Electronic warfare market to generate to $23.56 billion by 2028, study saysNews
May 26, 2021
PORTLAND, Ore. The global electronic warfare (EW) market, which totaled $15.81 billion in 2020, is estimated to reach $23.56 billion by 2028 -- growing at a combined annual growth rate (CAGR) of 5.6% between 2021 and 2028 -- according to a new report published by Allied Market Research, "Electronic Warfare Market by Capability (Electronic Protection, Electronic Support and Electronic Attack), Equipment (Jammer, Countermeasure System, Decoy, Directed Energy Weapon, and Others), Product (EW Equipment, and EW Operational Support), and Platform (Land, Naval, Airborne, and Space): Global Opportunity Analysis and Industry Forecast, 2021–2028."
According to the study authors, growth in the global EW market is due to the increased adoption of EW systems due to a rise in territorial and intercountry conflicts; the increased need for countries to perform surveillance, intelligence, and self-protection capabilities; an increase in demand for missile-defense detection systems; and development in and modernization of warfare technologies. Moreover, the study found, a surge in defense expenditure and implementation of electronic protection systems in civil aviation are expected to open lucrative opportunities for market players in the future.
Holding the EW market back from even higher growth, however, will be the high cost of EW deployment and the vulnerability of such EW systems to cyberattacks.
In terms of platform, the airborne segment held the largest share in 2020, contributing to nearly 40% of the market; the airborne segment is projected to register the highest CAGR of 6.1% during the forecast period.
For more information, visit the Allied Market Research website.