CHICAGO, Nov. 28, 2022 /PRNewswire/ — Electronic Warfare Market size is projected to grow from USD 18.5 billion in 2022 to USD 23.2 billion by 2027, at a CAGR of 4.7% from 2020 to 2027 according to a new report by MarketsandMarkets™. The development of multilayered defensive systems as a consequence of significant technological breakthroughs and the integration of electronics into military hardware is anticipated to drive the market for electronic warfare during the forecast period. In addition to these elements, the market for electronic warfare is presented with prospects by the rise in UAV system usage, the demand for ground surveillance, and communication jamming.
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Increasing procurement of electronic warfare systems due to growing transnational and regional instability
Rapid advancement in bilateral militarized combat between nations has increased the urgency with which those nations armed forces must fortify their security systems. To meet the demands of battle, new weaponry and fighting systems are being developed. All defensive systems employed in combat operations now incorporate electronic warfare technologies as a result of the development of digital battlefields. As a result of these systems, governments procurement priorities have changed to keep up with changing military requirements.
According to capabilities, the electronic warfare markets support category is anticipated to experience the largest CAGR during the forecast period.
The electronic warfare support, protection, and attack segments of the market are divided based on capability. During the forecast period, the sector for electronic support is expected to increase at the greatest CAGR. Military situational awareness abilities have increased thanks to intelligence, surveillance, and reconnaissance (ISR), which has also helped military decision-making. In the coming years, the defense industrys increased emphasis on situational awareness capabilities is anticipated to boost the expansion of the electronic warfare support market.
Due to the increased global focus on upgrading defense equipment, the electronic warfare equipment sub section of the market by product is anticipated to see the greatest CAGR.
Electronic warfare equipment and operational support are the two product-based market segments for this industry. Due to benefits like advanced electronic protection, electronic attack, and electronic support applications, the market for electronic warfare equipment is anticipated to expand at a higher CAGR in the coming years. This is due to the rising number of platforms, including aircraft, land vehicles, and naval vessels, that are being upgraded with this equipment.
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Between 2022 and 2027, the electronic warfare market is expected to be dominated by the North American market.
The US and Canada are important nations that are taken into account for market analysis in the North American region. Due to increased investments in electronic warfare technology by countries in this region, this region is anticipated to dominate the market from 2022 to 2027. The development of highly sophisticated EW systems is being done by the armed forces of nations in the North American region. The United States Lockheed Martin Corporation, Northrop Grumman Corporation, L3Harris Technologies Inc., and Raytheon Technologies Corporation are among the regions well-known and leading producers of electronic warfare systems (US).
The North American US is acknowledged as one of the major producers, exporters, and users of EW systems globally and is regarded as having the best EW capability. EW systems are primarily produced by Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US) and L3Harris Technologies Inc. (US), in the US. According to the USs new defense policy, more money will be spent on electronic warfare so that the US Army may incorporate cutting-edge capabilities into its current defense systems to fend off oncoming threats.
The electronic warfare market is dominated by a few globally established players such as BAE Systems (UK), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Group (US), L3Harris Technologies Inc. (US), Israel Aerospace Industries (Israel), and Saab AB (Sweden).
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