The Electronic Warfare Market by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electronic Warfare Market , The electronic warfare market size has grown steadily in recent years. It will grow from $28.46 billion in 2023 to $29.85 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to military modernization programs, need for spectrum dominance, electronic countermeasure development,.
The electronic warfare market size is expected to see strong growth in the next few years. It will grow to $36.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to enhanced electronic support measures , directed energy weapons, hypersonic threats and ew, space-based ew systems, . Major trends in the forecast period include cyber-electronic convergence, quantum technologies in electronic warfare, advanced electronic support measures, next-generation radar technologies, collaboration with industry partnerselectromagnetic maneuver warfare..
The increasing military expenditure is expected to propel the growth of the electronic warfare market going forward. Military expenditure, often referred to as defense spending or defense budget, is the total amount of financial resources that a country allocates for its military and defense-related purposes. Electronic warfare capabilities contribute to military expenditure by improving the efficiency and effectiveness of defense operations, reducing costs, and safeguarding military assets and personnel. For instance, in April 2023, according to SIPRI (Stockholm International Peace Research Institute), a Sweden-based international organization, in 2022, the total amount spent on military spending worldwide climbed by 3.7% in real terms, hitting a record $2240 billion. China’s military budget also increased for the 26th year in a row. Therefore, the increasing military expenditure drives the growth of the electronic warfare market .
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The electronic warfare market market covered in this report is segmented –
1) By Products: EW Equipment, Electronic Warfare Operational Support (EWOS)
2) By Capability: Electronic Protection, Electronic Support, Electronic Attack
3) By Platform: Land, Naval, Airborne, Space
Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers Major companies operating in the electronic warfare market are focusing on innovative products such as electronic warfare counter-drone system to drive revenues in their market. Electronic warfare counter-drone system is a specialized technology designed to detect, track, and neutralize or mitigate the threats posed by unauthorized or hostile drones by utilizing electronic warfare techniques and technologies to protect against drone-related security risks. For instance, in June 2023, Elbit Systems Ltd, an Israel-based defense technology company launched electronic warfare counter-drone system. Electronic warfare counter-drone system is equipped with digital Radar Warning Receivers (RWR) and is intended to fight drone threats. The technology can locate ground forces’ and pilots’ personal location beacons (PLBs) and detect and identify drones. The radar warning receiver digital receivers can be equipped with additional processing power to provide the capability of identifying and categorizing drones as a threat. In order to address one of the growing hazards that confront both military and commercial aircraft nowadays, this new radar warning receiver technology locates drones and categorizes them as a threat .
The electronic warfare market market report table of contents includes:
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