Press Release

Global Defense Electrical Systems Market is Projected to Grow at a CAGR of 5.2% During 2024-30

The Global Defense Electrical Systems Market is projected to grow at a CAGR of 5.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. As military forces around the world, attempt to improve their capabilities for information dominance and network-centric warfare, there is a growing demand for advanced electronic systems designed to suit developing operational requirements, driving market growth.

Furthermore, the growing shift toward more electric technology, driven by the need for more efficient & sustainable solutions, as well as a reduction in reliance on fossil fuels, would drive market expansion. Electric technology has substantial benefits, such as increased energy efficiency, cheaper running costs, and decreased logistical difficulties, making it more appropriate for defense applications. Moreover, electric propulsion systems allow for quieter and stealthier operations, improving situational awareness and survival on the battlefield and encouraging the expansion of electrical systems among defense organizations.

Furthermore, the global geopolitical condition has seen an increase in military alliances as countries attempt to strengthen their security & strategic interests. Evolving security challenges, regional instability, and the creation of new power dynamics have driven countries to form partnerships and alliances for collective defense and collaboration. Furthermore, the increasing complexity of current security challenges, such as cyber threats, terrorism, and maritime security concerns, has highlighted the value of combined defense operations.

The growth of military alliances around the world has caused a boom in demand for defense electrical systems, necessitating the integration of compatible defense infrastructure and driving market growth, further states the research report, “Global Defense Electrical Systems Market Analysis, 2024.”

Global Defense Electrical Systems Market Segmentation Analysis

Aviation Segment is Expected to Hold Major Market Share

Based on the end user, the market is segmented into aviation, marine, land, and space. Among them, the aviation segment is expected to account for the majority of the market share owing to the increased deployment of electrical systems in defense aircraft. The growing reliance on unmanned aerial vehicles (UAVs) and upgraded fighter jets creates the importance of electrical systems in aviation defense systems. Rapid technical innovations, such as the integration of artificial intelligence, improved sensors, and electric propulsion systems, are driving innovation and improving military aircraft capabilities. Furthermore, the aviation industry benefits from large investments in R&D, which fuels the evolution of defensive electrical systems designed for aerial aircraft.

North America is Anticipated to Account for a Prominent Market Share

North America is anticipated to maintain a significant market share, driven by substantial budget allocations for research, development, and procurement of advanced defense technologies, including electrical systems. The region benefits from the presence of major defense contractors like Lockheed Martin, Boeing, and Northrop Grumman, renowned for their focus on innovation and technological advancements. Hence, this emphasis on research, innovation, and development in military systems, along with the adoption of modern electrical systems, is expected to bolster the North America Defense Electrical Systems Market in the following years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Curtiss-Wright Corporation, RTX Corporation, Saab AB, Thales Defense & Security, Inc., Cobham Limited Lockheed Martin Corporation, Northrop Grumman, BAE Systems, L3Harris Technologies, Inc., Rheinmetall AG, Safran, Elbit Systems Ltd, Leonardo S.p.A., Israel Aerospace Industries (IAI), General Dynamics Mission Systems, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?