CHICAGO, April 26, 2023 /PRNewswire/ — The Defense electronics market is estimated to be USD 220.3 billion in 2023 and is projected to reach USD 289.0 billion by 2028, at a CAGR of 5.6% during the forecast period according to a new report by MarketsandMarkets™. The increasing use of UAVs as drone jammers and growing need for new products of electronic warfare and C4ISR are driving the growth of the Defense electronics market.
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Browse in-depth TOC on “Defense electronics Market”
236 – Tables
59 – Figures
377 – Pages
Defense electronics Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$220.3 billion |
|
Estimated Value by 2028 |
$289.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 5.6% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Vertical, Platform and Region |
|
Geographies Covered |
North America, Europe, Asia-Pacific, Middle East Rest of the World |
|
Key Market Challenge |
Increasing cyberattacks on trade secrets and defense-related data |
|
Key Market Opportunities |
Increasing need for AI and IOT devices in military operations |
|
Key Market Drivers |
Growing adoption of integrated defense electronics technologies |
Based on Vertical, the vetronics subsegment under navigation, communication & display segment is expected to grow at the highest CAGR during the forecast period.
The vetronics subsegment under navigation, communication & display segment is projected grow at the highest CAGR in the defense electronics market in 2023. The growth of this segment can be attributed to the increasing regional conflicts and growing need for modernization of military vehicles.
Based on Platform, the frigates subsegment under marine segment is projected to grow at the highest CAGR during the forecast period.
The frigates subsegment under marine segments is projected to grow at the highest CAGR in the defense electronics market in 2023. The growth of this segment is attributed to the need to protect warships and merchant marine ships from enemies.
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Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is expected to lead the Defense electronics market in 2023. The regions studied in this market are China, Australia, Japan, India, South Korea among others. India and China are among the major global players present in the Asia Pacific, which invests heavily in the development of defense electronic technologies. The demand for defense electronics in this region is due to the increased adoption of defense electronic products and growing focus on developing advanced systems to increase defense capabilities.
Major players operating in the Defense electronics market include General Dynamic Corporation (US), Honeywell International Inc. (US), Rheinmetall AG (Germany), Saab AB (Sweden) and Leonardo SPA (Italy) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Middle East and Rest of World.
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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
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