Electronic warfare market will grow at healthy clip through 2023, says study
NEW YORK and PUNE, India. The electronic warfare (EW) market is expected to grow at approximately 4.5 percent combined annual growth rate (CAGR) during the period 2017 to 2023, according to a new report from Market Research Future, "Electronic Warfare Market Research Report Information, by Category (Electronic Support, Electronic Attack, and Electronic Protection), by Platform (Airborne, Naval, Land, and Unmanned) and by Region – Global Forecast till 2023."
According to the authors of the study, the North America region is expected to dominate the market in future due to the high adoption rate of new technology and defense capabilities, followed by the Asia-Pacific region, due to increased investment in the defense sector in that part of the world.
The research found that the factors driving the growth of electronic warfare market are transnational disputes and wars, the emergence of cognitive EW technology, growth in system reliability, and more efficient operation due to the introduction of traveling-wave tube based solutions. Additional key drivers, say the authors, are expected to be growth in EW applications in unmanned aerial vehicles (UAVs) and demand for systems used to counter radio-controlled improvised explosive devices.
The study segmented the EW market based on category and platform type. On the basis of category type, electronic support is widely used and covers the majority of the EW market because of increasing adoption rate in developing countries; regarding EW platform type, the airborne type will continue to see the largest demand for in the EW market due to an increase in the use of airborne EW electronics for military application.
Key global players in the EW market identified in the study are General Dynamics, Lockheed Martin, Northrop Grumman, Raytheon, FishEye, and Mercury Systems (U.S.); Ultra Electronics and BAE Systems (U.K.); Saab (Sweden); and Thales (France).
For more information on this EW study please visit the Market Research Future website.