Electronic Warfare Market Prognosticated To Escalate With a Staggering CAGR 4.03%

April, 2023 Market Research Future research report on Electronic Warfare Market Electronic Warfare Market – Overview

Electronic Warfare Market Size was valued at USD 15.5 billion in 2022. The Electronic Warfare Market industry is projected to grow from USD 16.12 Billion in 2023 to USD 20.43 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.03% during the forecast period (2023 - 2030).

The global electronic warfare market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of electronic warfare will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2030, which will be a surplus growth at a moderate CAGR during the projected period.  

The high demand for electronic warfare’s is due to the growth in the military services. Many new electronic warfare centres have been setup in numerous countries in recent years. This increases the participation of regional companies in the field of electronic warfare market. Moreover, the growing demand for electronic warfare equipment’s that satisfy the demand for intelligence, surveillance and reconnaissance capabilities. Thus, the electronic warfare system is an integral part of military systems. Electronic system integrated with patrol vessels are estimated to gain higher popularity during the forecast period. The growing initiatives towards track of hostile movement enhance the growth of the electronic warfare market. However, the challenges in adoption of new technology and issues with emitter classification acts as a barrier for the growth of electronic warfare market.

The electronic warfare market is completely dependent on the technology upgradation in defense capabilities. Thus, the increasing or decreasing demand of the technology upgradation directly has an impact on the market. Moreover, factor responsible for the growth of electronic warfare market are transnational disputes & wars, the emergence of cognitive electronic warfare technology, growth in system reliability & efficiency due to the introduction of traveling-wave tube based solutions. This is the primary factor that drives the growth of the electronic warfare market and has gained prevalence in the recent times, with usage of best in class technologies in aircraft. Thus, the growth of the electronic warfare market is expected to go hand in hand with the growth of investment in military.

The expansion of the military aircraft fleets, which has resulted in the development of a set of electronic warfare market. The increase focus of manufacturers on electronic warfare will lead to an increase in use of military aircraft, due to which there will be growth in electronic warfare market. The expansion of the existing military aircraft fleets along with the launch of new airlines, would result in increased electronic warfare the forthcoming years. Hence, it is expected that the rapid fleet expansion would eventually drive the electronic warfare market. Moreover, growth in electronic warfare in unmanned aerial vehicles and demand for counter radio-controlled improvised explosive device electronic warfare systems, will drives the growth of electronic warfare market.

Electronic warfare is gaining acceptance as technology upgradation are gaining popularity in the military field. This enables faster response to crisis situations and adaptation to the dynamic technological advances in the industry. Such cut throat competition in the military systems requires massive investments at a regular basis, thus the high capital investment in the electronic warfare market is expected to act as a hurdle in the growth of the market.

Industry/ Innovation/ Related News:

February, 2018 – The U.S. navy had selected BAE systems to provide equipment and support services for Space and Naval Warfare Systems Center Atlantic (SPAWAR).

June, 2017 – General Dynamics European Land Systems (GDELS) awarded a supply contract for Danish army’s new 4x4 armoured patrol vehicle program (APV). The contract has options for further variants including Electronic Warfare, Support and Reconnaissance.

 Electronic Warfare Market – Segmentation

The global electronic warfare market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Category Type     : Comprises Electronic Support, Electronic Attack and Electronic Protection

Segmentation by Platform                : Comprises Airborne, Naval, Land, Unmanned

Segmentation by Regions                 : Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East & Africa and South America.

Electronic Warfare Market Regional Analysis

North America market is dominating the market of electronic warfare market due to high adoption rate of new technology and defense capabilities. The market in the developed countries is largely driven by growing demand for military services, which helps in growth of electronic warfare market.

Asia Pacific is referred to as the second-largest electronic warfare’s market due to factors such as increased investment in the defense sector have fuelled the demand for electronic warfare market.