Electronic Warfare Market Business Status by Top Key Companies, Industry Key Challenges Due to Coronavirus Outbreak | Fortune Business Insights™
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 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 states that the market
size was USD 22.50 billion in 2020.
COVID-19 Impact:
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.
Market Segments
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.
This Report Answers the Following Questions:
- What are the
current market trends?
- What are the
challenges and opportunities in the market?
- Which segment is
set to dominate the market?
- How are the
companies trying to generate sales of EW to compete in the market?
Driving Factor-
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 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 the electronic warfare and the UAVs. However, EE systems
are very expensive. Hence, the developing countries prefer conventional
systems. It may hinder the market growth.
Regional Insights-
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 the developing countries,
such as India and China.
Competitive Landscape-
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 the government agencies to deliver their
in-house products.
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.
- October 2020: The Indian
Ministry of Defence (MoD) successfully tested the New Generation
Anti-Radiation Missile (Rudram-1), India’s first indigenous anti-radiation
missile developed by Defense Research and Development Organization (DRDO)
Browse Detailed Research Report with Impact of COVID-19:
https://www.fortunebusinessinsights.com/electronic-warfare-market-103290
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