The global defense electronics market is driven by factors such as growing application of optronics and surge in preference for airborne defense electronics.
WILMINGTON, Del., Feb. 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Defense Electronics Market, by Vertical (Communication & Display, Navigation, C4ISR, Electronic Warfare, Radar, and Optronics) and Platform (Airborne, Marine, Land, and Space): Global Opportunity Analysis and Industry Forecast, 2022–2032”. According to the report, the global defense electronics market size was valued at $150.2 billion in 2022, and is projected to reach $254.0 billion by 2032, registering a CAGR of 5.72% from 2023 to 2032.
Prime determinants of growth
The global defense electronics market is driven by factors such as growing adoption of integrated defense electronics technologies, which fuels the demand for defense electronics. In addition, the market is influenced by surge in demand for airborne defense electronics. However, effect on execution of critical defense missions due to lack of proper communication technologies. Moreover, increase in need for AI and IOT devices in military operations provide lucrative opportunities for market growth.
(We are providing defense electronics industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
123 – Tables
49 – Charts
314 – Pages
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Defense Electronics Industry Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$150.2 Billion |
|
Market Size In 2032 |
$254.0 Billion |
|
CAGR |
5.72 % |
|
No. Of Pages in Report |
274 |
|
Segments Covered |
Vertical, Platform, And Region. |
|
Drivers |
Rise In Adoption of Integrated Defense Electronics Technologies to Drive the Market Growth. Surge In Demand for Airborne Defense Electronics |
|
Opportunities |
Increase In Need for AI And IOT Devices in Military Operations |
|
Restraints |
Effect On Execution of Critical Defense Missions Due to Lack of Proper Communication Technologies Restricting The Market Growth |
COVID-19 Scenario
The COVID-19 epidemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the defense electronics market.
Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
The pandemic had intensified the attention on sustainable defense electronics products as people looked for eco-friendly choices.
Key Developments/ Strategies in Defense Electronics Industry
In April 2022, Australia and the UK inked an agreement to collaborate on potent weapons and electronic warfare capabilities, building on the AUKUS defense alliance formed in September 2021.
BAE Systems introduced a new Electronic Warfare (EW) package in March 2022, offering offensive and defensive EW capabilities across various platforms. The Storm Electronic Warfare Module system is adaptable for U.S. and coalition forces, fitting into fixed-wing aircraft, helicopters, unmanned aerial vehicles, and missiles.
Northrop Grumman Corporation secured the initial production and operations contract for the Next Generation Handheld Targeting System (NGHTS) from the United States Marine Corps in February 2023. The NGHTS is a portable targeting system designed for high-precision targeting in GPS-challenged locations.
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The optronics segment to maintain its leadership status throughout the forecast period
By vertical, the optronics segment held the highest market share in 2022, accounting for more than one-third of the global defense electronics market revenue and is estimated to maintain its leadership status throughout the forecast period.
The optronics segment’s share is expected to be boosted by the increase in demand for accurate and durable hardware and software for unmanned platforms. The rise in efforts to develop indigenous optronics by developing nations in Asia Pacific region to support the segment demand.
The airborne segment to maintain its leadership status throughout the forecast period
By platform, the airborne segment held the highest market share in 2022, accounting for nearly half of the global defense electronics market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 6.29% from 2023 to 2032, the integration of artificial intelligence (AI) technologies to enhance autonomous capabilities, enable intelligent decision-making, improve target recognition and tracking, and enhance situational awareness in complex environments is contributing to the market growth.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global defense electronics market revenue and is likely to dominate the market during the forecast period. The booming defense industries in the Asia-Pacific region have fuelled the demand for defense electronics. Asia-Pacific is expected to witness highest growth in forecast period owing to increase in aviation demand in the emerging markets of India and China. However, the same region is expected to witness the fastest CAGR of 6.91% from 2023 to 2032.
Key Report Highlights:
The global defense electronics market is thoroughly examined across over 5 countries, featuring a detailed country-wise breakdown of values ($ million) for the forecast period 2022 to 2032.
The research employs a blend of high-quality data, expert opinions, and independent analyses, striving for a comprehensive view of the global market.
A meticulous methodology guides stakeholders in making informed decisions for ambitious growth, with over 3,700 product catalogs, annual reports, and industry resources from prominent players aiding a nuanced market understanding.
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Leading Market Players: –
Lockhead Martin Corporation
North Grumman Corporation
Raytheon Technologies Corporation
Thales Group
BAE Systems
Aselsan AS
Curtis Wright Corporation
L3 Harris Technologies
Boeing
Teledyne Defense Electronics
The report provides a detailed analysis of these key players in the global defense electronics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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