CHICAGO, March 20, 2024 /PRNewswire/ -- The defense electronics obsolescence market is projected to grow from USD 2.5 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 8.2% from 2023 to 2028 according to a new report by MarketsandMarkets. The market growth can be attributed to the rapid technological advancements in defense electronics. The defense electronics obsolescence market includes major players Raytheon Technologies Corporation (US), BAE Systems (UK), L3Harris Technologies, Inc. (US), Thales (US) and Elbit Systems Ltd. (Israel). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Middle East.
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Defense Electronics Obsolescence Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 2.5 billion |
Estimated Value by 2028 | $ 3.7 billion |
Growth Rate | Poised to grow at a CAGR of 8.2% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By System, Type & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Synchronizing System Upgrades and Operational Readiness in Defense Forces |
Key Market Opportunities | Strategic Adaptation through Remanufacturing and Reverse Engineering |
Key Market Drivers | Adhering to Stringent Regulatory Requirements and Standards |
Based on system, the communication segment is projected to grow at the highest CAGR during the forecast period.
The defense electronics obsolescence market has been classified into communication system; navigation system; human machine interface; flight control system; targeting system; electronic warfare system; and Sensors. The swift progression of technology frequently results in the rapid obsolescence of communication protocols and standards, requiring regular equipment replacements and updates to ensure compatibility and functionality. As a result, the communication methods become more outdated.
Based on platform, the Airborne platform will dominate the market during forecast period.
The defense electronics obsolescence industry has been segmented into Land, Naval, and Airborne. Due to the high risk of obsolescence associated with the complex electronics used by military aircraft, such as radars, communication systems, helmet-mounted displays (HMDs), palletized loading systems (PLS), and aerial delivery systems, the airborne segment is expected to dominate the market.
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The North America region is projected to be a high growth potential market during the forecast period.
The defense electronics obsolescence market is poised for significant growth, with North America projected to emerge as the region with the highest potential for expansion. As technological advancements continue to drive rapid obsolescence within defense systems, North American companies stand at the forefront of addressing these challenges, leveraging their strong industrial base, innovation ecosystem, and strategic partnerships.
The major players in defense electronics obsolescence companies include Raytheon Technologies Corporation (US), BAE Systems (UK), L3Harris Technologies, Inc. (US), Thales (US) and Elbit Systems Ltd. (Israel).
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