According to our latest market study, titled "Electronic Warfare Market Forecast to 2028 - COVID-19 Impact and Global Analysis - By Component, Application, Product Type," the market is expected to grow from US$ 18,192.85 million in 2021 to US$ 27,797.72 million by 2028. It is estimated to grow at a CAGR of 6.2% from 2021 to 2028.
Electronic warfare refers to any activity that employs the electromagnetic spectrum or directed energy to control the spectrum, obstruct hostile attacks, or attack an adversary. Its objective is to prevent the enemy from gaining an advantage in the electromagnetic spectrum while ensuring unrestricted access for allied forces. Electronic warfare has been a part of modern warfare for a long time, but it has advanced well beyond radio jamming. Electronic warfare weapons can now sense, exploit, and manipulate the electromagnetic spectrum (EMS) to a greater degree. These advantages are contributing positively to the growth of the electronic warfare market.
The global electronic warfare market is being primarily propelled by the rising acquisition of electronic warfare systems in developed and developing countries. Military operations are conducted in an increasingly complex electromagnetic (EM) environment. Electronic warfare (EW) is a military capability that aids in all stages and components of a military campaign and must be incorporated into military vehicles and processes. It also helps with planning and executing joint operations and has become the primary method of fighting and winning wars. The vast array of capabilities, skills, tactics, and organizations involved in warfare would descend into chaos without careful planning to ensure interoperability, synchronization, and synergy. Consequently, the deployment of advanced electronic warfare systems to improve defense security is further bolstering the growth of the electronic warfare market.
The growth of the electronic warfare market is being driven by the deployment of electronic warfare systems on unmanned vehicles. However, the limited access to electronic warfare manufacturing facilities in developing countries is hindering the growth of the market. Additionally, the increasing focus on directed energy weapons is a growing trend that is further propelling the electronic warfare market.
Turkey holds the position as the world's largest manufacturer of unmanned aerial vehicles (UAVs) and the second-largest drone striker, following the US. In November 2020, a Turkish defense company, Aselsan, developed and produced KORAL, a land-based radar electronic warfare (EW) system. The EW system is composed of two military trucks and is designed to jam and deceive both conventional and complex forms of hostile radar, as well as analyze multiple target signals across a broad frequency spectrum. Moreover, in 2021, the Indian Army acquired a new set of surveillance drones that allow ground controllers to communicate through satellites. As the demand for unmanned vehicles increases, it drives the growth of the electronic warfare systems market.
The electronic warfare market analysis has been conducted on the basis of component, application, product type, and geography. Based on component, the market is segmented into hardware, software, and services. By application, the electronic warfare market is segmented into electronic attack, electronic protection, and electronic warfare support. Based on product type, the market is segmented into countermeasure systems, jammers, sensor systems, weapons systems, and others. Based on geography, the electronic warfare market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Lockheed Martin Corporation, Raytheon Technologies, L3Harris Corporation, Northrop Grumman Corporation, and BAE Systems Plc are the key players operating in the electronic warfare market. During this study, several important market players were analyzed to get a holistic view of the market and its ecosystem.
Key Findings of Study
The largest market share in the global electronic warfare market in 2020 was held by North America. The military departments of North American countries, particularly the US and Canadian military forces, have embraced advanced technologies to provide enhanced military products and solutions to protect their nations, resulting in a strong presence in the electronic warfare market. Mexico also invests a substantial amount in defense annually, ranking third among the countries with the highest number of troops in North America. Defense forces of North American countries are actively engaged in the development of technologically advanced EW systems, with major established manufacturers of electronic warfare systems including Lockheed Martin Corporation, Northrop Grumman, L3Harris Technologies, Inc., and Raytheon Technologies Corporation. These factors are driving the growth of the electronic warfare market in North America. The ongoing conflict between Russia and Ukraine has also led to the development of electronic warfare systems in these countries, boosting the electronic warfare market in Europe.
The APAC electronic warfare market is anticipated to record the highest CAGR during the forecast period. The growth of diverse industries and markets in APAC, including the military, is supported by the rise in economies and technological advancements. India, China, South Korea, and Japan are prominent countries in the region with substantial military power. These nations invest significant resources in military operations, enabling them to deploy advanced systems and technologies such as electronic warfare systems. The development of EW capabilities is a reflection of extensive regional efforts towards achieving national self-reliance and widespread recognition of the value of electronic warfare as a "force multiplier." Therefore, these factors are propelling the growth of the APAC electronic warfare market.
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