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Rising Trends in Defense Electronics Industry: A Thriving Market Poised to Reach $277.45 Billion by 2032 with a Strong CAGR of 5.6% || Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation
Defense Electronics Market
The Business Research Company's Defense Electronics Global Market Report 2023 identifies the increasing defense expenditure is the major driver for the defense electronics market's growth in the forecast period. Defense expenditure, military spending, or defense budget refers to the financial resources a government or nation allocates towards defense and military-related activities. In defense expenditures, a portion of the budget is typically dedicated to defense electronics, like electronic equipment such as air defense radars and communication systems. For instance, in December 2022, according to the Ministry of Defense (MOD) departmental resources 2022, published by the UK government, defense spending for 2021-2022 accounted for $58.39 (£45.930) billion, with an increase of 8.4% compared to $53.85 (£42.365) billion in 2020-2021.
The global defense electronics market is expected to grow from $208.38 billion in 2022 to $222.32 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The defense electronics market is expected to reach $277.45 billion in 2027 at a CAGR of 5.6%.
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Major competitors in the defense electronics market are Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Northrop Grumman Corporation, BAE Systems plc, Safran S.A., Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Textron Inc., Rheinmetall Electronics GmbH, Elbit Systems Ltd., Serco Group plc, Indra Sistemas S.A.
A key trend in the defense electronics market includes offering growing product innovations. Major companies operating in the defense electronics market are developing new technologies to sustain their position in the market. For instance, in March 2022, BAE Systems plc, a UK-based aerospace company, launched Storm EW (Electronic Warfare) Modules for defense electronics, designed to offer specialized, cutting-edge offensive and defensive electronic warfare (EW) mission systems. Storm EW modules leverage a tried-and-true common core architecture to speed up the supply of software-based EW capabilities, giving warfighters the situational awareness, survivability, and electromagnetic capabilities required for challenging missions.
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The defense electronics market is segmented -
1) By Component: Hardware, Software, Services
2) By Equipment Type: C4ISR Systems, Weapon Systems, Electro-Optical and Infrared (EO/IR) Systems, Military Simulators, Radar Systems, Sonar Systems, Avionics, Electronic Warfare, Other Equipment Type
3) By Platform: Airborne, Marine, Land, Space
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the defense electronics market.
The Business Research Company's "Global Defense Electronics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Defense Electronics Market Include:
1. Executive Summary
2. Defense Electronics Market Characteristic
3. Defense Electronics Market Trends And Strategies
4. Defense Electronics Market - Macro Economic Scenario
5. Defense Electronics Market Size And Growth
……………
27. Defense Electronics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Defense Electronics Market
29. Defense Electronics Market Future Outlook And Potential Analysis
30. Appendix
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