 5: Norwegian GDP Growth vs. Defense Expenditure Growth vs. Defense Expenditure as Percentage of GDP, Table 6: Norwegian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP, Table 7: Norwegian Defense Budget Split Between Capital and Revenue Expenditure (%), Table 8: Norwegian Defense Budget Split Between Capital and Revenue Expenditure (%), Table 9: Norwegian Defense Expenditure Breakdown (%), Table 10: Norwegian Defense Expenditure Breakdown (%), Table 11: Norwegian Defense Expenditure for Army (US$ billion), Table 12: Norwegian Defense Expenditure for Army (US$ billion), Table 13: Norwegian Defense Expenditure for Army (NOK billion), Table 14: Norwegian Defense Expenditure for Army (NOK billion), Table 15: Norwegian Defense Expenditure for Air Force(US$ billion), Table 16: Norwegian Defense Expenditure for Air Force, (US$ billion), Table 17: Norwegian Defense Expenditure for Air Force (NOK billion), Table 18: Norwegian Defense Expenditure for Air Force (NOK billion), Table 19: Norwegian Defense Expenditure for Navy (US$ billion), Table 20: Norwegian Defense Expenditure for Navy (US$ billion), Table 21: Norwegian Defense Expenditure for Navy (NOK billion), Table 22: Norwegian Defense Expenditure for Navy (NOK billion), Table 23: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (US$ billion), Table 24: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (US$ billion), Table 25: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (NOK billion), Table 26: Norwegian Defense Expenditure for Procurement of Material, Buildings, and Construction Work (NOK billion), Table 27: Norwegian Defense Expenditure for Other Categories (US$ billion), Table 28: Norwegian Defense Expenditure for Other Categories (US$ billion), Table 29: Norwegian Defense Expenditure for Other Categories (NOK billion), Table 30: Norwegian Defense Expenditure for Other Categories (NOK billion), Table 31: Norwegian Homeland Security Expenditure (US$ billion), Table 32: Norwegian Homeland Security Expenditure (US$ billion), Table 33: Norwegian Homeland Security Expenditure (NOK billion), Table 34: Norwegian Homeland Security Expenditure (US$ billion), Table 35: Benchmarking with Key Markets vs Table36: SDI Terrorism Index Table 37: Offset Multiplier Categories Table 38: Market Entry Strategies by Key Foreign Companies Table 39: FMS deals to Norway Table 40: Kongsberg Defense Systems Major Products & Services Table 41: Kongsberg Defense Systems Alliances Table 42: Kongsberg Defense Systems Recent Contract Wins Table 43: Forsvarets ForskningsInstitutt Product Focus Table 44: Forsvarets ForskningsInstitutt Alliances Table 45: Forsvarets ForskningsInstitutt Recent Contract Wins Table 46: NAMMO AS Product Focus Table 47: NAMMO AS Alliances Table 48: NAMMO AS Recent Contract Wins Table 49: Kitron Product Focus Table 50: Kitron Alliances Table 51: Kitron - Recent Contract Wins Table 52: Thales Norway AS product focus Table 53: Thales Norway AS Alliances Table 54: Thales Norway AS Recent Contract Wins

18 Table 55: Umoe Mandal Product Focus Table 56: Umoe Mandal Alliances Table 57: Eidsvoll Electronics AS Product Focus Table 58: Eidsvoll Electronics - Alliances Table 59: Eidsvoll - Recent Contract Wins