New York, USA, May 19, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global software defined radio market accounted for $11,750.6 million in 2019 and is forecasted to garner a revenue of $16,455.8 million by 2027, at a CAGR of 4.4% during 2020-2027. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
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COVID-19 Impact on Global Software Defined Radio Market:
The novel COVID-19 has had a negative impact on the growth of the global software defined radio market in 2020. The COVID-19 has had an effect on industries such as commercial aviation, shipping, and others. Since software defined radios are used in commercial aviation and maritime communication in radio communications, the decrease in travel has resulted in a decrease in the use of software defined radios. However, multiple major companies are taking strategic measures to rebound from the tumultuous situation of the COVID-19. For example, BAE Systems, a British defense technology firm, launched "Geospatial exploitation products" (GXP) software in 2020. It provides an effective channel of contact for all frontline forces such as homeland security, healthcare, police, and others to integrate data in order to respond to the COVID-19 pandemic. The software-defined radio is often used for better coordination during emergencies such as the COVID-19 pandemic. In the midst of the COVID-19 crisis, such support initiatives and company innovations are anticipated to generate significant investment opportunities in the global software defined radio market in the analysis period.
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Market Dynamics
The global software defined radio market is expected to expand significantly, owing to increased demand for safe and reliable transmission of sensitive information by the world's armed forces. Furthermore, the military spending on advanced communication systems around the world is expected to boost the growth of the software-defined radio market in the analysis period.
Software defined radios are mostly used in tactical communication, such as encrypted communication, for protection purposes. The risk of a security breach during software defined radio installation or monitoring may have unintended implications for the organization using the software defined radio. These factors can hamper the growth of the market during the analysis period.
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The report has segmented the market based on frequency band, component, platform, end user, and regional analysis.
High-frequency Range Sub-segment is Projected to a Generate the Maximum Revenue
In the frequency segment, high-frequency range sub-segment was valued at $5,618.8 million in 2019, and further it is estimated to produce a revenue of $7,785.5 million and surge at a CAGR of 4.2% by 2027. The high-frequency range sub segment is expected to expand in response to the growing demand for communication systems among naval forces. The advantages of high frequency waves, such as their ability to transmit data over long distances, are expected to increase their use in naval communication systems and contribute to growth of this sub-segment during the analysis period.
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The Software Sub-segment is Predicted to Hold a Dominant Market Share
In the component segment, the software sub-segment was valued at $2,681.1 million in 2019 and is estimated to produce a revenue of $3,903.0 million and surge at a CAGR of 4.9% by 2027. The growing demand of digitization in diverse industries such as retail, defense, manufacturing, banking, healthcare, government, and telecommunications to perform specific domain related operations is expected to boost the growth of the component sub-segment in the analysis period.
The Land Sub-segment is Predicted to Garner the Maximum Revenue Share
In the platform segment, the land sub-segment was valued at $3,710.1 million in 2019 and is estimated to produce a revenue of $5,276.7 million and surge at a CAGR of 4.6% by 2027. The growing number of cargo and passenger ships for transportation has fueled the growth in vessel traffic services around the world. Vessel traffic control centers are located in various ports around the world and use communication devices such as software defined radio to track the vessels. The increase in demand for vessel services is expected to boost the growth of the platform sub-segment in the analysis period.
The Commercial Sub-segment is Predicted to Witness the Maximum Growth
In the end user sub-segment, the commercial sub-segment was valued at $7,610.7 million in 2019 and is estimated to produce a revenue of $10,165.6 million and surge at a CAGR of 3.8% by 2027. The growth in the sectors such as shipping and aviation, in addition to the increasing industrial utilization of communication systems in industries such as infrastructure, oil & gas, and mining, is expected to boost the growth of the commercial subsegment in the analysis period.
North America Region will be the Most Dominant
The North America software defined radio market reported $3,733.2 million in 2019 and is estimated to garner a revenue of $4,981.2 million and surge at a CAGR of 3.7% by 2027. The market in the region is predicted to grow with a healthy growth rate of 3.7%. The well-established defense industry and participation of countries such as the United States with the highest military expenditure, for example, according to the "Stockholm International Peace Research Institute (SIPRI)," an independent international organization for research into war, armaments, and disarmament, the United States' military expenditure increased to $732.00 billion in 2019.
Key Players and Business Strategies
• Northrop Grumman.
• L3Harris Technologies, INC.
• General Dynamics Corporation
• BAE Systems.
• Thales Group
• Leonardo S.p.A.
• Elbit Systems Ltd.
• Rohde & Schwarz
• Texas Instruments Incorporated.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market. For instance, in February 2021, Bharat Electronics Limited (BEL) and Ministry of Defence (MoD) signed a contract for procurement of Software Defined Radio Tactical (SDR-Tac) worth over ₹1,000 crore. The SDR-Tac, developed and designed by Defence Electronics Applications Laboratory of Defence Research & Development Organisation through a consortium of domestic agencies and industry (Comprising Weapons and Electronics Systems Engineering Establishment, Bharat Electronics Limited, Centre for Artificial Intelligence & Robotics and Indian Navy).
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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