Defence Electronics market is projected to grow at a CAGR of 5.7% by 2034: Visiongain

/EIN News/ -- Visiongain has published a new report entitled Defence Electronics Market Report 2024-2034: Forecasts by Platform (Airborne, Marine, Land), by EW Systems (Radar Jamming Systems, Electronic Countermeasures, Signal Intelligence Systems, Other), by ISR Sensors (Electro-Optical/Infrared (EO/IR) Sensors, Synthetic Aperture Radar (SAR), Electronic Support Measures (ESM), Magnetic Anomaly Detection (MAD) Systems, Other), by Type (Command, Control and Communication Systems, Electronic Warfare Systems, Surveillance and Reconnaissance Systems, Intelligence, Surveillance and Reconnaissance (ISR) Sensors, Navigation and Guidance Systems, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global defence electronics market was valued at US$163.2 billion in 2023 and is projected to grow at a CAGR of 5.7% during the forecast period 2024-2034.

Modernisation and Upgradation of Military Platforms

The ongoing modernisation and upgradation of military platforms are significant drivers of the defence electronics market. Defence forces around the world are upgrading their existing platforms and acquiring new ones to enhance their operational capabilities and maintain a technological edge over potential adversaries. This includes the modernisation of aircraft, naval vessels, armoured vehicles, and missile systems, all of which require state-of-the-art electronic systems. For instance, the F-35 Lightning II fighter jet, developed by Lockheed Martin, is equipped with advanced avionics, sensors, and electronic warfare systems, making it one of the most technologically advanced aircraft in the world. Similarly, naval platforms are being upgraded with integrated combat systems, radar, and electronic countermeasure systems to improve their survivability and combat effectiveness. The continuous investment in modernising military assets drives the demand for cutting-edge defence electronics.

Download Exclusive Sample of Report @

https://www.visiongain.com/report/c-market-2024/#download_sampe_div

How has COVID-19 had a significant negative impact on the Defence Electronics Market?

The COVID-19 pandemic has had a multifaceted impact on the global defence electronics market, influencing both short-term disruptions and long-term trends. Initially, the pandemic disrupted supply chains, manufacturing operations, and logistics across the defence sector, leading to delays in production and procurement processes. Restrictions on movement and workforce limitations hampered the deployment of personnel and resources critical for defence electronics development and maintenance. Moreover, uncertainties surrounding the pandemic prompted governments to reassess budget priorities, potentially affecting defence spending and investment in electronics.

However, the pandemic also accelerated certain trends within the defence electronics market. There was an increased emphasis on remote operations, telework capabilities, and secure communications to ensure continuity of defence operations amidst lockdowns and travel restrictions. This drove demand for advanced communication systems, cybersecurity solutions, and remote monitoring technologies. Furthermore, the crisis underscored the importance of resilience and adaptability in defence electronics, prompting investments in robust supply chains, agile manufacturing processes, and digital transformation initiatives.

Looking forward, the defence electronics market is poised for recovery and growth as economies stabilize and defence budgets recalibrate to address emerging threats and modernization needs. The shift towards digitalization, artificial intelligence, and autonomous systems is expected to drive innovation and investment in defence electronics. Governments are likely to prioritize investments in next-generation technologies that enhance situational awareness, improve operational efficiency, and strengthen defence capabilities in a post-pandemic world. Overall, while the COVID-19 pandemic posed significant challenges, it also catalyzed opportunities for innovation and transformation in the defence electronics sector.

How will this Report Benefit you?

Visiongain’s 395-page report provides 123 tables and 199 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global defence electronics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Defence Electronics. Get financial analysis of the overall market and different segments including platform, EW systems, ISR sensors, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing defence electronics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Geopolitical Tensions and Defence Spending

Geopolitical tensions and the consequent increase in defence spending by various countries are driving the global defence electronics market. Rising security threats, regional conflicts, and the need to protect national interests are prompting governments to allocate more resources to defence budgets. This increased spending translates into higher demand for advanced military equipment, including electronic systems for communication, surveillance, electronic warfare, and weapon systems. For example, the escalating tensions in the Asia-Pacific region have led countries like China, India, and Japan to boost their defence expenditures, resulting in significant investments in modernising their armed forces. The ongoing geopolitical dynamics and the resulting defence spending ensure a continuous demand for advanced defence electronics, driving market growth.

Focus on Enhanced Soldier Systems

The focus on enhancing soldier systems is driving the demand for advanced defence electronics. Modern military operations require soldiers to be equipped with state-of-the-art electronic devices that improve their situational awareness, communication, and combat effectiveness. These systems include wearable sensors, advanced communication devices, night vision goggles, and personal protective equipment integrated with electronic components. For instance, the U.S. Army's Integrated Visual Augmentation System (IVAS) program aims to provide soldiers with augmented reality (AR) goggles that enhance their ability to navigate and engage targets effectively. The continuous development and deployment of enhanced soldier systems drive the demand for innovative and reliable defence electronics, contributing to the growth of the market.

Get Detailed ToC
https://www.visiongain.com/report/defence-electronics-market-2024/

Where are the Market Opportunities?

Increasing Focus on Network-Centric Warfare

The increasing focus on network-centric warfare (NCW) is driving the demand for sophisticated defence electronics. NCW relies on the seamless integration of information and communication technologies to enhance situational awareness, decision-making, and coordination among military units. This approach requires advanced communication networks, data links, and information systems that can securely transmit and process vast amounts of data in real-time. For instance, the U.S. military's Joint Tactical Radio System (JTRS) provides interoperable and secure communication across different platforms and services, enabling effective network-centric operations. The emphasis on NCW drives the need for advanced electronics that support secure, reliable, and high-speed communication, data fusion, and information sharing, thereby driving the growth of the defence electronics market.

Rise of Hypersonic Weapons and Defence Systems

The rise of hypersonic weapons and the development of defence systems to counter them are significant drivers of the defence electronics market. Hypersonic weapons, which travel at speeds greater than Mach 5, pose a new challenge to existing defence systems due to their high speed, manoeuvrability, and ability to evade detection. Developing and countering these weapons requires advanced electronic systems, including sensors, tracking radars, guidance systems, and electronic countermeasures. For example, the development of the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) by the U.S. Missile Defense Agency aims to provide early detection and tracking of hypersonic threats. The increasing focus on hypersonic technology and the need for advanced electronics to support both offensive and defensive capabilities drive the growth of the defence electronics market.

Competitive Landscape

The major players operating in the defence electronics market are BAE Systems PLC, Cobham Limited, Elbit Systems Ltd, General Dynamics Corporation, Honeywell International Inc, Indra Sistemas, S.A, Israel Aerospace Industries Ltd, L3Harris Technologies, Inc, Leonardo S.p.A, Lockheed Martin Corporation, Northrop Grumman Corporation, Rheinmetall AG, RTX Corporation (formerly Raytheon Technologies Corporation), SAAB AB, Thales Group. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

• 15 April 2024, The Missile Defence Agency selected Lockheed Martin [NYSE: LMT], the nation's new homegrown missile defence capabilities, to provide the Next Generation Interceptor (NGI). Lockheed Martin, the NGI prime contractor for the MDA, will provide the most sophisticated, dependable, and state-of-the-art interceptor in the history of the Ground-based Midcourse Defence (GMD) system.
• 21 Feb 2024, With the use of mobile devices and no connectivity to a cloud server, Northrop Grumman Corporation (NYSE: NOC) successfully demonstrated new software that can receive, display, and exchange crucial situational awareness data.

To access the data contained in this document please email contactus@visiongain.com Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the defence sector, click on the following links:

• Military and Defence Semiconductor Market Report 2024-2024
• C4ISR Market Report 2023-2033
• Military Communications & COTS Market Report 2023-2033
• Military ADS-B Receiver Market Report 2022-2032
• Aerospace & Defence Telemetry Market Report 2023-2033
  
  

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact

Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: contactus@visiongain.com
Web: www.visiongain.com