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Global Electronic Warfare Market to Reach $17.7 Billion by 2027
December 29, 2017 | PRNewswireEstimated reading time: 1 minute
Electronic Warfare systems are playing a vital role in war fighter detecting, preventing, deterring, and defeating attacks by aircraft, UAVs, missiles, radars, maritime vessels, hostile space systems, and cyber threats. The global electronic warfare market is expected to be valued at more than $13 billion in 2017, and will grow at a CAGR of more than 2.6%, to cross $17.5 billion by 2027.
Global electronic warfare market includes three segments, being electronic protection, electronic attack, and electronic warfare support. The largest share in the global market for electronic warfare is projected to be accounted for by electronic protection systems with an estimated 59% over the forecast period. Electronic protection will be followed by electronic warfare support systems, which are projected to garner a share of more than 30% in the global market during 2017-2027. The remainder of about 9% will be accounted for by electronic attack systems.
North America is expected to witness defense budget cuts during the forecast period; the region's expenditure on electronic warfare systems is expected to account for a majority 45% share of global spending during the forecast period. The US military has continued to make robust related investments in the electronic warfare systems domain, a trend that is expected to continue over the forecast period. One of the major trends currently being witnessed in the US market is an increase in the sheer volume of sales in the electronic warfare market.
Segment wise, electronic protection is estimated to account for the largest share of about 59% of spending over the forecast period. With a steady growth of Network-centric warfare (NCW), the importance of using electro-magnetic (EM) spectrum is rapidly rising in modern battle spaces. The dependence on cyberspace for the command and control functions is increasing exponentially, which makes the electromagnetic spectrum vulnerable to the emerging domains of electronic and cyber warfare. This, in turn, has led to the growing need for advanced electronic protection and countermeasure systems across the world.
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