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Defense Electronics Market Overview
Defense Electronics Market Size was valued at USD 161.9 Billion in 2022. The Defense Electronics market industry is projected to grow from USD 170.8 Billion in 2023 to USD 262.13 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 – 2032).
Drivers
Increasing Need for Military & Defense Technology to Boost Market Growth
The increasing need for military & defense technology in various parts of the globe will boost market growth over the forecast period. As new conflicts emerge and geopolitical tensions continue, countries are making higher investments in the defense capabilities which has resulted in increased need for advanced military technology which also includes sophisticated electronic systems. Advancements in fields like big data analytics, machine learning, and AI are resulting in the creation of more advanced and new electronics systems. Such systems are made to offer faster response times, greater accuracy and rising situational awareness that are crucial in the military & defense applications.
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Opportunities
Growing Need for Modernization to offer Robust Opportunities
The growing need for modernization & integration of electronic systems in the defense applications will offer robust opportunities for the defense electronics market in the forecast period. For instance, lately there has been a noteworthy focus on the creation of advanced surveillance and communication systems that is boosting the demand for defense electronics.
Restraints and Challenges
Regulatory Restrictions to act as Market Restraint
The regulatory & export restrictions, increase in cyberattacks on defense related data, high initial investments in the defense electronics, and high installation & upgrade prices for avionic products may act as market restraints over the assessment period.
Besides, the COVID-19 epidemic may also impede market growth.
Market Segmentation
The global defense electronics market is bifurcated based on platforms and vertical.
By vertical, navigation will lead the market over the forecast period for the need for technologies and systems for guidance, navigation, and precise localization in defense operations.
By platforms, airborne will domineer the market over the forecast period for the growing need for advanced avionics.
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Regional Analysis
North America to Command Defense Electronics Market
North America will command the market in the forecast period. Multiple factors are propelling the region’s market growth such as maintaining military dominance, protecting national security interests, increasing defense spending, and increasing investments by the US to improve defense capabilities for maintaining military dominance and protecting national security interests.
Europe to Have Admirable Growth in Defense Electronics Market
Europe will have admirable growth in the market over the forecast period for the increasing investments in defense technology and equipment and electronic warfare systems like electronic attack technologies & electronic countermeasures. Germany grabbed the utmost market share followed by the UK.
Key Players
Eminent market players profiled in the global defense electronics market report include Bae Systems PLC, Cobham Limited, Curtiss-Wright Corporation, Data Patterns (India) Ltd., Elbit Systems Ltd., General Dynamics Corporation, Hensoldt, Honeywell International Inc., Indra Sistemas, SA, Israel Aerospace Industries (lai), L&T Defense, L3Harris Technologies, Inc., Leonardo Spa, Lig Nex1, Lockheed Martin Corporation, Mag Aerospace, Mercury Systems, Inc., Mistral Solutions Pvt. Ltd., Northrop Grumman Corporation, Radioelectronic Technologies Corporation, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Rheinmetall AG, Saab Ab, Safran SA, Sami Advanced Electronics, and Sierra Nevada Corporation.
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