The Global Electronic Warfare Market size is forecasted to attain USD 26,260 Million by 2026, from USD 21,880 Million in 2019, at a CAGR of 2.6% during the projection period 2021-2026.
Major factors driving the growth of electronic warfare market size are:
- Increasing conflicts and disputes among countries to fuel growth.
- Significant technological advancements and integration of electronics in military equipment
- Rising adoption of electronic warfare in UAV platforms to boost growth.
TRENDS INFLUENCING THE ELECTRONIC WARFARE MARKET SIZE
Increasing procurement of electronic warfare systems due to growing transnational and regional instability is expected to drive electronic warfare market size growth.
The growing frequency of bilateral militarized conflicts between countries is increasing rapidly, leading to the need for countries’ defence forces to improve their security measures. The introduction of digital battlefields has propelled all defence systems used during combat missions to integrate electronic warfare technology.
The development of new-generation air and missile defence systems is expected to fuel the growth of the electronic warfare market size.
The development of new-generation missiles with high-end technologies is a major threat to strategic locations and platforms such as military airbases and ships.
Some of these latest technologies include ballistic missiles and high-speed cruise missiles that are nuclear-capable. These advances have contributed to the need for electronic warfare systems for new-generation high-speed air defence. Governments around the world are concentrating on developing stealth aircraft but are also investing extensively in sophisticated surveillance systems to fight stealth technology at the same time.
Furthermore, the increase in popularity of small electronic systems that can be integrated into platforms such as patrol vessels and Unmanned Aerial Vehicles (UAVs) is also expected to increase the growth of the electronic warfare market size.
However, due to the complexity of electronic warfare systems, achieving the anticipated performance standards for the next-generation electronic warfare systems is a daunting challenge. Such systems require complex architectures to operate in signal environments of high magnitude. Modifying and programming these systems is one of the main challenges faced by manufacturers of electronic warfare systems.
The electronic warfare equipment segment is expected to witness the highest growth during the forecast period based on product.
This rapid growth is attributed to the increasing procurement of electronic warfare equipment in military ships and aircraft due to benefits such as advanced electronic protection and electronic support applications.
Based on the region, North America is expected to hold the largest electronics warfare market share during the forecast period.
This dominance of North America is attributed to the increased investments from various private and government entities. The US is regarded as one of the world’s leading manufacturers, exporters, and consumers of EW systems and is considered to have the best EW capabilities.
On the other hand, Asia Pacific is expected to exhibit rapid growth backed by the need to enhance the warfighting capabilities of the defence forces in developing countries, such as India and China.
Key Players:
- Elbit Systems
- Israel Aerospace Industries
- Lockheed Martin
- Boeing
- Saab
- Thales
- Textron
- Bae Systems
- Raytheon
- L3 Technologies and more.
The post Electronic Warfare Market To Be Worth USD 26,260 mn by 2026 at CAGR 2.6% appeared first on ELE Times.
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