Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Defense Electronics Obsolescence Market by System (Communication System; Navigation System; Human Machine Interface; Flight Control System; Targeting System; Electronic Warfare System; and Sensors), Type & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global defense electronics obsolescence market size is projected to grow from USD 2.5 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 8.2% from 2023 to 2028. Raytheon Technologies Corporation (US), BAE Systems (UK), L3Harris Technologies, Inc. (US), Thales (US) and Elbit Systems Ltd. (Israel) are some of the leading players operating in the Defense electronics obsolescence market.
The study covers the defense electronics obsolescence market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on system, platform, type and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their solutions and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
The defense sector is uniquely positioned at the intersection of innovation and necessity, where the rapid pace of technological advancements serves as both a catalyst for growth and a challenge for lifecycle management. In an era defined by breakthroughs in artificial intelligence, quantum computing, and cyber capabilities, defense electronics systems are under constant pressure to evolve. This relentless progression not only pushes the boundaries of what's possible in warfare and defense strategies but also mandates a rigorous update and replacement cycle for existing systems to prevent obsolescence.
North America takes the lead in this market because of its significant defense spending, innovative technology, and strong industrial foundation. North American corporations are at the forefront of creating sophisticated obsolescence management techniques that are suited to the distinct needs of different platforms, with a particular emphasis on land, naval, and aerial systems.
Companies in the North American area foster innovation in obsolescence management, enabling military forces to preserve technological superiority and operational preparedness. They do this by strategically investing in research, development, and collaboration. North America, which leads the defense electronics obsolescence industry, is essential to maintaining stability in an increasingly complex geopolitical environment and defending national security interests.
The communication segment to account for highest growth in the defense electronics obsolescence market during the forecast period.
The market for defense electronics obsolescence has been divided into six segments: sensors, flight control, electronic warfare, human-machine interface, communication systems, and navigation systems. Rapid technological advancements can lead to the quick obsolescence of communication protocols and standards, necessitating frequent upgrades and equipment replacements to guarantee compatibility and performance. The communication techniques grow increasingly antiquated as a result.
The airborne segment to account for largest market share in the defense electronics obsolescence market during the forecast period.
Based on platform, the defense electronics obsolescence market has been segmented into Land, Naval, and Airborne. The Airborne platform will have the largest market share in the market as military aircrafts uses complex electronics like Radars, Communication system, Helmet-Mounted Displays (HMDs), palletized loading systems (PLS) and aerial delivery systems which have high risk of getting obsolete resulting in airborne segment to dominate the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.5 Billion |
| Forecasted Market Value (USD) by 2028 | $3.7 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Premium Insights
- Mismatch Between Lifespan of Military Platforms and Their Components to Drive Market
- Targeting Segment to Lead Market During Forecast Period
- Airborne Segment Held Largest Market Share in 2023
Use Case Analysis
- Use Case 1: Early Warning and Control System Upgrade by Indian Air Force for Enhanced Detection Capabilities
- Use Case 2: Military Communications System Upgrade by US Defense Forces for Improved Security and Reliability
Market Dynamics
Drivers
- Rapid Technological Advancements Leading to Challenges in Lifecycle Management
- Stringent Regulatory Requirements and Standards
- Potential Supply Chain Disruptions
- Evolving Threat Landscape
Restraints
- High Cost of System Upgrades and Replacements
- Intellectual Property Barriers in Defense Electronics Upgrades
Opportunities
- Strategic Adaptation Through Remanufacturing and Reverse Engineering
- Adoption of Modular Designs to Future-Proof Defense Electronics
Challenges
- Synchronizing System Upgrades and Operational Readiness in Defense Forces
Industry Trends
- Technology Trends
- Advanced Component Obsolescence Management Tools
- Modular Open Systems Approach
- Digital Twins
- Additive Manufacturing
- Blockchain
- Impact of Megatrends
- Managing Accelerated Component Obsolescence
- Supply Chain Analysis
- Innovations and Patent Registrations
- Total Cost of Ownership
- Technology Roadmap
Company Profiles
Key Players
- Raytheon Technologies Corporation
- Bae Systems
- Thales
- L3Harris Technologies, Inc.
- Elbit Systems Ltd.
- Hexagon Ab
- Leonardo S.P.A.
- Curtiss-Wright Corporation
- Bharat Electronics Ltd
- Ultra Electronics
- Hindustan Aeronautics Ltd
- Lockheed Martin Corporation
- Tt Electronics
- Siemens AG
- Mel Systems and Services Ltd.
Other Players
- Actia
- Larsen & Toubro Limited
- Defence Research & Development Organization (Drdo)
- Cyient Limited
- Radel Advanced Technology Pvt. Ltd.
- All Tech Electronics
- Converge
- Einfochips
- A2 Global Electronics + Solutions
- Fermionx
For more information about this report visit https://www.researchandmarkets.com/r/ox21jt
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