The Defense Electronics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Defense Electronics Global Market Report 2024, The defense electronics market size has grown strongly in recent years. It will grow from $222.32 billion in 2023 to $236.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global military threats, modernization programs, cybersecurity concerns, counterterrorism operations, emergence of asymmetric threats.
The defense electronics market size is expected to see strong growth in the next few years. It will grow to $294.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to emerging technologies integration, focus on cyber resilience, unmanned systems and autonomous technologies, interconnected battlefield, shift towards electromagnetic spectrum operations. Major trends in the forecast period include development of next-generation radar systems, use of gallium nitride (gan) technology, rise in unmanned systems electronics, deployment of cognitive electronic warfare systems, focus on miniaturization and swap optimization.
The increasing defense expenditure is expected to propel the growth of the defense electronics market going forward. Defense expenditure, military spending, or defense budget refers to the financial resources a government or nation allocates towards defense and military-related activities. In defense expenditures, a portion of the budget is typically dedicated to defense electronics, like electronic equipment such as air defense radars and communication systems. For instance, in December 2022, according to the Ministry of Defense (MOD) departmental resources 2022, published by the UK government, defense spending for 2021–2022 accounted for $58.39 (£45.930) billion, with an increase of 8.4% compared to $53.85 (£42.365) billion in 2020–2021. Therefore, increasing defense expenditures are driving the growth of the defense electronics market.
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The defense electronics market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Equipment Type: C4ISR Systems, Weapon Systems, Electro-Optical and Infrared (EO/IR) Systems, Military Simulators, Radar Systems, Sonar Systems, Avionics, Electronic Warfare, Other Equipment Type
3) By Platform: Airborne, Marine, Land, Space
Product innovations are a key trend gaining popularity in the defense electronics market. Major companies operating in the defense electronics market are developing new technologies to sustain their position in the market. For instance, in March 2022, BAE Systems plc, a UK-based aerospace company, launched Storm EW (Electronic Warfare) Modules for defense electronics, designed to offer specialized, cutting-edge offensive and defensive electronic warfare (EW) mission systems. Storm EW modules leverage a tried-and-true common core architecture to speed up the supply of software-based EW capabilities, giving warfighters the situational awareness, survivability, and electromagnetic capabilities required for challenging missions. Storm EW Modules' scalable design offers a reliable hardware foundation that can be modified and integrated into various airborne platforms, including fixed- and rotary-wing aircraft, unmanned aerial vehicles, and guided missiles.
The defense electronics market report table of contents includes:
1. Executive Summary
2.Defense Electronics Market Characteristics
3.Defense Electronics Market Trends And Strategies
4.Defense Electronics Market analysis
5. Defense Electronics Market Size And Growth
6.Defense Electronics Segmentation
7.Defense Electronics Regional And Country Analysis
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27.Defense Electronics Competitive Landscape And Company Profiles
28.Defense Electronics Key Mergers And Acquisitions
29.Defense Electronics Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Raytheon Technologies Corporation
- The Boeing Company
- Lockheed Martin Corporation
- General Dynamics Corporation
- Mitsubishi Electric Corporation
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