CHICAGO, March 20, 2024 /PRNewswire/ — The defense electronics obsolescence market is projected to grow from USD 2.5 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 8.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market growth can be attributed to the rapid technological advancements in defense electronics. The defense electronics obsolescence market includes major players Raytheon Technologies Corporation (US), BAE Systems (UK), L3Harris Technologies, Inc. (US), Thales (US) and Elbit Systems Ltd. (Israel). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Middle East.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=78573340
Browse in-depth TOC on “Defense Electronics Obsolescence Market”
150 – Tables
60 – Figures
220 – Pages
Defense Electronics Obsolescence Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 2.5 billion |
|
Estimated Value by 2028 |
$ 3.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 8.2% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By System, Type and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Synchronizing System Upgrades and Operational Readiness in Defense Forces |
|
Key Market Opportunities |
Strategic Adaptation through Remanufacturing and Reverse Engineering |
|
Key Market Drivers |
Adhering to Stringent Regulatory Requirements and Standards |
Based on system, the communication segment is projected to grow at the highest CAGR during the forecast period.
The defense electronics obsolescence market has been classified into communication system; navigation system; human machine interface; flight control system; targeting system; electronic warfare system; and Sensors. The swift progression of technology frequently results in the rapid obsolescence of communication protocols and standards, requiring regular equipment replacements and updates to ensure compatibility and functionality. As a result, the communication methods become more outdated.
Based on platform, the Airborne platform will dominate the market during forecast period.
The defense electronics obsolescence industry has been segmented into Land, Naval, and Airborne. Due to the high risk of obsolescence associated with the complex electronics used by military aircraft, such as radars, communication systems, helmet-mounted displays (HMDs), palletized loading systems (PLS), and aerial delivery systems, the airborne segment is expected to dominate the market.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=78573340
The North America region is projected to be a high growth potential market during the forecast period.
The defense electronics obsolescence market is poised for significant growth, with North America projected to emerge as the region with the highest potential for expansion. As technological advancements continue to drive rapid obsolescence within defense systems, North American companies stand at the forefront of addressing these challenges, leveraging their strong industrial base, innovation ecosystem, and strategic partnerships.
The major players in defense electronics obsolescence companies include Raytheon Technologies Corporation (US), BAE Systems (UK), L3Harris Technologies, Inc. (US), Thales (US) and Elbit Systems Ltd. (Israel).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=78573340
Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting
Related Reports:
Military Transmit and Receive Module Market by Type (Gallium Nitride, Gallium Arsenide), Application, Frequency (Single-Band and Multi-Band), Communication Medium (Optical, RF and Hybrid), Platform and Region – Global Forecast to 2028
Anti-aircraft Warfare Market by Capability (Support, Protection and Attack), System (Weapon System, Radar System, Electronic Warfare System, Command and Control System), Platform (Land, Naval and Airborne), Range & Region – Forecast to 2028
Military Communications Market Size, Share, Industry, Statistics & Growth Analysis Report by Platform (Land, Naval, Airborne, Unmanned Vehicles), Application, System, Point of Sale (New Installation, Upgrade), and Region (North America, Europe, Asia Pacific, Rest of the World) – Global Growth Driver and Forecast to 2028
Defense Electronics Market Size, Share & Industry Growth Analysis Report by Vertical (Navigation, Communication, and Display (Avionics, Vetronics, Integrated Bridge Systems), C4ISR, Electronic Warfare, Radars, Optronics), Platform (Airborne, Marine, Land, Space) and Region – Global Growth Driver and Industry Forecast to 2028
Military Electro-Optics/Infrared (EO/IR) Systems Market by Platform, Product Type, Component, Cooling Technology Sensor Technology, Imaging Technology (Hyperspectral, Multispectral), point of sale and Region – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/defense-electronics-obsolescence-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/defense-electronics-obsolescence.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
