Product ID: SQMIG45I2184
Report ID:
SQMIG45I2184 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
62 |
Figures:
75
Electronic Warfare Market size was valued at USD 18.73 billion in 2022 and is poised to grow from USD 19.70 billion in 2023 to USD 29.55 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031).
The market expansion is driven by advancements across the electromagnetic spectrum. The increased use of electronic devices, equipment, and weapon systems has necessitated the development of electronic warfare systems to detect and counter these threats. Favorable market growth is projected in the coming years due to technological advancements in the electronics field, as well as the rising adoption of electro-optic, infrared, and visual techniques like laser. Electronic warfare has become an integral component of the strategic landscape for military personnel, with cold wars, political conflicts, and territorial disputes expected to positively impact the market. The increasing popularity of compact electronic systems that can be integrated into platforms such as patrol vessels and unmanned aerial vehicles (UAVs) will also drive market growth. The adoption of electronic warfare systems is crucial for naval vessels and stealth aircraft, which are difficult to track or detect. However, challenges may arise from defense budget cuts in the U.S. and Europe, as well as economic concerns in developing regions, potentially hindering market growth. The market offers opportunities for growth through the development of faster and more efficient systems that can reduce time lag. Key types of electronic warfare include Electronic Counter Measures (ECM), Electronic Counter-Counter Measures (ECCM), and Electronic Support Measures (ESM). The electronic warfare market is characterized by fragmentation, with numerous industry players employing mergers, acquisitions, and joint ventures as part of their growth strategies. For example, the Javelin Joint Venture is a collaboration between Raytheon and Lockheed Martin.
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Product ID: SQMIG45I2184