Electronic Warfare Market Set to Grow at a CAGR of 4.2% from 2020 to 2025
Posted by Sandeep Roy on February 16th, 2022
The Electronic Warfare Market size is projected to grow from USD 17.0 billion in 2020 to USD 20.9 billion by 2025, at a CAGR of 4.2% from 2020 to 2025. Significant technological advancements and integration of electronics in military equipment are resulting in a shift towards multilayered defense systems, which is expected to drive the electronic warfare market during the forecast period. Adding to these factors, the increase in the use of UAV systems and the need for ground surveillance and communication jamming serve as opportunities for the electronic warfare market.
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COVID-19 Impact on the Electronic warfare Market
Electronic warfare is now among the crucial requirements of the defense and intelligence agencies across countries. Hence, military and intelligence agencies are the key end users, showcasing greater demand for electronic warfare equipment. Some industry experts have noted that the COVID-19 pandemic has not affected the demand for electronic warfare, especially for military end use. Companies such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Elbit Systems Ltd. (Israel), and L3Harris Technologies (US) received contracts for the supply of electronic warfare to the armed forces of various nations in the first half of 2020, showcasing continuous demand during the COVID-19 crisis.
Based on capability, the support segment of the electronic warfare market is projected to witness the highest CAGR during the forecast period
In terms of capability, the market is segregated into electronic warfare support, protection, and attack. The electronic support segment is projected to grow at the highest CAGR during the forecast period. Intelligence, surveillance & reconnaissance (ISR) has improved the situational awareness capabilities of militaries and subsequently enhanced their decision-making process. The increased focus on situational awareness capabilities from defence sector is expected to support the growth of electronic warfare support segment in the upcoming years.
Electronic warfare equipment sub segment of the electronic warfare market by product is projected to witness the highest CAGR owing to increasing focus on defence equipment upgradation across the globe
Based on product, the electronic warfare market has been segmented into electronic warfare equipment and electronic warfare operational support. The electronic warfare equipment segment is expected to grow at a higher CAGR owing to the increasing procurement of electronic warfare equipment for the ugaradation of various platforms such as naval vessel, land vehicle and aircraft due to benefits such as advance electronic protection, electronic attack and electronic support applications.
The North America market is projected to contribute the largest share from 2020 to 2025 in the electronic warfare market
The US and Canada are key countries considered for market analysis in the North American region. This region is expected to lead the market from 2020 to 2025, owing to increased investments in electronic warfare technologies by countries in this region. Defense forces of countries in the North American region are involved in the development of technologically advanced EW systems. Well-established and prominent manufacturers of electronic warfare systems in this region include Lockheed Martin (US), Northrop Grumman (US), L3Harris Technologies, Inc. (US), and Raytheon (US).
The North America US is recognized as one of the key manufacturers, exporters, and users of EW systems worldwide and is known to have the strongest EW capabilities. Key manufacturers of EW systems in the US include Lockheed Martin, Northrop Grumman, L3Harris Technologies, Inc., and Raytheon. The new defense strategy of the US indicates an increase in EW spending to include advanced capabilities in existing defense systems of the US Army to counter incoming threats.
Key Market Players
The electronic warfare market is dominated by a few globally established players such as BAE Systems Plc. (UK), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Group (US), L3Harris Technologies, Inc. (US), Israel Aerospace Industries (Israel), and SAAB AB (Sweden), among others, are the key manufacturers that secured electronic warfare contracts in the last few years. Major focus was given to the development of new products due to the changing requirements of armed forces across the world.
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About the AuthorSandeep Roy
Joined: August 7th, 2019
Articles Posted: 273
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