Mary-Louise Hoffman
Strategic Defence Intelligence expects the growing demand for ISR systems and military technology advancements to fuel growth of the electronic warfare technology market over the next 10 years.
The global EW systems market is forecast to achieve a 2.68 percent compound annual growth rate to be $13.2 billion in value by 2024, Strategic Defense Intelligence said Friday.
According to the research firm, the U.S. accounts for a majority of EW spending worldwide and has projects that aim to build such technology for air, ground and maritime applications.
Asia Pacific and Europe also have acquisition programs focused on developing military platforms equipped with EW systems, the report states.
The research firm noted that major defense spenders across the Middle East invest in technology designed to protect their energy infrastructure.
EW manufacturers include BAE Systems, Boeing, Cobham, Exelis, Elbit Systems, Lockheed Martin, Northrop Grumman and Raytheon.
