The new electronic warfare market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Electronic Warfare Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increasing use of UAVs in electronic warfare", says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the electronic warfare market size to grow by USD 9.28 billion during the period 2020-2024".
Electronic Warfare Market Segment Highlights for 2020
- The electronic warfare market is expected to post a year-over-year growth rate of 6.23%.
- Based on the application, the market witnessed maximum growth in the electronic protection segment in 2019. The growth of the segment is driven by the continued developments in the defense sector by governments worldwide.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 39% of the growth will originate from the North America region.
- The increased expenditure in defense and rising investments in the development of products and solutions for the warfare domain are the major factors driving the growth of the market in North America.
- The US is the key market for electronic warfare in North America.
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Notes:
- The electronic warfare market size is expected to accelerate at a CAGR of about 7% during the forecast period.
- The electronic warfare market is segmented by Application (Protection, Support, and Attack) and Geography (North America, APAC, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Cobham Plc, Elbit Systems Ltd., General Dynamics Corp., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, and Thales Group
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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