The Worldwide Electronic Warfare Industry is Expected to Reach $27.7 Billion by 2028
DUBLIN, June 22, 2022 /PRNewswire/ -- The "Global Electronic Warfare Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Application, and Product Type" report has been added to ResearchAndMarkets.com's offering.
The electronic warfare market is projected to reach US$ 27,797.72 million by 2028 from US$ 18,192.85 million in 2021. it is expected to grow at a CAGR of 6.2% from 2021 to 2028.
As a relatively affordable and easily deployed way of stopping the operation of an enemy's radar and shielding one's similar equipment from interference, EW is becoming apriority. The market players in the electronic warfare market are anticipated to provide lucrative growth opportunities in the coming years with the rising geographical tension between neighboring countries demand for electronic warfare systems in the global market will increase.
Lamperd Less Lethal, Inc.; Combined Systems, Inc.; Pepperball; and NonLethal Technologies, Inc. are the major companies operating in the North America electronic warfare market. The rising strategic initiatives and investments in new product developments are likely t propel the market's growth in the coming years.
Impact of COVID-19 Pandemic on Electronic Warfare Market Share
The impact of COVID-19 was negative in North America, the US, Canada, and Mexico. The federal governments in North America are focusing on healthcare facilities. They have cut back on defense spending as governments only want to cover existing contracts that are in place, leaving fewer opportunities for new procurement.
Many ongoing defense programs have faced challenges such as a slowdown in production facilities that impacted the delivery of aircraft and navy carriers, military vehicles, and electronic warfare products. For instance, Lockheed Martin delivered 120 aircraft in 2020, including 46 to international customers, bringing the total number of production aircraft delivered to 611 since the F-35 program's inception.
The advanced F-35 aircraft is equipped with advanced jammers, radar, laser, and electronic warfare systems. Delay in delivering aircraft has led to a slowdown in the electronic warfare market. As per Insight partner research analysis Furthermore, due to the substantial decrease in the labor workforce, the accelerated production rate of tier three and tier four suppliers have slowed down, leading to the delayed purchase of electronic equipment restraining the market growth of the electronic warfare market.
For more information about this report visit https://www.researchandmarkets.com/r/miz29h
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