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Defense Electronics Market Global Opportunities, Analysis, Industry Demand And Forecast 2024-2033
Defense Electronics Market
The defense electronics market size is expected to see strong growth in the next few years. It will grow to $294.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to emerging technologies integration, focus on cyber resilience, unmanned systems and autonomous technologies, interconnected battlefield, shift towards electromagnetic spectrum operations. Major trends in the forecast period include development of next-generation radar systems, use of gallium nitride (gan) technology, rise in unmanned systems electronics, deployment of cognitive electronic warfare systems, focus on miniaturization and swap optimization.
Market Overview -
Defense electronics refers to electronic systems and parts created for technological dominance in national defense. Defense Electronics are designed with the highest level of technical sophistication to supply the most recent technologies for the country's protection. These advanced systems have many military applications and can be utilized in various environments, including space, land, and the sea.
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Rising Defense Expenditures Fueling Growth In The Defense Electronics Market
The increasing defense expenditure is expected to propel the growth of the defense electronics market going forward. 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. Therefore, increasing defense expenditures are driving the growth of the defense electronics market.
Competitive Landscape -
Major companies operating in the defense electronics market report 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., Saab AB, Airbus Defence & Space GmbH, Rafael Advanced Defense Systems Ltd., Bharat Electronics Limited, Hensoldt AG, LIG Nex1 Co. Ltd., Ultra Electronics Holdings plc, Kratos Defense & Security Solutions Inc.,Terma A/S, Tata Advanced Systems, Samsung Techwin Co. Ltd., Data Patterns Ltd., Rockwell Collins Inc.
Bae Systems Unveils Storm Ew Modules To Revolutionize Defense Electronics
Product innovations are a key trend gaining popularity in the defense electronics market. 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. Storm EW Modules' scalable design offers a reliable hardware foundation that can be modified and integrated into various airborne platforms, including fixed- and rotary-wing aircraft, unmanned aerial vehicles, and guided missiles.
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Key Segments -
The defense electronics market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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