Electronic Warfare Market Reached USD 15.21 Billion in 2022; Technological Innovations for the Development of More Sophisticated EW Systems to Bolster Market Growth

The global electronic warfare market size stood at USD 15.21 billion in 2022. The market value is slated to rise from USD 16.65 billion in 2023 to USD 31.23 billion by 2030 at a CAGR of 9.4% during 2023-2030. The expansion can be credited to the growing use of technology in warfare. Moreover, adversaries’ data can be identified and decoded using advanced warfare techniques.

Fortune Business Insights™ presents this information in its report, titled “Electronic Warfare Market Size, Share & Russia-Ukraine War Impact Analysis, By End User (Landforce, Air, and Naval), By Platform (Aircraft, Weapon, Naval Ship, Vehicle, and Others), By Type (Electronic Support, Electronic Protection, Electronic Attack, and Others), By Technology (Antennas, Anti-Jam Electronic Protection System, Directed Energy Weapon, IR Missile Warning System, Optical Attack Solutions, and Others), and Regional Forecast, 2023-2030.”

Growing Tactical Combat Operations had a Positive Impact on Market Growth

The evolving role of the product in modern conflicts was witnessed during the Russia-Ukraine war. In addition, the government of Russia made heavy investments in the product. These factors positively influenced the Electronic Warfare (EW) market expansion.

BAE Systems Secured a Contract from the U.K. Department of Defense to Offer New Radars

In July 2021, BAE Systems received a contract worth USD 1,104.6 million from the U.K. Department of Defense. The contract helped the company offer new radars for augmenting Royal Air Force's (RAF) Typhoon fighter fleet. In addition, it enhanced the aircraft’s control of airspace while providing advanced electronic warfare capabilities.

Market Value to Grow Owing to Innovations in Technologies for the Development of More Sophisticated EW Systems

The electronic warfare market growth is driven by technological innovations for developing more sophisticated EW systems. More capable EW systems with enhanced accuracy, versatility, and range have been developed due to such innovations.

Despite such an expanding scope for product adoption, different operational requirements in different military platforms may impede the market growth.

Notable Companies Focus on Receiving Contracts to Expand their Market Hold

Prominent industry players are focusing on various competitive strategies to extend their footing. Some of these strategies include mergers and acquisitions, collaborations, joint ventures, and others.

List of Key Players Mentioned in the Report:

• L3Harris Technologies Inc. (U.S.)
• Moog Inc. (U.S.)
• Northrop Grumman Corporation (U.S.)
• Elbit Systems Ltd (Israel)
• BAE Systems Plc. (U.S.)
• Lockheed Martin Corporation (U.S.)
• General Dynamics Corporation (U.S.)
• Raytheon Technologies Corporation (U.S.)
• Thales Group (France)
• Leonardo SPA (Italy)

Notable Industry Development

April 2023: BAE Systems secured a contract worth USD 491 million from Lockheed Martin for the production of the AN/ASQ-239 EW kit for the Block 4 version of the F-35 fighter jet.

Further Report Findings

• Regionally, the market has been analyzed across Latin America, the Asia Pacific, Europe, North America, and the Middle East & Africa.
• North America is expected to dominate the electronic warfare market share during the forecast period. The growth can be attributed to the highest defense expenditure from the U.S. Department of Defense.
• The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The surge is propelled by the increasing defense expenditure in the region.
• The Europe market accounted for a significant market share in 2022. This is due to the strong presence of leading industry players such as Thales Group in the region.
• By platform, the market is classified into weapon, naval ship, vehicle, aircraft, and others. The naval ship segment held the largest market share in 2022. The growing requirement for information dominance is the major factor expected to accelerate the segment growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electronic-warfare-market-103290

Table of Segmentation