New York, USA, Jan. 04, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global software defined radio market is expected to garner a revenue of $16,455.8 million and grow at a CAGR of 4.4% throughout the analysis period from 2020 to 2027.
As per our analysts, with the increasing demand for protected and secured transmission of confidential information in the military sector, the software defined radio market is expected to see exponential growth during the estimated period. Besides, the growing military expenditure for advanced communication systems is further predicted to amplify the growth of the market over the forecast timeframe. Moreover, the increasing utilization of software defined radios in the commercial sector is expected to create immense growth opportunities for the market throughout the estimated period. However, the possibility of a security breach in software defined radios may restrict the growth of the market during the analysis timeframe.
Segments of the Market
The report has divided the software defined radio market into segments based on frequency band, component, platform, end-user, and region.
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Frequency Band: High-Frequency Sub-Segment to be Most Productive
The high-frequency sub-segment is predicted to generate a revenue of $7,785.5 million throughout the forecast period. The increasing demand for communication systems in the naval forces is expected to uplift the growth of the market sub-segment over the estimated period.
Component: Transmitter Sub-Segment to be Most Profitable
The transmitter sub-segment is projected to garner a revenue of $4,827.1 million during the analysis period. The rapid growth in the demand for transmitters in industries including automobile communication systems, telecommunication, and others is predicted to augment the growth of the market sub-segment during the forecast timeframe.
Platform: Land Sub-Segment to be Most Beneficial
The land sub-segment is expected to generate a revenue of $5,276.7 million over the estimated timeframe. The rising growth in vessel traffic services worldwide that utilize communication devices such as software defined radio for monitoring of the vessels is predicted to fuel the growth of the software defined radio market sub-segment during the forecast period.
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End-User: Commercial Sub-Segment to be Most Lucrative
The commercial sub-segment is expected to garner a revenue of $10,165.6 million during the analysis timeframe. The increasing growth in the aviation and shipping industry along with the growing industrial utilization of communication systems in industries such as oil & gas and mining, and many others is expected to fortify the growth of the market sub-segment over the estimated timeframe.
Region: North America to Hold the Maximum Share of the Market
The North America region of the software defined radio market is expected to generate a revenue of $4,981.2 million during the forecast timeframe. The strong presence of countries with the highest military expenditure in this region and the existence of a well-established defense industry is expected to drive the regional growth of the market throughout the analysis timeframe.
Covid-19 Impact on the Software Defined Radio Market
The rise of the novel coronavirus has negatively impacted the software defined radio market. The spontaneous spread of the deadly virus and the social distancing norms have hampered industrial production. Moreover, the reduction in travel due to stringent government regulations has declined the utilization of software defined radios in commercial aviation and maritime communication in radio communications. All these factors have decreased the growth of the market during the pandemic period.
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Key Players of the Market
The major players of the software defined radio market include
- Thales Group
- BAE Systems
- Leonardo S.p.A.
- General Dynamics Corporation
- Elbit Systems Ltd.
- L3Harris Technologies INC.
- Rohde & Schwarz
- Northrop Grumman
- Texas Instruments Incorporated
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry- Inquire here to grab full report
For instance, in November 2021, Northrop Grumman Corporation, an American multinational aerospace and defense technology company rewarded for expanding the scope of the work contract that enabled Joint All Domain Command and Control (JADC2) with the expansion of satellite communication (SATCOM)-enabled Freedom Radio. Through this Northrop Grumman provided an open platform and cyber-secure solutions to support a wide range of integrated communications and networking mission functions across various domains.
Further, the report also presents other vital aspects including product portfolio, the financial performance of the key player, SWOT analysis, and the latest strategic development.
More about Software Defined Radio Market:
- All You Need to Know About Software Defined Radio
- Global Software Defined Radio Market to Rise at a CAGR of 4.4% and Surpass $16,455.8 Million by 2027, Owing to Technological Advancements
