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These systems aid in surveillance, detection, and protection from enemy radar signals, radio frequencies, and missile guidance beams. The demand for electronic warfare systems is growing owing to increasing reliance on communication networks on the battlefield and rising geopolitical tensions around the world. Advancements in electronic technology such as software-defined radios and radar warning receivers have made modern warfare systems more network-centric and vulnerable to electronic attacks.
The Global Electronic Warfare Market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, SAAB AB, Thales Group, Mistral Solutions Pvt. Ltd., Chelton Limited, Rafael Advanced Defense Systems Ltd, Rohde & Schwarz India Pvt Ltd, QUEST GLOBAL, Mercury Systems, Inc., IAI, DRDO, TEKTRONIX, INC., and Tata Advanced Systems Limited. These players are focusing on new product launches and collaborations to expand their market share.
The opportunities in the Electronic Warfare Market Size include countering emerging threats from hypersonic missiles, modernizing aging military systems, and demand for offensive and defensive cyber capabilities. The increasing defense budgets of major economies provide significant opportunities for manufacturers. The market players are also exploring opportunities in Asia Pacific and Middle Eastern countries through joint ventures and contracts.
The key drivers for the electronic warfare market include the rising geopolitical tensions between major nations and non-state actors increasing reliance on technology in modern warfare systems. Countries are procuring advanced electronic warfare systems to gain an edge over rivals. Meanwhile, the increasing use of commercial technologies on the battlefield has created more avenues for electronic attacks. This is driving countries to invest heavily in offensive and defensive electronic capabilities.
Some of the key restraints for the electronic warfare industry are the high costs associated with research, development, and procurement of advanced systems. Maintaining technological superiority also requires continuous upgradation, which is an expensive process. Additionally, stringent export control regulations especially from the US and Europe can hamper global sales of certain classified electronic warfare technologies.
Market Drivers:
- Rising Geopolitical Tensions: Increasing conflicts and territorial disputes between nations are compelling military forces to modernize their EW capabilities to gain an edge over rivals.
- Increasing Reliance on Technology in Warfare: Growing integration of network-centric technologies on modern battlefields has increased vulnerabilities to electronic attacks, driving investments in EW.
Market Restrains:
- High Research and Development Costs: Developing cutting-edge EW solutions requires massive investments and a long gestation period due to defense technology complexities.
- Stringent Export Controls: Tough export laws, especially from the US and Europe, restrict global availability of certain classified EW systems.
Segment Analysis
The electronic warfare market is primarily divided into two key segments - electronic support and electronic attack. The electronic support segment accounts for the major market share currently owing to high demand for intelligence, surveillance, and reconnaissance (ISR) platforms that use electronic support systems. This segment is further divided into signals intelligence (SIGINT), electronic intelligence (ELINT), and communications intelligence (COMINT). SIGINT is the dominating sub-segment due to its widespread application in defense, commercial and law enforcement sectors for detecting, analyzing and locating the sources of intentional or unintentional signals.
Global Analysis
Regionally, North America dominated the electronic warfare market in 2021 with over 30% revenue share owing to increased defense budget and presence of key players in the US. However, Asia Pacific region is emerging as the fastest growing regional market due to growing defense budget and territorial conflicts in countries such as India, China and Taiwan. Additionally, modernization of existing electronic warfare capabilities to counter next generation threats is driving demand in this region. Israel is also a key market in the Middle East region with notable investments in electronic warfare technologies due to ongoing geopolitical issues. Development of electronic warfare systems compatible with fifth generation aircraft and unmanned systems holds opportunities for market players across all regions in the forecast period.
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