Electronic Warfare Market Size worth $34.94 billion by 2031 With Growing at CAGR 7.2% – Exclusive Report by The Insight Partners
Electronic Warfare Market research includes key company profiles like are L3Harris Technologies, Inc., Raytheon Technology Corporation, Lockheed Martin Corporation, Saab Ab, BAE Systems Plc, Thales Group, Northrop Grumman Corporation, Cobham Plc (Eaton), Leonardo Spa, And Textron.
US & Canada, Feb. 03, 2025 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, “the global Electronic Warfare Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services), Application (Electronic Attack, Electronic Protection, and Electronic Warfare Support), Product Type (Countermeasure Systems, Jammers, Sensor Systems, Weapons Systems, and Others), and Geography”.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. Trade shows are a robust platform that allows companies to showcase their entire business at one booth, raising company awareness among customers. This is further boosting the market growth.
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Market Overview and Growth Trajectory:
Electronic Warfare Market Growth: The electronic warfare market is expected to reach US$ 34.94 billion by 2031 from US$ 20.07 billion in 2023; it is expected to record a CAGR of 7.2% during the forecast period. Increasing deployment of UAVs across the globe to protect the lands is expected to create ample opportunity for the optronics surveillance and sighting system market growth during the forecast period. For instance, in 2022, the Indian Army deployed the first batch of more than 25 Israeli-made UAVs named Searcher Mark II. These UAVs are deployed to protect the land from its neighboring countries. India purchased more than 100 reconnaissance drones at a cost of US$ 750 million for its land protection. Further, in May 2024, The US government began delivering UAVs to its military as part of its government program to counter China’s defense capabilities. Also, in March 2023, Chinese scientists developed a military drone that is capable of rapidly splitting into six separate units in midair. These drones are made with air separation technologies. Such increasing investment and deployment of UAVs by several countries’ governments is expected to create ample opportunities for the optronics surveillance and sighting system market during the forecast period.
Increasing Deployment in UAVs: Unmanned systems have become an integral part of military forces worldwide as they reduce the risk to human lives. Due to the various benefits offered by unmanned aerial vehicles (UAVs), many countries, such as the US, India, and China, have allocated substantial budgets to deploy more UAVs in their military forces, primarily for surveillance applications. Deploying optronics surveillance and sighting systems on unmanned platforms facilitates the transmission of surveillance and imagery data. The integration of unmanned systems with communication antennas and other surveillance equipment assists in various critical missions. Therefore, the increasing deployment of UAVs for airborne and naval surveillance and mapping missions is resulting in a growing need for optronics surveillance and sighting systems that can be effectively integrated within the UAV platform without hampering its overall efficiency. Thus, several major industry players, including Rafael Advanced Defense Systems Ltd. and Lockheed Martin, in the military optronics surveillance and sighting system market emphasize developing and offering optronics surveillance and sighting systems for UAV platform.
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Rising Development of Multiple Data Sharing and Storing Capabilities-Based Surveillance and Sighting Systems: Rising demand for advanced technology-based optronics to facilitate better decision-making on the battlefield is expected to spur the demand for optronics surveillance and sighting systems in the near future. The rising demand for various products, such as cameras with multiple data sharing and storage facilities, will drive market growth. HD cameras with cloud storage facilities will be in high demand to ensure that crucial evidence is intact and accessible from any smartphone, even if the camera is lost or damaged. The demand for cloud storage and multiple data-sharing products will increase due to the growing need in the military and defense sectors. Also, terrorist activities and attacks are propelling the demand for sighting systems. Several leading players are launching these devices with advanced capabilities to protect the land. For instance, in January 2023, NightRide launched first responder thermal cameras for any weather. These cameras are military-grade vehicles mounted with high-resolution and recording capabilities every second in different weather conditions such as rain, smoke, fog, dust, and snow.
Increasing Military Spending: Increasing military spending across the globe is driving the military optronics surveillance and sighting systems market growth. In 2023, military spending accounted for 2.3% of the global gross domestic product (GDP). The five largest military spenders in 2023 were the US, Russia, China, India, and Saudi Arabia, which together accounted for around 61% of the world’s military spending. The world’s military expenditure reached US$ 2,443 billion in 2023, an increase of 6.8% compared to 2022. The US and China remained the largest two military spenders across the globe. In 2023, the US spending was valued at US$ 916 billion, while Chinese military spending was valued at US$ 296 billion.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
Electronic Warfare Market Segmentation, Applications, Geographical Insights:
- Based on component, the Electronic Warfare market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023.
- Based on application, the Electronic Warfare market is segregated into electronic attack, electronic protection, and electronic warfare support. The electronic attack segment held a larger share of the market in 2023.
- Based on product type, the electronic warfare market is segmented into countermeasure systems, jammers, sensor systems, weapons systems, and others. The sensor systems segment held the largest market share in 2023.
Key Players and Competitive Landscape:
The Electronic Warfare Market is characterized by the presence of several major players, including:
- L3Harris Technologies, Inc.,
- Raytheon Technology Corporation
- Lockheed Martin Corporation
- Saab Ab
- BAE Systems Plc
- Thales Group
- Northrop Grumman Corporation
- Cobham Plc (Eaton)
- Leonardo Spa
- Textron
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Electronic Warfare Market Recent Developments and Innovations:
- ” MoD inks contract worth Rs.2269.54 Cr with BEL to procure 11 Shakti Electronic Warfare Systems for Indian Navy.”
- “HII is Awarded $6.7 Billion Contract to Support the U.S. Air Force’s Electronic Warfare Mission.”
- “GEODIS acquired ITS – International Transport & Shipping Ltd.”
- “BlueHalo Awarded $49.9M Naval Information Warfare Center Contract for UAS Electronic Warfare Sensor Systems.”
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Conclusion:
China, the second-largest military spender across Asia Pacific, allocated around US$ 296 billion for the military in 2023. The military spending of China increased by 6.0% as compared to 2022. China’s military expenditure accounted for 12% of the global military spending and 50% of spending in Asia and Oceania. Further, in Asia Pacific, India is witnessing rapid growth in the military optronics surveillance and sighting systems market. India’s military spending reached US$ 83.6 billion in 2023. India is the fourth-largest military spender globally. India’s spending increased by 4.2% as compared to 2022. The increase in India’s military spending has created a massive demand for military optronics surveillance and sighting systems. Further, increasing government spending to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan drives the military optronics surveillance and sighting systems market growth. Further, total military spending in Asia and Oceania countries in 2023 amounted to US$ 595 billion, which was increased by 4.4% as compared to 2022.
Many countries in this region are still developing, unlike major economies in North America and Europe. However, increasing tax collection and constructive policies in developing nations are catering to the military optronics surveillance and sighting systems market growth in Asia Pacific. Uncertainty with respect to terrorist activities is a significant reason for enhancing the demand for integrated observation equipment, handheld thermal imagers, and night vision equipment: military laser systems and other sighting systems. Israel’s military spending for the fiscal year 2019 accounted for US$ 20.50 billion, which increased to US$ 21.70 billion in 2020. In 2019, Singapore spent almost US$ 10.66 billion on military expenditure, which rose to US$ 10.85 billion in 2020. Israeli defense electronics expert—Elbit Systems—gained a contract from the US Army for enhanced night vision systems that utilize augmented reality and thermal imaging. The deal is expected to be worth US$ 442 million.
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