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Israel heightens defense after rocket attack and amid Egyptian turmoil
Since the interception of a rocket launched allegedly from Sinai, and the growing instability in Egypt, the Israeli Defense Force (IDF) have bolstered their defenses by deploying a sixth Iron Dome battery near Eilat, which was the target of the rocket attack.
The Iron Dome missile defense system has proven exceptionally effective in the past. During Operation Pillar of Defense in November 2012, five of the IDF’s Iron Dome batteries intercepted 86% of the 421 rockets aimed at populated Israeli areas.
Israeli defense spending had a total budget allocation of $14.7bn in 2012, representing a compound annual growth rate (CAGR) of 2.4% between 2008 and 2012. In comparison, the Nigerian and Egyptian markets grew with CAGRs of 17.4% and 6.6% respectively, over the same period, to reach respective values of $2.3bn and $4.4bn in 2012.
Despite the performance of the market being forecast to decelerate with a projected CAGR of 1% for the 2012-2017 period, the IDF is deploying ever-increasing numbers of reserves; “one after another” according to Colonel Zvika Haimovitch, the commander of the IAF’s Aerial Defense Division’s Active Defense Wing. The added security comes at a time when violence in Egypt between Muslim Brotherhood and Egyptian military forces heightens tensions in the region.
Would you like to know more about Israeli Defense Spending? Explore our Defense Spending in Israel Industry Profile today.