Electronic Warfare Market to Reach USD 33.52 Billion by 2028; Contract Won by Lockheed Martin for Electronic Support Measures System to Favor Market, Says Fortune Business Insights™
June 08, 2021 at 05:00 AM EDT
Pune, India, June 08, 2021 (GLOBE NEWSWIRE) -- The global electronic warfare market is expected to reach USD 33.52 billion by 2028, exhibiting a CAGR of 5.24% during the forecast period. The ever-increasing technological advancements and rising adoption of cyber-EW worldwide will contribute positively to the market’s growth during the forecast period. Cyber electronic warfare helps in refining the offensive and defensive purposes. It is capable of covering a wide range of cyberspace and the electromagnetic environment. This information is given by Fortune Business Insights™ in a new report, titled, “Electronic Warfare Market, 2021-2028.” The report further states that the market size was USD 22.50 billion in 2020.
Suspended Assembly and Delivery of Defense Equipment to Dwindle Market
The defense industry has experienced a plunged demand for military equipment during the pandemic. Moreover, the diminished production rate of tier three and tier four suppliers has slowed down the availability of electronic warfare, thus delaying the delivery of equipment. As per the study conducted by Fortune Business Insights, the ministry of defense will cover payments only for existing contracts that are already under execution, thus eliminating the need for new procurement. However, the U.S. Department of Defense (DoD) will continue to buy products, issue contracts, and accelerate payments to help small and large businesses amid the global pandemic.
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Electronic Support Segment to Lead Owing to Rising Demand for ISR from Defense Sector
In terms of domain, the market is segregated into electronic support, electronic protection, and electronic attack. Out of these, the electronic support segment is expected to exhibit the largest electronic warfare market share in the coming years and remain in the leading position. This growth is attributable to the high demand for intelligence, surveillance, and reconnaissance (ISR) techniques and equipment from the defense sector worldwide.
Based on equipment, the market is classified into jammers, antennas, radar warning receiver, directed energy weapons, anti-radiation missiles, countermeasure dispenser system (CMDS), directional infrared countermeasures (DIRCM), self-protection suite, and others.
Based on platform, the EW market is segmented into air-based, sea-based, and land-based. The air-based segment is further divided into combat aircraft, airborne early warning & control (AEW&C) aircraft, and UAV.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Integration of UAVs & Electronic Warfare Systems to Spur Growth
Over the past few years, the usage of unmanned aerial vehicles (UAVs) in military forces across the globe has surged. It occurred because of the monitoring, imagery mapping, and surveillance of combat operations. The integration of surveillance data and imagery with EW can provide more information about situational awareness. It is a major factor that is set to contribute to the market growth in the coming years. Several prominent companies and ruling bodies are investing huge sums in the exploitation of this relationship between electronic warfare and UAVs. However, EE systems are very expensive. Hence, developing countries prefer conventional systems. It may hinder market growth.
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Presence of Numerous Industry Giants to Favor Growth in Europe
Geographically, North America held a prominent position in 2020. This growth is attributable to the rising terrorism, as well as political and territorial disputes occurring in this region. In addition to that, the U.S. Department of Defense (DoD) is set to invest approximately USD 25.8 billion in the research, development, test, and evaluation (RDT&E) in the coming years. Also, it is planning to spend around USD 27.8 billion to procure electronic warfare systems. It would also propel the market growth in this region.
Europe, on the other hand, is set to remain in the second position stoked by the presence of major companies, such as Saab AB, BAE Systems, and Thales Group in this region. Also, the rising investments in the development and procurement of electronic type of warfare systems would augment growth. Asia Pacific would exhibit rapid growth backed by the need to enhance the warfighting capabilities of the defense forces in developing countries, such as India and China.
Renowned Companies Focus on Receiving New Contracts from Defense Forces
The market is fragmented with the presence of a large number of companies worldwide. Amongst them, Lockheed Martin Corporation is in the top position on account of its persistent research and development activities to unveil state-of-the-art products in the market. Nowadays, several companies are focusing on bagging new contracts from government agencies to deliver their in-house products.
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