Covid-19 Impact on Electronic Warfare Market to See Strong Expansion Through 2028

Global Electronic Warfare Market Forecast:

The electronic warfare market was estimated at USD 18.44 billion in 2022 and is likely to grow at a CAGR of 4.66% during 2023-2028 to reach USD 24.32 billion in 2028.

Market Drivers

The electronic warfare market is expected to grow significantly in the coming years, driven by a number of factors. These include –

• Rising need for surveillance, intelligence, and self-protection capabilities – Rising digital and cybersecurity threats and attacks demands quick adoption of advanced surveillance and self-protection capabilities. Defense agencies across the globe have started the implementation of electronics to achieve augmented awareness to maintain superiority in defense across land, sea, and air. For instance, an Israeli company - BIRD Aerosystems, a global provider of innovative defense technology and solutions introduced SPREOS - Self Protection Radar Electro-Optic System in February 2023.
• Increasing domestic and intercontinental tensions – Increasing political, economic, and social upheaval among a few countries across the globe has resulted in a rise in domestic and intercontinental tensions. Unmanned aerial vehicles (UAVs) have transformed the dynamics on the battlefield. For instance, the rise in threat from Unmanned Aerial Vehicles [UAVs] by Iran has imposed the establishment of an inter-agency working group for the U.S. and Israel to fight dangers by using advanced electronic warfare techniques. 
• Rising military & defense expenditure – Global military expenditure reaches a new record high as European spending surges. According to Stockholm, April 2023, total global military expenditure increased by 3.7% in 2022, to reach a new high of $2240 billion. As militaries increase their expenditure and invest in new weapons &platforms, they also need to invest in EW systems to protect those resources from electronic warfare attacks.
• Increasing threats of drones and remotely triggered improvised explosive devices (IEDs) – One of the biggest threats is improvised explosive devices (IEDs) and drones have been increasingly used by terror groups to deliver IEDs over the years.  The changing nature of security, threat perception, and the nature of conflict resulted in the usage of warfare equipment.

The Electronic Warfare Market growth depends upon numerous factors which have direct or indirect impacts on the demand.

The key factors governing the demand for Electronic Warfare Market are:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends 
• Strategic growth opportunities for the existing and new players
• Key success factors

Electronic Warfare Market Segmentation:

Based on the capability type, the market is segmented as electronic support, electronic attack, and electronic protection. The electronic support segment is expected to register the highest growth in the coming five years. This high growth rate is owing to the rising engagement of modern warfare techniques in the emerging economies in the Asia-Pacific and Middle Eastern regions.

Based on the platform type, the market is segmented as airborne, ground, naval, and space. The space segment is estimated to remain dominant during the forecast period driven by the growing use of satellite-based electronic warfare equipment for various military applications.

Based on the product type, the market is segmented as electronic warfare equipment and electronic warfare operational support. The electronic warfare equipment segment is anticipated to depict a higher growth due to the augmenting procurement of electronic warfare equipment in military ships and aircraft triggered by the merits such as advance electronic protection and electronic support applications.

In terms of regions, the North American region accounted for the largest share of the market for electronic warfare in 2022. Factors such as territorial disputes, rising insurgencies, terrorism, unrest between neighboring countries, and political acrimonies in the region are also driving the EW market growth in this region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Electronic Warfare Market Competitive Analysis:

• BAE Systems plc
• Elbit Systems Ltd.
• General Dynamics Corporation
• Harris
• Israel Aerospace Industries
• Lockheed Martin Corporation
• Rockwell Collins
• Saab Automobile AB
• Teledyne Technologies, Inc.
• Thales Group

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