Global Electronic Warfare Market Size to Reach USD 25.73 Billion in 2030 | Rising Need for Ground Surveillance and Unmanned Aerial Vehicles are Key Factors Driving Industry Demand, Says Emergen Research
VANCOUVER, BC, May 10, 2022 /PRNewswire/ -- The global electronic warfare market size reached USD 17.72 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing investment in defense sector by various countries is driving market revenue growth.
Rising tensions among various countries has resulted in rapid modernization of warfare by most countries. Most countries across the globe are in a state of cold war and are investing in modern electronic warfare to prepare themselves for battle. Rising tension among India-Pakistan, India-China, Russia-Ukraine is contributing to growth of the market. The Russian defense sector has the five most effective electronic warfare systems, and this country has been successfully using them in the Ukraine conflict. Civil wars in Syria, Myanmar, and Colombia has resulted in governments arming with modern warfare to protect themselves. Turkey's defense force potentially uses electronic warfare to ensure border security and fight against terrorism.
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Electronic warfare equipment's complex design and development processes make them expensive, and this factor acts as a restraint to market growth. Developing countries prefer conventional warfare over electronic ones due to their high costs. Sometimes, jammers block friendly communication, and electronic warfare jammers and sensors are limited by amount of available power and variance in terrain they operate. Performance of sensors degrades in poor atmospheric conditions such as fog, airborne sand, cloud, and rain, and such factors hamper market revenue growth.
The global electronic warfare market is expected to register a CAGR of 4.2% over forecast period, and revenue is projected to increase from USD 17.72 Billion in 2021 to USD 25.73 Billion in 2030. Rising political tension among countries leads to increased procurement of electronic warfare, driving market revenue growth.
COVID-19 Impact Analysis:
COVID-19 pandemic has been having a wide-ranging impact on various markets, including electronic warfare. Precautionary measurements such as shutdown of businesses and manufacturing processes and travel restrictions by various governments to curb spread of virus have caused supply-chain disruptions. Due to travel restrictions, there was a shortage of labor, and component supply was also inadequate, which has resulted in delays in order deliveries. However, electronic warfare equipment is crucial for defense sector, and therefore, demand for those remain unaffected even after outbreak of COVID-19.
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Current Trends and Innovations:
Integration of Artificial Intelligence (AI) tools in electronic warfare systems is expected to boost market revenue growth during the forecast period. It enables electronic warfare systems to perform in dense radio frequency environments of the battlefield. In this regard, the U.S. Army signed a contract with Northrop Grumman in 2019. This contract supports Research & Development (R&D) for cyber and electronic warfar, testing, integration, performance verification, cyber security, technical support, and laboratory demonstrations.
Market in North America accounted for the largest revenue share in 2021. Market growth in North America is attributed to increasing technological advancements in electronic warfare systems and rising defense expenditure.
Major companies in the global market report include Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman, BAE Systems, Thales Group, Leonardo, Boeing, Collins Aerospace, General Dynamics Corporation, and SAAB.
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Emergen Research has segmented global electronic warfare market on the basis of component, platform, capability, application, and region:
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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