The global electronic warfare market size was valued at USD 23.45 billion in 2021 and reached USD 25.74 billion in 2022. The market is expected to reach USD37.60 billion by 2029, exhibiting a CAGR of 5.56% during the forecast period. Rising geopolitical conflicts and increasing adoption of warfare technology may propel market growth. Fortune Business Insights™ presents this information in its report titled “Electronic Warfare Market, 2022-2029.”
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Impact of Russia-Ukraine War:
Increasing Defense Expenditures and Strong Defense Forces from NATO to Propel Market Growth
This market is expected to be positively impacted during the Russia-Ukraine War due to rising defense expenditures and strong defense forces from NATO countries globally. Furthermore, rising defense budgets from Denmark and Poland are expected to enhance the adoption of the warfare system. Moreover, the provision of USD 150 million security package by the U.S. to Eastern Europe is expected to enhance the demand for the product. In addition, rising defense expenditures and the procurement of advanced weapons are expected to elevate the industry’s growth.
List of Key Players Profiled in the Report:
- BAE Systems plc (U.K.)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (U.S.)
- Israel Aerospace Industries Ltd. (IAI)(Israel)
- L3Harris Technologies Inc. (U.S.)
- Leonardo SpA (Italy)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- SAAB AB (Sweden)
- Thales Group (France)
Electronic Support Segment to Dominate Owing to Strong Demand for Surveillance and Intelligence
By domain, the market is segmented into electronic attack, electronic protection, and electronic support.
The electronic support segment is expected to dominate the market due to the rising demand for surveillance and intelligence equipment. Furthermore, rising demand for reconnaissance equipment is expected to enhance market progress.
Jammers Segment to Dominate Owing to its Strong Demand
By equipment, the market is categorized into jammer, antenna, radar warning receiver, directed energy weapon, anti-radiation missile, Counter Measure Dispenser System (CMDS), Directional Infrared Countermeasure (DIRCM), self-protection electronic warfare (EW) suite, and others.
The jammers segment is expected to dominate the market share due to its strong demand. The rising focus on portable warfare is likely to enhance the adoption of warfare systems. These factors may enhance industry growth.
Land-based Segment to Grow Owing to Military Modernization and Rising Defense Budgets
As per platform, the market is classified into air-based, sea-based, and land-based.
The land-based segment is expected to gain the highest market share due to military modernization. Furthermore, increasing defense budget is expected to enhance the adoption of land-based EW systems.
Regionally, the market is clubbed into North America, Asia Pacific, Europe, and the Rest of the World.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Rising Threat of Remotely Triggered Improvised Explosive Devices (IEDs)to Boost Market Growth
Electronic warfare is used to control the electromagnetic (EM) spectrum to analyze, detect, and track potential threats. It enables countries to undertake effective strategies to avoid upcoming attacks and enhance safety. The rising threat of remotely triggered Improvised Explosive Devices (IEDs) is expected to enhance the adoption of EW systems. Furthermore, the emergence of new warfare tactics, such as asymmetric war and hybrid war techniques, is expected to drive the electronic warfare market growth.
However, the high cost associated with the manufacturing of warfare systems is likely to hinder the market’s progress.
High Defense Spending to Enhance Industry Growth in North America
North America is expected to dominate the electronic warfare market share due to high defense spending. The market in North America stood at USD 8.41 billion in 2021 and is expected to gain a huge portion of the global market share. Furthermore, the allocation of defense budgets by the U.S. is expected to increase the adoption of the product. For example, the U.S. government allocated nearly USD 3.17 billion for 45 EW programs conducted across platforms and military service departments. These factors are likely to boost market progress in the coming years.
In Europe, the rising investment in modern warfare techniques is expected to enhance the adoption of the product. Further, major players in the region are expected to enhance the industry prospects.
In Asia Pacific, the rising expenditure in the defense sector from India, China, Australia, and Japan is expected to enhance the product demand. These factors may propel market progress.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Regulatory Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Electronic Warfare Market
- Impact of COVID-19 Pandemic on Global Electronic Warfare Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
Players Develop Advanced Products to Elevate Brand Image
Prominent companies operating in the market develop advanced products to elevate their brand image. For example, Raytheon Technologies developed three advanced electronic Next Generation Jammers (NGJ) for the U.S. Navy EA-18G Growler EW jets in July 2021 for a contract of USD 171.6 million. This strategy may allow the company to offer advanced EW systems and enhance its brand image globally. Furthermore, companies devise partnerships, acquisitions, mergers, acquisitions, and expansions to enhance their market position globally.
Key Industry Development:
- February 2022: Aselsan produced and designed a land-based radar EW system named KORAL. It includes two trucks and complex and conventional hostile radar systems used for multiple target signals in wide frequencies.
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