Global electronic warfare market to reach $30.32 billion by 2022, study says
NORTHBROOK, Ill. The electronic warfare (EW) market is projected to grow from an estimated $24.20 billion in 2017 to $30.32 billion by 2022, at a combined annual growth rate (CAGR) of 4.61 percent during that time period, according to a new market study, "Electronic Warfare Market by Capability (Electronic Support, Electronic Attack, Electronic Protection), Platform (Airborne, Naval, Ground, Space), Product (EW Equipment, EW Operational Support), and Region - Global Forecast to 2022" from MarketsandMarkets.
Electronic warfare refers to the use of electromagnetic spectrum to attack an enemy or defend against an enemy attack.
The forecast finds that a rise in defense expenditures, combined with increasing research and development activities to develop advanced EW products capable of countering enemy attacks, is expected to propel the growth of the EW market around the world.
Based on platform, the airborne-based EW segment is the estimated leader in the EW during 2017, primarily due to the high rate of adoption of modern EW systems for airborne platforms such as fighter jets; intelligence, surveillance, and reconnaissance (ISR) aircraft; and unmanned aircraft, all of which can be equipped with advanced attack and countermeasure EW systems.
According to the market study, the EW product sector is estimated to lead the electronic warfare market in 2017; EW products include all the major products in the electronic warfare market that are used for electronic support, electronic attack, and electronic protection.
Regionally, North America (the U.S. and Canada) is the estimated leader of the EW warfare market in 2017. The study finds that the U.S. has the world's highest military budget, with a large amount of its military spending going toward procuring electronic warfare systems.
According to the study, key players in the electronic warfare market include Harris, Raytheon, Lockheed Martin, and Boeing (U.S.); BAE Systems (U.K.); and Northrop Grumman (Germany).
For more information about the EW market study, please visit the MarketsandMarkets website.