ThyssenKrupp expects defense market to triple by 2030

ThyssenKrupp Marine Systems expects its market for naval systems to double or triple by 2030. CEO Oliver Burkhard shared this outlook at the Singapore Defense Technology Summit. The projection follows a recent vote by the German parliament in favor of increased defense spending. This change to defense financing means that spending above a certain limit is no longer restricted by existing debt rules. Burkhard noted that this move signifies a major shift in Germany's approach to defense budgeting. He described the potential funding as "limitless," stating that the government may spend unprecedented amounts on military projects. Burkhard said the reform allows the German government to speed up defense projects and increase purchasing from companies like his. ThyssenKrupp Marine Systems builds submarines and naval vessels. He mentioned a possible future focus on both traditional and unmanned vehicles for naval operations. The company has recently expanded by acquiring a shipyard in Wismar. This facility will produce vessels for Germany, Norway, and Israel. Burkhard indicated that partnerships will be key to meeting growing demand, pointing to a partnership with India's Mazagon Dock Shipbuilders for submarine construction. On the business side, ThyssenKrupp Marine Systems plans to spin off from its parent company and list on the Frankfurt Stock Exchange this year. Burkhard noted that the company's share price has risen significantly, making the spin-off more appealing to investors. He emphasized that ThyssenKrupp Marine Systems is a "pearl" in the company's portfolio and aims to offer shareholders exciting growth opportunities.