Market Research Future (MRFR) has published a cooked research report on the “Global Defense Electronics Market” that contains information from 2018 to 2032. The Defense Electronics market is estimated to register a CAGR of 5.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Defense Electronics market— Bae Systems Plc, Cobham Limited, Curtiss-Wright Corporation, Data Patterns (India) Ltd., Elbit Systems Ltd., General Dynamics Corporation, Hensoldt, Honeywell International Inc., Indra Sistemas, SA, Israel Aerospace Industries (lai), L&T Defense, L3Harris Technologies, Inc., Leonardo Spa, Lig Nex1, Lockheed Martin Corporation, Mag Aerospace, Mercury Systems, Inc., Mistral Solutions Pvt. Ltd., Northrop Grumman Corporation, Radioelectronics Technologies Jsc, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Rheinmetall AG, Saab AB, Safran SA, Smai Advanced Electronics, Sierra Nevada Corporation.
The global Defense Electronics market is accounted to register a CAGR of 5.50% during the forecast period. It is estimated to reach USD 262.13 billion by 2032.
The growing adoption of integrated defense electronics technologies is a major driver for the expansion of the defense electronics market with advanced technology, the Latest weapon systems, and improvement in existing weapon systems. The lack of proper communication technology during the execution of critical defense missions is the restraining factor for the market expansion. The rising cyber-attacks on business secrets and defense-related data are the key challenge for the market‘s growth. Additionally, the rising need for AI and IoT devices in military operations is expected to spur the use of Defense Electronics, which is anticipated to promote the growth of the global Defense Electronics market.
The global Defense Electronics market has been segmented based on vertical and platforms.
On the basis of vertical, the market is segmented into navigation, communication, and display, C4ISR, electronic warfare, radars, and optronics. The navigation segment was attributed to holding the largest market share in 2022 because of the systems and technology used in defence operations for precision localization, navigation, and guiding. A variety of techniques and tools have been created in this field to provide accurate navigation on difficult terrain.
Based on platforms, the global Defense Electronics market has been segmented into airborne, marine, land, and space. The airborne segment was expected to hold the largest market share in 2022 due to the technologies and systems used in airplanes and aircraft platforms. The desire for cutting-edge avionics is a key factor in the expansion of the airborne segment.
The global Defense Electronics market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The European Defense Electronics market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Defense Electronics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Defense Electronics market comprises the Middle East, Africa, and Latin America.
The largest market share for Defense Electronics was maintained by the North American regional sector. This increase is attributed to protecting national security interests and maintaining military dominance. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The growing defense spending, significant technology providers and major production companies all have an impact on the US market.
Moreover, the European market has been persistently growing over the forecast period. The demand for Defense Electronics is driven by rising investment in defense equipment and technology.
Additionally, due to investing in the development of advanced technology and the procurement of new platforms, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from a growing emphasis on the latest technologies and improvements in weapon systems.
Furthermore, the rest of the world's Defense Electronics market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising demand for the latest technology equipment and research and development. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study