Press release
Defense Electronics Market Report 2024-2033: Global Outlook, Growing Demand, Rising Trends And Major Players
Defense Electronics Market Report
Defense Electronics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $294.91 billion In 2028 At A CAGR Of 5.6%.
The defense electronics market size has grown strongly in recent years. It will grow from $222.32 billion in 2023 to $236.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global military threats, modernization programs, cybersecurity concerns, counterterrorism operations, emergence of asymmetric threats.
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.
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Defense Electronics Market Major 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 Driver - 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.
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Prominent Trend - 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.
Defense Electronics Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the defense electronics market in 2023. The regions covered in the defense electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Defense Electronics Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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