Selbyville, Delaware,, June 12, 2023 (GLOBE NEWSWIRE) --
The defense electronics market valuation is anticipated to reach USD 350 billion by 2032, as reported in a research study by Global Market Insights Inc.
Technological advancements, increasing defense budgets, and evolving security threats are majorly driving the market growth. The rapid progress in areas such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and advanced sensor technologies has revolutionized the defense sector. These advancements have led to the development of highly sophisticated defense electronics systems that offer enhanced capabilities in areas such as communications, surveillance, intelligence gathering, and target acquisition. This factor, along with evolving security threats, including cyber warfare, terrorism, asymmetric warfare, and geopolitical instability, act as catalysts for the defense electronics market. As these threats become more sophisticated and diverse, the need for advanced defense electronics systems that can counter them becomes crucial.
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Based on vertical, the market is divided into optronics, radar, electronic warfare, C4ISR, and navigation, communication & display. The defense electronics industry share from electronic warfare (EW) segment will grow at a significant rate during 2023 and 2032. As modern warfare becomes increasingly technology-driven, EW systems play a pivotal role in safeguarding national security. These systems enable armed forces to detect, track, and counter hostile electronic missiles, providing vital protection against emerging threats. With the rapid development of advanced radar jamming techniques, signal intelligence capabilities, and electronic countermeasures, there is a need for ongoing investments in R&D activities. This factor, coupled with the adoption of cutting-edge technologies, will further enhance the capabilities of EW systems, ensuring their relevance in future defense operations.
Speaking of platform, the market is classified into space, land, marine, and airborne. The marine will generate substantial revenues for defense electronics market by 2032. The increasing deployment of naval forces to protect maritime territories and ensure safe trade routes has amplified the demand for advanced electronic systems onboard ships and submarines. Moreover, the development of unmanned maritime systems, such as unmanned underwater vehicles (UUVs) and autonomous surface vehicles (ASVs), is bolstering the demand for defense electronics in the marine sector. These systems leverage cutting-edge technologies to carry out critical missions, including mine countermeasures, intelligence gathering, and underwater reconnaissance.
Asia Pacific defense electronics market will showcase impressive growth trends over 2023-2032, owing to robust economic growth and escalating defense investments. Countries, such as China, India, Japan, and South Korea, are significantly increasing their defense budgets to modernize their armed forces and strengthen their national security. The rising geopolitical tensions, territorial disputes, and the need for advanced defense capabilities are driving the demand for state-of-the-art defense electronics systems. Additionally, the increasing focus on indigenization and domestic manufacturing of defense electronics equipment is further stimulating market growth in the region.
The major companies operating in the defense electronics market are BAE Systems plc, Boeing Defense, Space & Security, General Dynamics Corporation, Elbit Systems Ltd., Harris Corporation, Honeywell International Inc., Indra Sistemas, Bharat Electronics Limited, L3Harris Technologies, Inc., Lockheed Martin Corporation, Leonardo S.p.A., Saab AB, Northrop Grumman Corporation, Thales Group, Raytheon Technologies Corporation, and Ultra Electronics Holdings plc.
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Defense Electronics Industry News
- In March 2023, Indian defense company Bharat Electronics Limited announced a significant development in its partnership with the JV TRDS (Thales Reliance Defence Systems Limited), in line with the 'Make in India' policy and as part of the offset obligation under the Rafael-India Contract and. The agreement involves the production and delivery of TR Modules and Micro modules of Radar used in Rafael fighter aircraft. BEL has now received an order to manufacture and supply Micro Modules, strengthening its position as a key contributor to indigenous defense production.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Defense electronics market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Vertical trends
2.6 Platform trends
Chapter 3 Defense Electronics Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
