Electronic Warfare Market Demand, Recent Trends, Size and Share Estimation by 2028 with Top Players
According to a report published by Fortune Business Insights™, The global electronic warfare market size is projected to reach USD 33.52 billion by 2028. It is likely to gain traction from the increasing integration of cyber and electronic warfare. It is helping the warfighters to achieve a robust attack and defense capacity. This information is given by Fortune Business Insights™ in a recently published report, titled, “Electronic Warfare Market Size, Share & COVID-19 Impact Analysis, By Domain (Electronic Attack, Electronic Protection, and Electronic Support), By Equipment (Jammers, Antennas, Radar Warning Receiver, Anti-radiation Missiles, Directed Energy Weapons, and Others), By Platform (Air-based, Sea-based, Land-based), and Regional Forecast, 2021–2028.” The report further mentions that the market stood at USD 22.50 billion in 2020. But, it is set to exhibit a CAGR of 5.24% during the forecast period between 2021 to 2028.
An Overview of the Impact of COVID-19 on this Market:
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
List of the Top Players Profiled in Electronic Warfare Market Research Report are:
- Lockheed Martin Corporation Overview
- BAE Systems
- Raytheon Company
- General Dynamics Corporation
- L3Harris Technologies Inc.
- The Boeing Company
- Thales Group
- Leonardo SPA
- Northrop Grumman Corporation
- Saab AB
- Teledyne Technologies
- Israel Aerospace Industries
- Cobham PLC
Lockheed Martin Receives Contract from Army for its Electronic Warfare Pods
In January 2020, Lockheed Martin Corporation, an aerospace, defense, arms, security, and advanced technologies company headquartered in the U.S., received a new contract from the U.S. Army worth USD 74.85 million. This contract would enable the company to test, build, and develop operational EW pods. It occurred after the company exhibited successful tests of its Silent Crow prototype.
One of the company officials stated, “We developed the Silent Crow pod at our own expense. Presently, it is considered to be one of the leading contenders for the flagship of the U.S. Army’s air force electronic warfare. The Army EW needs to be reconstructed to counter China and Russia who are highly dependent on radar and radio systems. Therefore, the U.S. forces must know the tactics to disrupt, analyze, and detect their transmissions.”
Rising Upgradation of Defense Systems Worldwide to Surge Demand
The rate of cross-border conflicts is rising day by day, especially in Asia Pacific. This is occurring mainly because of the close boundaries of various countries situated in this region. Attacks in the India-China and India-Pakistan borders have surged rapidly. In addition to that, the increasing threats of war from North Korea are resulting in the strengthening measures of the defense systems by numerous countries. Electronic warfare plays a vital role in upgrading and strengthening the defense forces. Hence, the countries are investing hefty amounts of money for procuring unique EW systems. However, the design and development processes of such systems are highly complex. It may hamper the electronic warfare companies market growth in the near future.
Key Players Focus on Bagging New Contracts for Strengthening Their Positions
The global market is dominated by Lockheed Martin Corporation. This growth is attributable to the company’s increasing investments in developing novel technologies. It is also launching state-of-the-art products to outdo the threats of enemies and enhance security. Nowadays, several other companies are engaging in new order generation for strengthening their positions in the market.
Drivers & Restraints-
Integration of UAVs & Electronic Warfare Systems to Spur Growth
Over the past few years, the usage of unmanned aerial vehicles (UAVs) in the 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 the situational awareness. It is a major factor that is set to contribute to the electronic warfare market growth in the coming years. Several prominent companies and ruling bodies are investing huge sums in the exploitation of this relationship between the EW and the UAVs. However, EE systems are very expensive. Hence, the developing countries prefer conventional systems. It may hinder the market growth.
Segment-
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 attacks 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.
Regional Analysis-
Presence of Numerous Industry Giants to Favor Growth in Europe
Geographically, North America held USD 9.28 billion in terms of revenue in 2018. 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 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 the developing countries, such as India and China.
Competitive Landscape-
Renowned Companies Focus on Receiving New Contracts from the 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.
This Electronic Warfare Market Research/Analysis Report Contains Answers to your following Questions
- Which Manufacturing Technology is used for Electronic Warfare? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Electronic Warfare Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Electronic Warfare Market? What Was Capacity, Production Value, Cost and PROFIT of Electronic Warfare Market?
- What Is Current Market Status of Electronic Warfare Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Electronic Warfare Market by Taking Applications and Types in Consideration?
- What Are Projections of Global Electronic Warfare Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Electronic Warfare Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Electronic Warfare Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Electronic Warfare Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Electronic Warfare Industry?
Below are a couple of the latest industry developments:
- January 2020: Lockheed Martin Corporation received a new contract from the U.S. Navy. It is worth USD 43 million. It would help the company to upgrade the E-2D AN/ALQ-217 Electronic Support Measures (ESM) system of the E-2D Advanced Hawkeye.
- January 2019: The Space and Naval Warfare Systems Center Atlantic (SPAWAR) provided a five-year contract worth USD 898 million to General Dynamics Information Technology (GDIT) for Navy Cyber Mission Engineering Support.
- April 2019: The U.S. Navy awarded a new contract to Harris Corporation to manufacture and provide Integrated Defensive Electronic Countermeasures (IDECM) jammers. These are meant for the F/A-18C/D/E/F variants.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/electronic-warfare-market-103290
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