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Electronic Warfare Systems Market - Exploration Trends, Analysis, Growth Prospects And Forecast 2033
Electronic Warfare Systems Market
According to The Business Research Company's, The electronic warfare systems market size has grown strongly in recent years. It will grow from $17.09 billion in 2023 to $18.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to military modernization efforts, geopolitical tensions, increased defense budgets, evolving threat landscape, and proliferation of electronic warfare capabilities.
The electronic warfare systems market size is expected to see strong growth in the next few years. It will grow to $22.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to growing demand for spectrum dominance, expansion of cyber warfare capabilities, emphasis on network-centric warfare, focus on counter-unmanned aircraft system (UAS) capabilities, demand for electronic warfare training and simulation. Major trends in the forecast period include adoption of cognitive electronic warfare systems, emphasis on electronic warfare resilience and survivability, development of multifunctional and software-defined systems, rise of cognitive electronic attack techniques, focus on spectrum management and electronic spectrum superiority.
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Market Drivers and Trends:
The territorial disputes and geopolitical instability is expected to propel the growth of the electronic warfare systems market going forward. Territorial disputes involve disagreements between two or more states over the control or ownership of a specific geographical area, while geopolitical instability refers to the unpredictable and volatile conditions within and between nations, often resulting from shifts in power dynamics, regional conflicts, or geopolitical rivalries. Electronic warfare systems in territorial disputes and geopolitical instability provide capabilities that can influence battlespace information, control the electromagnetic spectrum, and deny adversaries access to certain areas or airspace. For instance, in February 2024, according to the Institute for Economics and Peace (IEP), an Australia-based independent and non-partisan organization, conflict-related deaths rose by 45% in the year before Russia invaded Ukraine, with over 100,000 total deaths being recorded in 2021, while the total number of drone attacks increased by 40.8% in 2022. Therefore, the territorial disputes and geopolitical instability is driving the growth of the electronic warfare systems market.
Major companies operating in the electronic warfare systems market are increasing their focus on developing technologically advanced solutions, such as the airborne self-protection EW suite, to advance warfare components and provide better combat offerings. It is a set of electronic countermeasure systems designed to protect aircraft from various threats, including radar-guided and infrared-guided missiles and other hostile electronic emissions. For instance, in June 2023, Elbit Systems Ltd., an Israel-based defense contractor and military technology company, unveiled a new and unique electronic warfare (EW) capability integrated into their proven Airborne self-protection EW suite at the Paris airshow. This new capability, provided through digital radar warning receivers (RWR), enables drone detection, identification, and the location of personal location beacons (PLB) for ground forces and pilots. The EW suite, operational on numerous rotary-wing and fixed-wing aircraft, includes various components such as an EW controller, IR missile warning system (MWS), laser warning systems (LWS), and countermeasure dispenser system (CMDS) to enhance platform protection and aircrew survivability against advanced threats.
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Major Key Players of the Market:
Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, General Electric Company, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems PLC, Thales Group, L3Harris Technologies Inc, Textron Inc, Leonardo S.p.A, Rheinmetall AG, CACI International Inc, Elbit Systems Ltd, Israel Aerospace Industries, SAAB AB, General Atomics, Viasat Inc, Leonardo DRS, Curtiss-Wright Corporation, Cobham PLC, ASELSAN AS, Hensoldt Group, QinetiQ Group, Exelis Inc, Mercury Systems Inc, Ultra Electronics Holdings plc, Kratos Defense & Security Solutions, Aeroflex Inc, Chemring Group plc
Electronic Warfare Systems Market 2024 Key Insights:
• The electronic warfare systems market size is expected to see strong growth in the next few years. It will grow to $22.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Electronic Warfare Systems Market Growth Amidst Global Instability
• Focus On Advanced Solutions In Electronic Warfare Systems Market
• North America was the largest region in the electronic warfare systems market in 2023
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