Over a passage of time, electronic warfare has become an essential part of war situations such as political conflicts, territorial disputes, and cold wars, which involve the use of electromagnetic spectrum to sense, attack, communicate, or impede enemy attacks. With the rising number of wars and disputes among countries across the globe, the defense forces are actively looking to adopt new and modern systems in order to enhance their warfare skills.
The global electronic warfare market is estimated to be valued at USD 25.36 Billion in 2021, growing from USD 20.55 Billion in 2016, at a CAGR of 4.29% during the forecast period 2016-2021. Based on category, the electronic support segment holds the largest market share, and is anticipated to continue its dominance over the forecast period as well. On the basis of platform, the ground-based platform segment dominates the overall market for electronic warfare, currently; however, the unmanned segment is expected to grow at the highest CAGR during the forecast period. This growth can be credited to the rising number of UAVs, which are increasingly being used by the defense sector.
Geographically, which segment is likely to be the leading market for electronic warfare?
Currently, North America dominated the market, since the countries in this region are investing actively towards the deployment of electronic warfare systems in order to maintain its superiority and overcome the risk of potential threats from China, Japan, and Israel, which are increasing their military expenditures to gain competitive advantage over each other. However, the market in Asia-Pacific is expected to grow at the highest rate during the forecast period between 2016 and 2021. This growth can be primarily attributed to the huge population base in this region, emerging economy, increasing investments for the development of electronic warfare products, increased number R&D activities, and growing focus of international as well as domestic players on the market in this region.
What are the major drivers encouraging the market growth?
Increasing number of wars and transnational disputes across the world, development of cognitive electronic warfare technology that allows the defense forces to operate in unknown, dynamic, and challenging warfare environment, increased reliability and efficiency of system due to Travelling Wave Tube (TWT) based solutions, development of integrated EW systems that result in better system performance are the major factors driving the worldwide market for electronic warfare towards growth. Moreover, growing adoption of infrared techniques such as laser, radio waves, and other technologies is expected to further drive the growth of this market. Also, the efforts being put in by the market players to provide additional features to the system in order to cater to the needs of the clients’ in a better way is expected to further boost the demand for electronic warfare systems.
What are the challenges expected to be encountered by this market?
On the flip side, rising economic concerns and declining defense budgets, especially in American and European countries is expected to hinder the growth of this market. In addition, developing and designing effective and affordable electronic warfare systems since the presently available systems are highly expensive and incapability of existing electronic warfare systems to address multiple/diverse threats are the key challenges being faced by the leading players involved in this market.
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Key strategies adopted by market players for sustenance
Key players operating in the electronic warfare market are BAE Systems Plc. (U.K.), The Raytheon Company (U.S.), Thales Group (France), Lockheed Martin Corporation (U.S.), and Saab AB (Sweden). Contracts & agreements and new product launches are the two main strategies that the companies in this market are adopting in order to expand their product portfolio as well as global presence along with increasing their market share.
How will the new product launch be beneficial for the growth of this market?
The new products are being manufactured using advanced technologies, resulting in the development of electronic warfare systems with significantly higher level of electronic attack and electronic protection capabilities. This in turn will improve the capabilities of various defense forces that are deploying the systems, thus leading to a huge growth in demand. The innovation and developments of new technologies features so as to offer better solutions to the defense sector will further add to the growth prospects for this this market in the years to come.