Press release
Defense Electronics Market Expansion Outlook: $301.53 Billion in 2029
Defense Electronics
What Is the Projected CAGR for the Defense Electronics Market from 2024 to 2025?
There has been a definite surge in the size of the defense electronics market in the last few years. The market, which will inflate from $231.84 billion in 2024 to $244.38 billion in 2025, is predicted to have a compound annual growth rate (CAGR) of 5.4%. The previous growth in this market is linked with worldwide military threats, modernization programs, worries surrounding cybersecurity, operations against terrorism and the rising occurrence of asymmetric threats.
What are the Expected Market Size and CAGR for Defense Electronics by 2029?
In the forthcoming years, the defense electronics market size is projected to witness robust growth. The market will escalate to a worth of $301.53 billion in 2029 with a compound annual growth rate (CAGR) of 5.4%. The anticipated growth during the forecast period can be credited to evolving technology integration, emphasis on cyber resilience, advancements in unmanned systems and autonomous technologies, interconnected warfare arenas, and a shift towards operations on the electromagnetic spectrum. Dominant trends expected during this forecast period involve the progression of next-generation radar systems, the employment of gallium nitride (GaN) technology, the surge in electronics for unmanned systems, the installation of cognitive electronic warfare systems, and focus on miniaturization and swap optimization.
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Which Factors Are Driving the Global Defense Electronics Market Expansion?
The escalation in defense spending is projected to fuel the advancement of the defense electronics market. Defense expenditure, also known as military spending or defense budget, signifies the financial allocation made by a nation or government for defense and military-specific agendas. A part of this budget is usually assigned to defense electronics including, but not limited to, air defense radars and communication devices. For example, in the Ministry of Defense (MOD) departmental resources 2022, issued by the UK government in December 2022, it was noted that defense spending for the years 2021-2022 stood at $58.39 (£45.930) billion. This represented an 8.4% increase as compared to the $53.85 (£42.365) billion spent in 2020-2021. Consequently, the rise in defense expenditures is catalyzing the expansion of the defense electronics market.
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Which Segment Currently Holds the Largest Share of the Defense Electronics Market?
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 Or IR) Systems, Military Simulators, Radar Systems, Sonar Systems, Avionics, Electronic Warfare, Other Equipment Type
3) By Platform: Airborne, Marine, Land, Space
Subsegments:
1) By Hardware: Avionics Systems, Radar Systems, Communication Equipment, Electronic Warfare Systems, Sensors And Imaging Systems
2) By Software: Simulation Software, Command And Control Software, Cybersecurity Software, Maintenance And Support Software, Data Analysis And Processing Software
3) By Services: System Integration Services, Maintenance And Repair Services, Training And Support Services, Consulting Services, Managed Services
Which Major Trends Are Shaping the Future of the Defense Electronics Industry?
The progression towards product innovations is a key trend that is surging in the defense electronics market. Predominant companies in the defense electronics market are creating new technologies to keep up their standing in the market. For example, in March 2022, BAE Systems PLC, a UK-based aerospace company, introduced Storm EW (Electronic Warfare) Modules, which are intended for use in defense electronics. These state-of-the-art modules, both offensive and defensive in nature, utilize a tested common core structure to accelerate the provision of software-based EW capabilities. These provide warfighters with the necessary situational awareness, survivability, and electromagnetic capabilities for demanding tasks. With its adaptable design, the Storm EW Modules serve as a dependable hardware base that can be altered and incorporated into a range of airborne platforms, including fixed- and rotary-wing aircraft, unmanned aerial systems, and guided missiles.
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Which Key Players Dominate the Defense Electronics Industry Globally?
Major companies operating in the defense electronics market include 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.
What Are the Fastest-Growing Regions in the Defense Electronics Market?
North America was the largest region in the defense electronics market in 2024. The regions covered in the defense electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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