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Electronic Warfare Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Electronic Warfare Market Trends
As per the report, the electronic warfare market size has grown steadily in recent years. It will grow from $28.46 billion in 2023 to $29.85 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The electronic warfare market size is expected to see strong growth in the next few years. It will grow to $36.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
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Surge In Military Expenditure Fuels Electronic Warfare Market Growth
The increasing military expenditure is expected to propel the growth of the electronic warfare market going forward. Military expenditure, often referred to as defense spending or defense budget, is the total amount of financial resources that a country allocates for its military and defense-related purposes. Electronic warfare capabilities contribute to military expenditure by improving the efficiency and effectiveness of defense operations, reducing costs, and safeguarding military assets and personnel. For instance, in April 2023, according to SIPRI (Stockholm International Peace Research Institute), a Sweden-based international organization, in 2022, the total amount spent on military spending worldwide climbed by 3.7% in real terms, hitting a record $2240 billion. China's military budget also increased for the 26th year in a row. Therefore, the increasing military expenditure drives the growth of the electronic warfare market .
Elbit Systems Launches Cutting-Edge Electronic Warfare Counter-Drone System
Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers Major companies operating in the electronic warfare market are focusing on innovative products such as electronic warfare counter-drone system to drive revenues in their market. Electronic warfare counter-drone system is a specialized technology designed to detect, track, and neutralize or mitigate the threats posed by unauthorized or hostile drones by utilizing electronic warfare techniques and technologies to protect against drone-related security risks. For instance, in June 2023, Elbit Systems Ltd, an Israel-based defense technology company launched electronic warfare counter-drone system. Electronic warfare counter-drone system is equipped with digital Radar Warning Receivers (RWR) and is intended to fight drone threats. The technology can locate ground forces' and pilots' personal location beacons (PLBs) and detect and identify drones. The radar warning receiver digital receivers can be equipped with additional processing power to provide the capability of identifying and categorizing drones as a threat. In order to address one of the growing hazards that confront both military and commercial aircraft nowadays, this new radar warning receiver technology locates drones and categorizes them as a threat .
The electronic warfare market market covered in this report is segmented -
1) By Products: EW Equipment, Electronic Warfare Operational Support (EWOS)
2) By Capability: Electronic Protection, Electronic Support, Electronic Attack
3) By Platform: Land, Naval, Airborne, Space
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Major companies operating in the electronic warfare market market report are Lockheed Martin Corporation, BAE Systems PLC, Saab AB, RTX Corporation, Thales Group, General Dynamics Corporation, L3Harris Technologies Inc., Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Leonardo SPA, Teledyne Technologies Inc., Elbit Systems Ltd., The Boeing Company, Textron Inc., ASELSAN AS, Hensoldt AG, Cobham Plc, The Boeing Company, Harris Corporation, Cohort plc, Mercury Systems Inc., Chemring Group PLC, Ultra Electronics Holdings plc, Kratos Defense & Security Solutions Inc., Elettronica S. p. A., Rohde & Schwarz GmbH & Co. KG, Terma A/S, Indra Sistemas SA, RADA Electronic Industries Ltd., QinetiQ Group PLC, SRC Inc.
Contents of the report:
1. Executive Summary
2. Electronic Warfare Market Market Report Structure
3. Electronic Warfare Market Market Trends And Strategies
4. Electronic Warfare Market Market - Macro Economic Scenario
5. Electronic Warfare Market Market Size And Growth
…..
27. Electronic Warfare Market Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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