According to the new market research report, now available on ASDReports, "Electronic Warfare Market by Capability (Electronic Support, Electronic Attack, Electronic Protection), Platform (Airborne, Naval, Ground, Space), Product (EW Equipment, EW Operational Support), and Region - Global Forecast to 2022", The electronic warfare market is estimated at USD 24.20 Billion in 2017 and is projected to reach USD 30.32 Billion by 2022, at a CAGR of 4.61% from 2017 to 2022. The increasing procurement of electronic warfare systems due to the growing transnational and regional instability across the world is expected to drive the market for electronic warfare. The rising use of electronic warfare technologies for geospatial intelligence gathering is expected to further drive the electronic warfare market during the forecast period.
The space platform segment is projected to grow at the highest CAGR during the forecast period. Based on platform, the space segment of the electronic warfare market is projected to grow at the highest CAGR from 2017 to 2022. With the introduction of satellite communication, military forces are trying to jam enemy satellites to seize their communication. To protect communication satellites from being jammed, militaries are procuring electronic countermeasure systems for satellites.
The electronic support segment is projected to grow at the highest CAGR during the forecast period. Based on capability, the electronic support segment of the electronic warfare market is projected to witness the highest growth during the forecast period. Electronic support systems are deployed on various platforms. They provide communication and electronic intelligence to the military forces.
Asia Pacific is projected to be the fastest-growing market for electronic warfare during the forecast period. The electronic warfare market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the high demand from countries such as China, India, and Japan. The military budgets of these countries are increasing year-on-year due to the increasing adoption of advanced warfare techniques. These countries are adopting electronic warfare systems rather than traditional systems to keep up their military force superiority.
Major players operating in the electronic warfare market include Harris (US), BAE Systems (UK), Raytheon (US), Lockheed Martin (US), Boeing (US), SAAB (Sweden), Northrop Grumman (US), Israel Aerospace Industries (Israel), and Thales (France).