Electronic Warfare Market
Electronic warfare system is a relatively newer technology and is likely to witness rising military applications owing to the advancements in technologies. Market Research Future (MRFR), in its latest assessment, has revealed that the Global Electronic Warfare Market is prognosticated to register expansion at a moderate CAGR of 4.5% CAGR during the evaluation period 2017 to 2023.
Increasing airborne and naval applications in the defense sector is likely to dictate the growth of the electronic warfare market over the review period. Technological advancements have led to the development of aircraft and naval vessels that are difficult to detect. In these situations, electronic systems have exhibited efficiency in identifying and tracking enemy attacks. This, in turn, is anticipated to catalyze the proliferation of the electronic warfare market over the next few years. Increasing cross-border tensions in Asian countries are projected to impact market growth favorably in the upcoming years. On the flip side, issues associated with emitter classification remains an impediment to market growth.
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Market Segmentation:
The key segments of the electronic warfare market, on the basis of category, are electronic attack, electronic support, and electronic protection.
On the basis of platform, the segmental analysis of the global electronic warfare market includes airborne, land, naval, and unmanned.
Regional Analysis:
The regional assessment of the global Electronic Warfare Market is offered on the basis of region as well as country. The key regional segments of the market identified in this MRFR report are North America, Asia Pacific (APAC), the Middle East & Africa (MEA), Europe, and South America. North America is expected to secure its dominant position in the global market place through the forecast period. The adoption rate of electronic warfare systems in the defense sector in the region has been rising. This, in turn, is expected to boost the growth pattern of the regional electronic warfare market over the next couple of years. The early adoption of technology witnessed in the U.S. is anticipated to favor the expansion of the regional market in the years to come. It is poised to contribute substantially to the development of the electronic warfare market in the upcoming years.
Asia Pacific is assessed to trail the North America electronic warfare market over the next few years. Increasing cross border tensions among China, India, and Pakistan is one of the major factors expected to increase the procurement of electronic warfare systems in the region. Also, the South China Sea dispute is anticipated to influence the expansion of electronic warfare market positively in the nearby future. The nations are motivated to increase their investments in the defense sector. It is projected to catalyze the regional segment’s proliferation over the evaluation period. However, the economic concerns in certain nations are likely to pose a challenge to market players in the forthcoming years.
Competitive Dashboard:
BAE Systems Plc. (U.K.), Lockheed Martin (U.S.), General Dynamics (U.S.), Northrop Grumman (U.S.), FishEye (U.S.), Raytheon (U.S.), Mercury Systems (U.S.), Thales (France), Saab (Sweden), and Ultra Electronics (U.K.) are few of the major players operating in the global electronic warfare market. The market is characterized by the presence of national and international players strategizing ways of staying ahead of the curve. This, in turn, is expected to intensify the competition in the market over the next couple of years. Rising investments in research & developments are expected to lead to product developments and innovations, thus, supporting the robust competition existing in the market. The technology being at its nascent stage is prognosticated to attract new players in the market in the years to come. Growth strategies that are likely to dominate the growth of competition in the electronic warfare market are mergers & acquisitions, technological advancements, collaborations, agreements, etc.
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