(MENAFN- The Express Wire)
Posted on May 26 2022 6:19 AM
'Key Companies Covered in Electronic Warfare market reports are BAE Systems (the U.K.) Lockheed Martin Corporation (The U.S.) Raytheon Company (The U.S.) General Dynamics Corporation (The U.S.) L3Harris Technologies Inc. (The U.S.) The Boeing Company (The U.S.) Thales Group (France) Leonardo SPA (Italy) Northrop Grumman Corporation (The U.S.) Saab AB (Sweden) Teledyne Technologies (The U.S.) Israel Aerospace Industries (Israel) Cobham PLC (The U.K.)
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The global electronic warfare market size is projected to reach USD 33.52 billion by 2028. It is likely to gain traction from the increasing integration of cyber and electronic warfare. It is helping the warfighters to achieve a robust attack and defense capacity. This information is given by Fortune Business Insights™ in a recently published report, titled, “ Electronic Warfare Market Size, Share & COVID-19 Impact Analysis, By Domain (Electronic Attack, Electronic Protection, and Electronic Support), By Equipment (Jammers, Antennas, Radar Warning Receiver, Anti-radiation Missiles, Directed Energy Weapons, and Others), By Platform (Air-based, Sea-based, Land-based), and Regional Forecast, 2021-2028 .” The report further mentions that the market stood at USD 22.50 billion in 2020. But, it is set to exhibit a CAGR of 5.24% during the forecast period between 2021 to 2028.
Lockheed Martin Receives Contract from Army for its Electronic Warfare Pods
In January 2020, Lockheed Martin Corporation, an aerospace, defense, arms, security, and advanced technologies company headquartered in the U.S., received a new contract from the U.S. Army worth USD 74.85 million. This contract would enable the company to test, build, and develop operational EW pods. It occurred after the company exhibited successful tests of its Silent Crow prototype.
One of the company officials stated,“We developed the Silent Crow pod at our own expense. Presently, it is considered to be one of the leading contenders for the flagship of the U.S. Army's electronic warfare force. The Army EW needs to be reconstructed to counter China and Russia who are highly dependent on radar and radio systems. Therefore, the U.S. forces must know the tactics to disrupt, analyze, and detect their transmissions.”
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Rising Upgradation of Defense Systems Worldwide to Surge Demand
The rate of cross-border conflicts is rising day by day, especially in Asia Pacific. This is occurring mainly because of the close boundaries of various countries situated in this region. Attacks in the India-China and India-Pakistan borders have surged rapidly. In addition to that, the increasing threats of war from North Korea are resulting in the strengthening measures of the defense systems by numerous countries. Electronic warfare plays a vital role in upgrading and strengthening the defense forces. Hence, the countries are investing hefty amounts of money for procuring unique EW systems. However, the design and development processes of such systems are highly complex. It may hamper the market growth in the near future.
Competitive Landscape-
Renowned Companies Focus on Receiving New Contracts from Defense Forces
The market is fragmented with the presence of a large number of companies worldwide. Amongst them, Lockheed Martin Corporation is in the top position on account of its persistent research and development activities to unveil state-of-the-art products in the market. Nowadays, several companies are focusing on bagging new contracts from the government agencies to deliver their in-house products. Below are a couple of the latest industry developments:
- January 2020 : Lockheed Martin Corporation received a new contract from the U.S. Navy. It is worth USD 43 million. It would help the company to upgrade the E-2D AN/ALQ-217 Electronic Support Measures (ESM) system of the E-2D Advanced Hawkeye.
- October 2020 : The Indian Ministry of Defence (MoD) successfully tested the New Generation Anti-Radiation Missile (Rudram-1), India's first indigenous anti-radiation missile developed by Defense Research and Development Organization (DRDO)
Key Players Focus on Bagging New Contracts for Strengthening Their Positions
The global market is dominated by Lockheed Martin Corporation. This growth is attributable to the company's increasing investments in developing novel technologies. It is also launching state-of-the-art products to outdo the threats of enemies and enhance security. Nowadays, several other companies are engaging in new order generation for strengthening their positions in the market.
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