According to our latest market study on “Electronic Warfare Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Product Type,” the market is expected to grow from US$ 18,192.85 million in 2021 to US$ 27,797.72 million by 2028. It is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Armed forces and non-state groups employ unmanned aerial systems. Finding strategies to defeat the weaponized drones as their use spreads across the battlefield is a top issue. As a result of these advantages, countries including the US, India, and China plan to purchase and deploy additional UAVs in their military forces. Such initiatives by these governments are supporting the growth of the electronic warfare market.

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Impact of COVID-19 Pandemic on Electronic Warfare Market Growth

The onset of the COVID-19 crisis has posed numerous challenges and hampered the business dynamics. Many developing and developed countries' governments have limited their defense budgets which in turn has slowed down the growth of the market. However, the rising geographical tension between neighboring countries has led many governments to invest massive capital in their defense budget positively impacting the market. Government rising inclinations towards enhancing defense security created lucrative opportunities for the key vendors operating in the electronic warfare market. Thus, with the rising defense budgets worldwide, the market is showing a northwards direction of growth. For instance, on 28 March 2022, the US government announced the defense budget for the fiscal year 2023. According to it, the country is investing US$ 773 billion, which is a 4.1% increase from the fiscal year 2022.

The electronic warfare market is analyzed on the basis of component, application, product type, and geography. Based on component, the market is segmented into hardware, software, and services. By application, the market is segmented into electronic attack, electronic protection, and electronic warfare support. Based on product type, the market is segmented into countermeasure systems, jammers, sensor systems, weapons systems, and others. Based on geography, the electronic warfare market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America

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