Defense Electronics Market Forecast 2024-2033

Overview and Scope
Defense electronics refers to electronic systems and parts created for technological dominance in national defense. Defense Electronics are designed with the highest level of technical sophistication to supply the most recent technologies for the country’s protection. These advanced systems have many military applications and can be utilized in various environments, including space, land, and the sea.

Sizing and Forecast
The defense electronics market size has grown strongly in recent years. It will grow from $222.32 billion in 2023 to $236.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global military threats, modernization programs, cybersecurity concerns, counterterrorism operations, emergence of asymmetric threats.

The defense electronics market size is expected to see strong growth in the next few years. It will grow to $294.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to emerging technologies integration, focus on cyber resilience, unmanned systems and autonomous technologies, interconnected battlefield, shift towards electromagnetic spectrum operations. Major trends in the forecast period include development of next-generation radar systems, use of gallium nitride (gan) technology, rise in unmanned systems electronics, deployment of cognitive electronic warfare systems, focus on miniaturization and swap optimization.

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Segmentation & Regional Insights
The defense electronics market covered in this report is segmented –

1) By Component: Hardware, Software, Services
2) By Equipment Type: C4ISR Systems, Weapon Systems, Electro-Optical and Infrared (EO/IR) Systems, Military Simulators, Radar Systems, Sonar Systems, Avionics, Electronic Warfare, Other Equipment Type
3) By Platform: Airborne, Marine, Land, Space

North America was the largest region in the defense electronics market in 2023. The regions covered in the defense electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increasing defense expenditure is expected to propel the growth of the defense electronics market going forward. Defense expenditure, military spending, or defense budget refers to the financial resources a government or nation allocates towards defense and military-related activities. In defense expenditures, a portion of the budget is typically dedicated to defense electronics, like electronic equipment such as air defense radars and communication systems. For instance, in December 2022, according to the Ministry of Defense (MOD) departmental resources 2022, published by the UK government, defense spending for 2021-2022 accounted for $58.39 (£45.930) billion, with an increase of 8.4% compared to $53.85 (£42.365) billion in 2020-2021. Therefore, increasing defense expenditures are driving the growth of the defense electronics market.

Key Industry Players

Major companies operating in the defense electronics market report are Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Northrop Grumman Corporation, BAE Systems PLC, Safran S.A., Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Textron Inc., Rheinmetall Electronics GmbH, Elbit Systems Ltd., Serco Group PLC, Indra Sistemas S.A., Saab AB, Airbus Defence & Space GmbH, Rafael Advanced Defense Systems Ltd., Bharat Electronics Limited, Hensoldt AG, LIG Nex1 Co. Ltd., Ultra Electronics Holdings PLC, Kratos Defense & Security Solutions Inc., Terma A/S, Tata Advanced Systems, Samsung Techwin Co. Ltd., Data Patterns Ltd., Rockwell Collins Inc.

The defense electronics market report table of contents includes:

1. Executive Summary
2. Defense Electronics Market Characteristics
3. Defense Electronics Market Trends And Strategies
4. Defense Electronics Market – Macro Economic Scenario
5. Global Defense Electronics Market Size and Growth
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31. Defense Electronics Market Other Major And Innovative Companies
32. Global Defense Electronics Market Competitive Benchmarking
33. Global Defense Electronics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Defense Electronics Market
35. Defense Electronics Market Future Outlook and Potential Analysis
36.Appendix

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