The Defense Electrical Systems Market Size is valued at USD 159.4 billion in 2023 and is predicted to reach USD 225.1 billion by the year 2031 at a 4.5% CAGR during the forecast period for 2024-2031.
A Defense electrical system is a complex network of electronic parts, software, and hardware developed and used for military purposes. Growing worries about national security, more funding for military modernization projects, and innovative technology are all driving forces in the global market. Rising demand for effective long-term solutions, as well as the desire to decrease reliance on fossil fuels, is driving the growing trend toward electric technology, which in turn is fueling the market expansion. Increased energy efficiency, lower operational costs, and lighter logistical loads are a few of the numerous reasons Defense electrical systems are gaining popularity in military applications. One of the important factors propelling the expansion of the market is the increasing use of AI in these systems, a cutting-edge technology that is shaping the future of defense electrical systems market.
However, technological complexity, stringent restrictions, and expensive costs are limiting elements in the Defense electrical systems sector's global progress. Moreover, the COVID-19 epidemic severely impacted the sales of Defense electrical equipment, leading to budget reallocations and disruptions in supply networks. The market is beginning to show signs of a rise in sales again, though, as nations prioritize Defense modernization and the purchase of secure, state-of-the-art technologies. The market growth opportunities can be further enhanced by an increased focus on the electrification of military vehicles, growing investments in infrastructure, and advancements in manufacturing, which are all factors that could lead to opportunities in the Defense electrical systems market.
Competitive Landscape
Some Major Key Players In The Defense Electrical Systems Market:
- Curtiss-Wright Corporation
- RTX Corporation
- Saab AB
- Thales Defense & Security, Inc.
- Cobham Limited
- Lockheed Martin Corporation
- Northrop Grumman
- BAE Systems, L3Harris Technologies, Inc.
- Rheinmentall AG
- Safran, Elbit Systems Ltd
- Leonardo S.p.A.
- Israel Aerospace Industries (IAI)
- General Dynamics Mission Systems
- Other Market Players
Market Segmentation:
The Defense electrical systems market is segmented based on component, type, and end-user. The components segment includes segmented into hardware, software, and services. By type, the market is segmented into navigation systems, power and energy systems, communication and display systems, C4ISR, electronic warfare, and others. The market is segmented by end-user into aviation, marine, land, and space.
Based On The Component, The Hardware Market Segment Accounts A Major Contributor To The Defense Electrical Systems Market
The hardware in the Defense electrical systems market is expected to lead with a large market share because of the increasing demand for cutting-edge military hardware. This market is expanding very fast due to the increasing need for dependable hardware components in challenging conditions and the increased spending on improving communication, navigation, and surveillance systems.
The Aviation Segment Witnessed Growth At A Rapid Rate.
The aviation segment is expanding rapidly in the Defense electrical systems market because of the increasing funding for upgrading military aircraft and aviation systems. This fast growth is being propelled by the increasing need for sophisticated Defense electrical systems to facilitate communication, navigation, and surveillance in military aviation and by the incorporation of state-of-the-art technologies such as AI and the Internet of Things.
In The Region, The North American Defense Electrical Systems Market Holds A Significant Revenue Share.
The North American Defense electrical systems market is expected to note the highest market share in revenue shortly. It can be attributed to boosted funding for the military, substantial expenditure on modernizing the military, and cutting-edge technology advancements. In addition, Europe region is projected to grow rapidly in the global Defense electrical systems market because of a number of factors, including rising global tensions, a strong presence of important industry players, the region's focus on improving national security, and implementing new technologies also helps its market grow.
Recent Developments:
- In August 2024, Tata Advanced Systems Limited and Lockheed Martin agreed to work together to grow their business relationship through the C-130J Super Hercules tactical airlifter. This announcement is a big step toward improving India’s Defense and space capacities and strengthening strategic ties between India and the United States.
- In August 2024, Curtiss-Wright Corporation stated that the Belgian Air Force had awarded it a multi-year contract worth $26 million to upgrade its aircraft arresting systems.
Defense Electrical Systems Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 159.4 Bn |
|
Revenue Forecast In 2031 |
USD 225.1 Bn |
|
Growth Rate CAGR |
CAGR of 4.5% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Deployment Model, Data Consumer, Metadata Type, Organization Size, And Vertical |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Curtiss-Wright Corporation, RTX Corporation, Saab AB, Thales Defense & Security, Inc., Cobham Limited, Lockheed Martin Corporation, Northrop Grumman, BAE Systems, L3Harris Technologies, Inc., Rheinmentall AG, Safran, Elbit Systems Ltd, Leonardo S.p.A., Israel Aerospace Industries (IAI), and General Dynamics Mission Systems. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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