As per the report published by Allied Market Research, the global electronic warfare market generated $15.81 billion in 2020, and is estimated to reach $23.56 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
Increase in adoption of electronic warfare systems due to rise in territorial and intercountry conflicts, rise in need for surveillance, intelligence, and self-protection capabilities, increase in demand for missile defense detection systems, and development in warfare technologies have boosted the growth of the global electronic warfare market. However, high deployment cost and vulnerability of electronic warfare systems to cyberattacks hinder the market growth. On the contrary, surge in defense expenditure and implementation of electronic protection systems in civil aviation are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
The Covid-19 pandemic forced several governments to impose strict lockdown and social distancing norms to curb the spread of the virus. This resulted in a downfall in global trade and demand for electronic warfare.
The prolonged lockdown resulted in delays in activities and initiatives about the development of innovative electronic warfare solutions.
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The global electronic warfare market is segmented on the basis of capability, equipment, product, platform, and region. Based on capability, the electronic support segment held the lion’s share in 2020, accounting for nearly half of the market. However, the electronic protection segment is estimated the highest CAGR of 6.4% during the forecast period.
On the basis of platform, the airborne segment held the largest share in 2020, contributing to around two-fifths of the market. Moreover, the segment is projected to register the highest CAGR of 6.1% during the forecast period.
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The global electronic warfare market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly one-third of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 6.4% during the forecast period.
The global electronic warfare market includes an in-depth analysis of the prime market players such as Elbit Systems Ltd., BAE Systems plc, Israel Aerospace Industries Ltd. (IAI), General Dynamics Corporation, Leonardo SpA, L3Harris Technologies, Inc., Northrop Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Raytheon Technologies Corporation, and Thales Group.
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