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(USGovernment-News.Com, August 15, 2024 ) According to the latest research by InsightAce Analytic, the Global Defense Electronics Obsolescence Market is valued at US$ 2.63 Bn in 2023, and it is expected to reach US$ 5.08 Bn by 2031, with a CAGR of 8.57% during the forecast period of 2024-2031.
Defence electronics obsolescence refers to the gradual loss of support for and usage of electronic components, systems, and equipment due to various factors. Increases in demand for integrated military technology bode well for the industry. A comprehensive defence system is created by integrating different systems and technologies, known as integrated defence technologies. Some examples of such technologies are cyber defence, automation, communications, and sensors. Better situational awareness, decision-making, and defence are outcomes of integrated defence systems that effectively share and communicate information.
Two additional benefits of integrated defence technologies are saving money and making deployment easier. With the rising need for operational protection and adaptability, collision avoidance technology is set to see a surge in its usage in the years ahead. However, the military has a significant problem in trying to update their systems while still being operationally ready. To accomplish this complicated process without impeding the forces' immediate availability or combat readiness, careful planning and smart scheduling are required to upgrade or replace outdated components.
List of Prominent Players in the Defense Electronics Obsolescence Market:
• Raytheon Technologies Corporation
• BAE Systems
• L3Harris Technologies, Inc.
• Thales
• Elbit Systems Ltd
• Hexagon Ab
• Leonardo S.P.A.
• Curtiss-Wright Corporation
• Bharat Electronics Ltd
• Ultra Electronics
• Hindustan Aeronautics Ltd
• Lockheed Martin Corporation
• TT Electronics
• Siemens AG
• Cyient Limited
• Converge
• Fermionx
• Radel Advanced Technology Pvt. Ltd.
• Larsen & Toubro Limited
• Actia
• Other Market Players
Market Dynamics:
Drivers-
The growing demand for the defence electronics obsolescence market is fueled by the general trend of countries around the world increasing their defence budget. Electronic warfare systems, surveillance technologies, and command and control systems are among the defence procurement programs that countries commit substantial funds, which is fueling market expansion. Governments are investing in updating their military forces by acquiring new technology and improving old gear. Due to this, cutting-edge defence electronics, including radars, communication systems, EWS, and surveillance gear, are in high demand.
The prime challenges are strict rules and regulations, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the defence electronics obsolescence market. The rules are implemented to safeguard the country and slow down technological advancement. The COVID-19 pandemic has had a devastating effect on markets around the world, forcing many factories to shut down in an attempt to protect their workers. As a result, the industry's potential for expansion has been diminished.
Regional Trends:
The North American defence electronics obsolescence market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future due to the growing demand for discrete power electronics in the automotive, information and communication technology, and industrial sectors in this area. Moreover, the market will experience even more growth due to major industry competitors and the increasing usage of technologies based on the Internet of Things. Besides, Europe had a remarkable share of the market due to the rising demand for more cost-effective solutions and the focus on reducing machine breakdowns.
Recent Developments:
• In March 2024, The Indian Ministry of Defence has entered into a contract with Hindustan Aeronautics Limited (HAL) to perform a Mid Life Upgrade (MLU) on 25 Dornier Aircraft, including the necessary equipment, for the Indian Navy. The contract is valued at Rs 2,890 crore.
• In March 2024, Raytheon, a division of RTX, was awarded a contract to equip Germany with Patriot air and missile defence systems worth $1.2 billion. These systems will allow Germany's air defence network to receive additional Patriot missiles.
Segmentation of Defense Electronics Obsolescence Market-
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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