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With 5.6% CAGR, Defense Electronics Market Growth to Surpass USD 289.0 billion
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Based on vertical, the C4ISR segment is expected to lead the defense electronics market in 2023. The growth of this segment can be attributed to the increasing need for enhanced integrated situational awareness to improve decision making capabilities and modernization of defense capabilities to address asymmetric warfare threats.
Based on Platform, the Marine segment is expected to have the largest growth in defense electronics market in 2023. The growth of this segment is due to the increased need to upgrade the marine ships with new components.
Based on region, the North America region is estimated to lead the market in 2023. This region includes US and Canada. The increasing investments in the defense electronics market and the existence of top companies in this region is driving this segment.
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Major players operating in the Defense electronics market include Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), and BAE Systems plc (UK). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America and Europe. These companies have products with wider applications, a larger product footprint, significant market share and, broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.
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