The Global Electronic Warfare Market is Expected to Witness Steady Growth During 2016-2026
The global electronic warfare market is expected to value US$14.4 billion in 2016, and will grow at a CAGR of 3.13%, to value US$19.6 billion by 2026. The cumulative global market for electronic warfare will reach US$184.1 billion over the forecast period. Demand for such systems is anticipated to be driven by rapid technological advancements in the domain and the growing need for intelligence, surveillance, and reconnaissance (ISR) capabilities in militaries globally. Modern warfare places a greater emphasis on information superiority and situational awareness, and this is expected to be a major factor driving spending in this sector. This theory is further supported by increasing investments by most major militaries across the world, which focus on acquiring electronic warfare systems for airborne, ground based, and naval platforms.
The global electronic warfare market includes three segments which include 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 50% over the forecast period. Electronic protection will be followed by electronic warfare support systems, which is projected to garner a share of 2% in the global market during 2016-2026. The remaining 18% will be accounted for by electronic attack systems
The Global Electronic Warfare Market 2016-2026
Continued Investment in Technological Innovations to propel the demand for EW systems
The ever increasing need for intelligence, surveillance, and reconnaissance (ISR) capabilities in militaries across the world has led to continued investments in technological advancements in the field of electronic warfare. With electronic warfare gradually emerging as a predominant technology for the survivability of military aircraft and naval vessels, countries across the world are expected invest robustly in this field over the coming years.
The US, which has historically been the largest market for electronic warfare, is currently conducting several research and testing in this sphere. For example, the US Navy has contracted Raytheon Company for the development of a critical electronic attack program for the war fighters, under the Next Generation Jammer project. Additionally, DARPA is also working on the Adaptive Radar Countermeasures (ARC) program, which aims to develop electronic warfare capability to combat hostile adaptive radar systems. More recently, the US has initiated a new electronic warfare planning and management tool that permits army personnel to synchronize and integrate a host of electronic warfare signals. This tool is expected to be fully developed and operational by 2022.
Such ongoing investment on new technology in the field of electronic warfare reflects the importance of EW systems in today’s battlefield. Continued funding on technological innovations over the forecast period is in turn expected to considerably boost the demand for EW systems in the global market
Source : ASDReports - Market Research - view original press release