New York, United States, July 24, 2023 (GLOBE NEWSWIRE) -- The Global Defense Electronics Market Size is to grow from USD 223.7 Billion in 2022 to USD 379.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.4% during the projected period. The growing reliance on information and communication technology security reveals the vulnerability of cyber threats. As a result, cybersecurity measures and sophisticated electronic systems are required to protect critical systems and sensitive data.
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Electronic devices and special systems designed for a country's defense technology are referred to as defense electronics. Defense electronics provide powerful electrical equipment, high performance, electrical protection, and the ability to extinguish the fire to support the work and reduce the risk of injuries. Factors such as joint force strengthening through investment in defense electronic systems and the growing demand for AI and IoT devices in military operations drive the Defense Electronics Industry. The defense electronics market is being driven by a number of factors, including the increasing adoption of integrated defense electronic technologies and the development of next-generation air and missile defense systems. However, the high initial investment in defense electronics, as well as the high installation and upgrade costs for avionic products, are limiting the overall growth of the market. Export regulations and international trade restrictions apply to defense electronics. These regulations are intended to stifle technological advancement while also ensuring national security. Export regulations can cause issues for companies operating in the global electronic protection market.
Browse key industry insights spread across 200 pages with 125 Market data tables and figures & charts from the report on, "Global Defense Electronics Market Size, Share, and COVID-19 Impact Analysis, By Vertical (Navigation, Communication & Display, C4ISR, Electronic Warfare, Radar, Optronics) By Platform (Airborne, Marine, Land, Space), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Here:
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The navigation segment is expected to grow at the fastest pace in the global defense electronics market during the forecast period.
The global defense electronics market is divided into vertical segments such as navigation, communication and display, C4ISR, electronic warfare, radar, and optronics. The navigation segment, in particular, is expected to grow at the fastest rate in the global defense electronics market during the forecast period. The demand for precise and long-lasting navigation hardware and software for unmanned platforms will boost the navigation segment's share.
The airborne segment accounted for the largest share of the global defense electronics market in 2022.
The global defense electronics market is classified as airborne, marine, land, and space based on the platform. The airborne segment held the largest share of the global defense electronics market in 2022. Airborne systems and technologies are those that are specifically designed for use in aircraft and aircraft platforms. Flight control, instructions in the cockpit, communications, navigation systems, and surveillance are all included. The demand for advanced avionics is a major driver of growth in the airborne segment.
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North America is anticipated to hold the largest share of the global defense electronics market over the predicted timeframe.
North America is expected to have the largest share of the global defense electronics market in the coming years. The United States has the world's largest military budget, spending approximately USD 715 billion in 2022, according to the Department of Defense. The country invests heavily in improving defense capabilities in order to maintain military dominance and protect national security interests.
During the forecast period, Asia Pacific is expected to grow at the fastest rate in the global defense electronics market. Because this region has invested in the development of modern technologies and the procurement of new platforms, the Asia Pacific region provides significant opportunities for defense electronics manufacturers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Defense Electronics Market include Airbus Defense and Space, Bharat Electronics Limited, Boeing Defense, Space & Security, Elbit Systems Ltd., General Dynamics Corporation, Harris Corporation, Honeywell International Inc., Indra Sistemas, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, BAE Systems plc, and Others.
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Recent Developments
In February 2023, Northrop Grumman Corporation was awarded the initial production and operations contract for the Next Generation Handheld Targeting System (NGHTS) by the United States Marine Corps. The NGHTS is a portable targeting system that can operate in locations without GPS and provides high-precision targeting.
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