New York, United States , July 23, 2024 (GLOBE NEWSWIRE) -- The Global Defense Electronics Obsolescence Market Size Expected to Grow from USD 2.43 Billion in 2023 to USD 5.31 Billion by 2033, at a CAGR of 8.13% during the forecast period 2023-2033.
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Defence electronics obsolescence includes a broad range of tasks, including as modernising obsolete systems with new components and doing reverse engineering. Cooperation between research centres, electronics manufacturers, and defence contractors is also required to address the unique challenges that the defence industry faces. The term "obsolescence" describes the state in which electronic systems, parts, or technologies are no longer sustainably produced, available, or maintained due to advancements in technology, production halts, or a shortage of replacement parts. Many countries are increasing their defence spending to modernise their armed forces and enhance their capabilities because of things like changing geopolitical environments, emerging security challenges, and the need to replace old equipment. This rise in defence spending fuels the quest for state-of-the-art military technologies, especially defence electronics. Defence systems are becoming more and more dependent on sophisticated electronics, which raises the risk of obsolescence and enhances the opportunity for investing in obsolescence control solutions. However, the expense of replacing obsolete components in defence systems is a major barrier to the growth of the defence electronics obsolescence market. This challenge entails a number of costs, such as those associated with creating new technologies, putting them through testing and certification processes, integrating them into existing systems, and managing global supply chains.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the "Global Defense Electronics Obsolescence Market Size, Share, and COVID-19 Impact Analysis, By Type (Logistics Obsolescence, Functional Obsolescence, Technology Obsolescence), By Systems (Sensors, Electronic Warfare Systems, Targeting Systems), By Platform (Airborne, Naval, Land), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The technology obsolescence segment is expected to hold the largest share of the defense electronics obsolescence market during the anticipation timeframe.
Based on the type, the defense electronics obsolescence market is categorized into logistics obsolescence, functional obsolescence, and technology obsolescence. Among these, the technology obsolescence segment is expected to hold the largest share of the defense electronics obsolescence market during the anticipation timeframe. This technology obsolescence segment driving the market expansion often leads to premature product redesigns and requalification’s throughout development due to component selection.
The sensors segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the system, the defense electronics obsolescence market is categorized into sensors, electronic warfare systems, and targeting systems. Among these, the sensors segment is expected to grow at the fastest CAGR during the anticipation timeframe. Defence organisations are forced to replace their antiquated sensor systems with newer, more advanced models in order to stay competitive and effectively counter evolving threats since sensor technology is advancing at a rapid pace, making earlier models quickly obsolete.
The airborne segment is expected to hold a significant share of the defense electronics obsolescence market during the forecast period.
Based on the platform, the global defense electronics obsolescence market is categorized into airborne, naval, and land. Among these, the airborne segment is expected to hold a significant share of the defense electronics obsolescence market during the anticipation timeframe. The advanced electronics used in military aircraft, such as radars, aerial delivery systems, helmet-mounted displays (HMDs), communication systems, and palletized loading systems (PLS), have a high risk of obsolescence. For this reason, it is anticipated that the airborne category will command the largest share of the market.
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North America is projected to hold the largest share of the defense electronics obsolescence market over the forecast period.
North America is projected to hold the largest share of the defense electronics obsolescence market over the anticipation timeframe. North American companies allow the military to maintain its technological dominance and operational readiness by setting the standard for obsolescence management. They accomplish this by carefully distributing funding for teamwork, R&D, and research and development. Being the leader in the defense electronics obsolescence market, North America is crucial for preserving stability in a geopolitical environment that is becoming more complex and for defending interests related to national security.
Asia Pacific is expected to grow at the fastest CAGR growth of the defense electronics obsolescence market during the anticipation timeframe. The region's growing technology sector, marked by quick advances in disciplines like electronics, software, and engineering, makes it easier to design creative obsolescence management solutions tailored to the particular needs of defence electronics.
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 obsolescence market are Actia Group, Altium, Assel Poland, BAE Systems, Elbit Systems Ltd., L3Harris Technologies, Inc., Like Technologies, Raytheon Technologies Corporation, Thales, Whistler Technology, and Others.
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Recent Developments
- In October 2023, as part of an upgrade programmer for the Second-generation Anti-jam Tactical UHF Radio for NATO waveform (SATURN), Collins Aerospace, a division of Raytheon Technologies Corporation, and Hanwha Systems, a South Korean company, have reached a licence agreement to produce airborne tactical radios there.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global defense electronics obsolescence market based on the below-mentioned segments:
Global Defense Electronics Obsolescence Market, By Type
- Logistics Obsolescence
- Functional Obsolescence
- Technology Obsolescence
Global Defense Electronics Obsolescence Market, By System
- Sensors
- Electronic Warfare Systems
- Targeting Systems
Global Defense Electronics Obsolescence Market, By Platform
- Airborne
- Naval
- Land
Global Defense Electronics Obsolescence Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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