Press release
Electronic Warfare Market Expected to Achieve 7% CAGR by 2029: Growth Forecast Insights
Electronic Warfare
How Large Will the Electronic Warfare Market Size By 2025?
In the past few years, the size of the electronic warfare market has seen a consistent expansion. The market, which is predicted to be at $29.15 billion in 2024, is expected to rise to $30.22 billion in 2025, representing a compound annual growth rate (CAGR) of 3.7%. The escalation during the historic phase can be traced back to the initiation of military modernization schemes, the requirement for spectrum dominance, and the progression of electronic countermeasure systems.
How Big Is the Electronic Warfare Market Size Expected to Grow by 2029?
The market size for electronic warfare is anticipated to witness robust growth in the coming years. The market is projected to swell to $39.58 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.0%. The growth during this projection period can be credited to the increased use of improved electronic support measures, directed energy weaponry, hypersonic threats and EW, alongside space-based EW systems. Significant trends for this forecast period encompass cyber-electronic convergence, the application of quantum technologies within electronic warfare, enhanced electronic support measures, the emergence of next-gen radar technologies, and collaboration with industry partners in electromagnetic maneuver warfare.
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Which Key Market Drivers Powering Electronic Warfare Market Expansion and Growth?
The escalation in military spending is anticipated to stimulate the progression of the electronic warfare market. The funds allocated for defense-related purposes and the military in a nation, often termed as military expenditure or defense budget, is the comprehensive sum of financial resources. Electronic warfare proficiency enhances defense operations' efficacy and efficiency, lessens costs, and safeguards personnel and military resources. For example, in April 2023, SIPRI (Stockholm International Peace Research Institute), an international organization based in Sweden, reported that there was a 3.7% real-term rise in global military expenditure in 2022, reaching an all-time high of $2240 billion. Concurrently, China's defense budget experienced a surge for the 26th consecutive year. As a result, the electronic warfare market's growth is fueled by the augmented military spending.
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Which Fast-Growing Trends Are Poised to Disrupt the Electronic Warfare Market?
The major players in the electronic warfare market are concentrating their efforts on product innovation to offer reliable services to their clientele. They are particularly interested in developing innovative products like the electronic warfare counter-drone system to boost their market earnings. This specialized technology is designed to identify, track, and neutralize or control the risks associated with unauthorized or hostile drones. It leverages various electronic warfare techniques and technologies to safeguard against security threats posed by drones. For instance, in June 2023, Israel-based defense technology firm Elbit Systems Ltd, launched an electronic warfare counter-drone system. This system uses digital Radar Warning Receivers (RWR) and is specifically designed to counter drone threats. Additionally, it has the ability to locate the personal location beacons (PLBs) of ground forces and pilots and can identify and categorize drones. It can also be fitted with added processing power to enhance its drone threat identification and categorization capabilities. This new radar warning receiver technology is designed to detect drones and classify them as threats, addressing one of the most prevalent risks to both military and commercial aircraft today.
What Are the Emerging Segments in the Electronic Warfare Market?
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
Subsegments:
1) By EW Equipment: Jammers, Electronic Support Measures (ESM) Systems, Electronic Attack Systems, Electronic Protection Systems, Countermeasure Systems
2) By Electronic Warfare Operational Support (EWOS): Training And Simulation Services, Mission Planning And Support, Intelligence, Surveillance, And Reconnaissance (ISR) Support, Maintenance And Logistics Support
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Who Are the Global Leaders in the Electronic Warfare Market?
Major companies operating in the electronic warfare market market include 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, 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.
Which are the Top Profitable Regional Markets for the Electronic Warfare Industry?
North America was the largest region in the electronic warfare market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic warfare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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