Electronic Warfare (2024) - Thematic Research

The electronic warfare (EW) market has seen a resurgence in the last several years as major players in the global defense market-such as China, Russia, and the US-increase investments in this domain due to a renewed focus on great-power competition and high intensity conflicts. Demand for more multi-functional and cost-effective EW products has increased noticeably since 2017, with the Russian invasion of Ukraine and the subsequent illustration of EW’s relevance on the modern battlefield only further incentivizing global investment in this previously niche capability set. The use of EW capabilities by Russian forces in particular has generated significant consternation among Western military officials as the comparative lack of investment and innovation has enabled the Russian state to gain a strategic advantage over its geopolitical rivals. Furthermore, the application of EW capabilities within the scope of ‘hybrid-warfare’ activities has highlighted the risks to both military and civilian infrastructure, creating an imperative for investment in EW as a matter of national security.

The evolution of digitized battlefield technologies such as tactical communications, command-and-control networks, and unmanned platforms has created new challenges and opportunities for EW technology, with the development of novel applications like EW-based Counter-UAS systems or the introduction of advanced EW systems into the space domain providing the impetus for innovation as military forces seek to achieve technological overmatch within the electromagnetic spectrum (EMS). This has driven growth and diversification within the global EW supply chain as both established defense primes and emergent specialist firms look to secure market share over the coming decade.

The global electronic warfare (EW) market has seen a notable spike in growth since 2023 and is currently valued at $16.1 billion in 2024. Following the outbreak of the conflict in Ukraine, the total value of the global EW market jumped from $9 billion in 2022 up to $13.9 billion in 2023 according to the analyst’s historical and current forecasts. While part of this growth can be attributed to the addition of the Space EW segment data, the majority of investments were directed within the Airborne EW and Naval EW segments which saw growth of 64% and 35% respectively between 2022-2023. The value of the EW market is forecasted to grow at a CAGR of 4.6% up to a total market size of $21.8 billion by 2033.

Key Highlights

• Studies of emerging technological trends and their broader impact on the defense market.
• Analysis of the various electronic warfare systems, programs and projects currently under development, as well as the impact of emerging technologies such as artificial intelligence, counter-UAS systems and directed energy weapons systems on the future outlook of the electronic warfare theme.

Who Should Buy

• Our thematic research product, supported by our thematic engine, is aimed at senior (C-Suite) executives in the corporate world, decision makers, and institutional investors.
• Corporations: Helps CEOs, CTOs, and other senior executives of companies understand this key theme, the competitive environment, and the market opportunities.
• Investors: Helps fund managers and other major investors focus on investment opportunities in defense and understand the electronic warfare market.

Scope

• The key defense challenges that forces and defense sector suppliers face are covered.
• The investment opportunities for armed forces, suppliers, and institutional investors, across the whole electronic warfare value chain are covered.
• Highlights from the range different electronic warfare related research and development programs currently being undertaken by various military organizations and defense companies.

Reasons to Buy

• Determine potential investment companies based on trend analysis and market projections.
• Gaining an understanding of the market challenges and opportunities surrounding the electronic warfare theme.
• Understanding how spending on electronic warfare and related segments will fit into the overall market and which spending areas are being prioritized.