Software Defined Radio Market worth $14.5 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 18, 2021 /PRNewswire/ -- According to the new market research report "Software Defined Radio Market by Platform (Land, Airborne, Naval, Space), Application (Defense, Commercial), Type (General Purpose Radios, Cognitive/Intelligent Radio, Terrestrial Trunked Radio), Frequency Band, Component and Region Global Forecast 2025", published by MarketsandMarkets™, the Software Defined Radio Market size is projected to grow from USD 11.4 billion in 2020 to USD 14.5 billion by 2025, at a CAGR of 4.9% from 2020 to 2025. Vital factors likely to drive the growth of the software defined radio market are rising adoption of SDRs in telecommunications and numerous technological developments in software defined radios. The increasing demand for software defined radios in advanced communication systems utilized for important missions in the aerospace sector will escalate the market growth.
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The demand for software defined radios, especially in the commercial applications, such as telecommunication, transportation, and commercial aviation, has been affected to a great extent. Due to precautionary measures undertaken by many countries to stop the spread of COVID-19, several public/private development activities have been stopped, resulting in a drop in demand for software defined radios. However, this trend seems to vary from country to country. For instance, the demand for software defined radios in Europe and the Asia Pacific has been affected by the pandemic owing to the stoppage of development activities.
Based on application, the commercial segment of the software defined radio market is projected to witness the substantial growth during the forecast period
In terms of application, the market is segregated into commercial and defense. The rising usage of SDRs in commercial applications including aviation communication, marine communication, transportation, telecommunication is supporting the segment growth. Software defined radios are predominantly used in Air Traffic Control (ATC), transportation, and telecommunication applications. They are easily upgradable and provide high data transmission rate that further enhances its usage for commercial segment.
Cognitive/ Intelligent radio sub segment of the software defined radio market by type is projected to witness the highest CAGR owing to increasing improvements in cognitive radi products
Based on type, the software defined radio market has been segmented into General Purpose Radio, Joint Tactical Radio System (JTRS), Cognitive/Intelligent Radio and Terrestrial Trunked Radio (TETRA). The major benefits of the cognitive radio with SDR include the optimized use of spectrum, interoperability, and ability to reconfigure networks to meet current needs and reach hidden frequency nodes. In the coming years, the application of the cognitive radio is expected to rise exponentially across various industry verticals. Technological advancements, optimized spectrum utilization, and the increasing adoption of 5G technology are some of the major driving factors for the market growth.
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The North America market is projected to contribute the largest share from 2020 to 2025 in the software defined radio market
North America is estimated to account for the major share of the software defined radio market in 2020. The market in this region is projected to register highest CAGR during the forecast period. The US and Canada are considered for estimating the market size of the North American region. North American companies are investing in various software defined radio systems to provide secure communication to different armed forces. Software defined radio systems provide ease of data sharing between different armed forces and better operational planning & execution in a network-centric warfare environment.
The software defined radio market is dominated by a few globally established players such as Thales (France), Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (US), General Dynamics Corporation (US), Raytheon Technologies Corporation (US), L3Harris Technologies, Inc (US), and BAE Systems (US). among others.
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