New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Electronic Warfare Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Electronic Warfare Market Information by Category, Product, Platform, and Region - Forecast till 2027”, the market is forecasted to reach USD 18,333.4 Million by 2027 at 4.03% CAGR.
Future Market Growth Boosters:
Considerable military expenditure encouraged by the surge in political and territorial conflicts has resulted in a robust demand for highly advanced electronic warfare systems that have superior capabilities. Emergence of cognitive electronic warfare, which is a combination of several modern technologies, such as neural networks and artificial intelligence that facilitate more efficient and faster outcomes with reduced lag between tracking and threat identification should offer numerous opportunities in subsequent years.
Technological advances, innovations in the electronics field, and the escalating adoption of infrared, visual and electro-optic techniques including laser should be favorable for the electronic warfare industry in the next couple of years. Electronic warfare has emerged as a critical aspect for war fighters. Political tensions, territorial friction and cold wars are increasing with time, and this is bound to create favorable avenues for the electronic warfare market. Mounting preference for compact electronic systems that can be easily integrated in platforms like unmanned aerial vehicles and patrol vessels will be one of the most popular trends in the global industry.
Asia Pacific is rife with lucrative opportunities, as the region houses fast developing countries that are focusing on increasing their defense spending. The rising spending is the result of the increase in terrorist activities over the years and the resultant surge in security concerns. China is leading, terms of defense spending and invests generously on research and development activities. Meanwhile, India and South Korea house rapidly expanding electronic sectors, which is also expected to create am optimistic outlook for the electronic warfare market in the forthcoming period.
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Major Players Locking Horns:
Top manufacturers are aggressively seeking ways to establish themselves in Asia Pacific, focusing dominantly on setting up new manufacturing units as the region houses a fast-growing defense sector. With lenient environmental regulations combined with highly favorable business environment, the global players are presented with a host of opportunities, in terms of demand. Leading manufacturers employ competitive strategies such as geographical expansion along with mergers & acquisitions to boost their market positions.
Few Major Companies in the Electronic Warfare Industry are:
- Lockheed Martin Corporation (US)
- Thales Group (France)
- HENSOLDT (Germany)
- BAE Systems (UK)
- Northrop Grumman Corporation (US)
- Boeing (US)
- Leonardo SpA (Italy)
- Raytheon Technologies Corporation (US)
- General Dynamics Corporation (US)
- Saab AB (Sweden)
Market Segmentation:
To provide a highly comprehensive outline of the global electronic warfare market, MRFR experts have profiled a few segments, including category, product and platform.
The categories studied in the MRFR report include electronic protection (EP), electronic attack (EA) and electronic support (ES). Electronic attack category has the potential to grow at the fastest rate of 4.40% over the following years. However, the rising focus on enhancing situational awareness capability in the defence industry should facilitate the growth of the electronic warfare support market during the given period.
Key products considererd in the report are countermeasure system, jammers, directed energy weapon, decoy, 3G antennas, 2G antennas, 5G antennas, 4G antennas, and more. Jammers note significant demand from the defense sector, in view of the surge in unmanned aerial vehicles across restricted areas coupled with the mounting need to curb the use of unauthorized electronic gadgets in large gatherings and exam halls.
Platform-wise, the electronic warfare industry caters to airborne, naval and land-based.
Browse In-depth Market Research Report (169 Pages) on the Electronic Warfare: https://www.marketresearchfuture.com/reports/electronic-warfare-market-1552
Regional Analysis:
The electronic warfare industry has been geographically distributed into Latin America, Asia Pacific/APAC, MEA or Middle East & Africa, North America and Europe.
The highest share in the global market has been secured by North America, with the US and Canada identified as the top contributors to the growth. The region is far ahead of other regions, in terms of defense spending, with most of the budget allocated for procuring advanced electronic warfare systems. Most of the world-renowned manufacturers of EW systems are present in the region, some of which are Northrop Grumman (US), Lockheed Martin (US), Raytheon (US), L3Harris Technologies, Inc. (US), to mention a few. The US stands as a major exporter and consumer of EW systems in the world and is known for its robust warfare capabilities. The latest defense strategy in the United States will ensure a surge in EW system investments to include better capabilities of the existing defense technologies to help the army counter any threat.
The APAC market will clock in the fastest growth rate in the coming years, in view of the dramatic rise in the demand for electronic warfare systems in homeland security agencies and military forces. The constant territorial friction along the India-China and India-Pakistan borders, along with in the Himalayas, the South China Sea and Indian Ocean prompt the militaries of these nations to deploy electronic warfare technologies to be better equipped for any kind of cross-border activities. The players in the region are also fixated on designing electronic warfare systems that have advanced combat capabilities. As a result of all the factors mentioned, MRFR expects the APAC market for electronic warfare to record a growth rate of 5.16% over the ensuing period.
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Latest Updates:
March 2021
L3Harris Technologies has been selected by Lockheed Martin to develop a new and innovative electronic warfare system for protecting the F-16 multirole fighter aircraft against rapidly emerging electronic and radar threats. L3Harris has developed Viper Shield, an electronic warfare system that offers the company with sophisticated countermeasures against evolving threats.
Market Status Post COVID-19 Outbreak
The aerospace & defense industry has felt the blow of the COVID-19 pandemic. The losses faced by the industry and its failed plans to upgrade existing systems due to financial restraints have resulted in significant reduction in the market demand. The strict lockdown has lowered the workforce across the manufacturing units, resulting in reduced production capacity for the vendors in the global market. The novel coronavirus has also thrown challenges at the players in the form of revenue losses, debts, weaker supply chains, to name a few.
Surging cases of SARS-CoV-2 have compelled manufacturers to follow strict safety norms and maintain efficient communication, as employees’ health has become the key focus. There is pressure on the vendors to adopt competitive measures to remain steady in this unstable business scenario.
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