The global electronic warfare market size was valued at USD 15.21 billionin 2022. The market is expected to expand from USD 16.65 billionin 2023 to USD 31.23 billionby 2030, exhibiting a CAGR of 9.4% over the study period. The expansion can be credited to the growing geopolitical tensions and regional conflicts. These factors have increased the need for the adoption of advanced warfare methods.
Fortune Business Insights provides this information in its research report, titled “Electronic Warfare Market, 2023-2030”.
Surging Tactical Combat Operations Positively Impacted the Market Growth
The Russia-Ukraine war had a positive impact on the electronic warfare market. Huge investments were made by the Russian government in Electronic Warfare (EW), which was utilized to jam GPS signals, detect smart bombs supplied by Western countries, and others. In addition, the usage of the product by Russia had a severe impact on Ukraine’s ability to respond by helping Russian forces launch an aerial attack.
List of Key Players Profiled in the Electronic Warfare MarketReport:
L3Harris Technologies Inc. (U.S.)
Moog Inc. (U.S.)
Northrop Grumman Corporation (U.S.)
Elbit Systems Ltd (Israel)
BAE Systems Plc. (U.S.)
Lockheed Martin Corporation (U.S.)
General Dynamics Corporation (U.S.)
Raytheon Technologies Corporation (U.S.)
Thales Group (France)
Leonardo SPA (Italy)
Naval Segment to Dominate due to the Growing Requirement for Better EW Capabilities
Based on end user, the market is divided into air, naval, and landforce. The naval segment accounted for the largest share and is estimated to be the fastest growing segment during the forecast period. There is a growing requirement for better EW capabilities for the protection of naval assets in maritime operations. This factor is fueling the segment growth.
Naval Ship Segment to Lead Owing to Growing Requirement for Protection against Drones
In terms of platform, the market is divided into aircraft, weapon, naval ship, vehicle, and others. The naval ship segment accounted for the largest market share in 2022 and is expected to be the fastest growing segment during the forecast period. The surging requirement for protection against drones and missiles is spurring the segment growth.
Rising Dependence on Electronic Systems for Tactical Operations to Lead to Electronic Attack Segment Growth
Based on type, the market is divided into electronic protection, electronic attack, electronic support, and others. The electronic attack segment is expected to hold the largest market share and is projected to be the fastest-growing segment during the forecast period. The growing dependence on electronic systems for tactical operations is the major factor driving the segment growth.
Support Offered by IR Missile Warning Systems for Different Operations to Fuel the Segment Growth
On the basis of technology, the market is classified into antennas, anti-jam electronic protection system, directed energy weapon, IR missile warning system, optical attack solutions, and others. The IR missile warning system segment is expected to hold the largest market share and is projected to be the fastest-growing segment during the forecast period. Different operations for Electronic Support Measures (ESM) are supported by these systems. This factor is escalating the segment expansion.
From the regional perspective, the market is classified into North America, the Asia Pacific, Latin America, Europe, and the Middle East & Africa.
The report offers comprehensive coverage of the driving and restraining factors and the Russia-Ukraine war impact on the market growth. In addition, it highlights the key segments and strategies deployed by leading industry players to capture the largest market share.
Drivers and Restraints:
Increasing Digital Transformation and Network Centric Warfare to Impel the Market Growth
One of the major factors driving the electronic warfare market growth is the surging digitalization and network centric warfare. Broader network-centric warfare capabilities are being deployed in modern electronic warfare systems. This has enabled real-time data sharing and improved situational awareness.
Despite such growth opportunities, the power limitations associated with different military platforms may hinder the market growth.
North America Dominated the Market Owing to the Highest Defense Expenditure
North America held the largest electronic warfare market share in 2022. The regional growth can be credited to the highest expenditure on the defense sector from the U.S. Department of Defense.
The Asia Pacific market is poised to expand at the highest CAGR during the forecast period. The growing defense expenditure from China, Japan, Australia, and India is proliferating the regional growth.
Prominent Companies Focus on Securing Contracts to Sustain their Industry Leaderships
Leading market players operating in the field are deploying competitive strategies such as collaborations, joint ventures, mergers and acquisitions, and others. Several companies are also focusing on securing contracts to enhance their market positions.
Key Industry Development:
July 2023– Lockheed Martin received a contract worth USD 192.2 million to build electronic warfare systems to help Apache helicopters target enemy radars. The company would manufacture while maintaining the hardware and engineering of a modernized Radar Frequency Interferometer (MRFI).
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