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Global Electronic Warfare Market Size Expected to Reach $24.76 Billion by 2029

2024-03-26 08:45 ET - News Release

PALM BEACH, Fla., March 26, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Global Electronic Warfare market size has been steadily rising and is projected by numerous reports to continue to see significant growth throughout the decade. The electronic warfare market is marked by the presence of global and local players competing in technology and product offerings; Some major market players are Lockheed Martin Corporation, L3Harris Technologies, Inc., Northrop Grumman Corporation, RTX Corporation, and Leonardo S.p.A., amongst others. A report from Mordor Intelligence projected that the Electronic Warfare Market size is estimated at USD 19.30 billion in 2024, and is expected to reach USD 24.76 billion by 2029, growing at a CAGR of 5.11% during the forecast period (2024-2029). The report said: “The ongoing border disputes between several nations as well as the changing nature of modern warfare are expected to generate substantial demand for sophisticated electronic warfare systems that possess advanced capabilities thereby generating significant market growth during the forecast period. Moreover, the development of multilayered defensive systems owing to significant technological developments as well as the growing integration of electronics into military hardware is expected to bolster the growth of the market in the coming years. Significant progress in terms of the development of cognitive electronic warfare which refers to the integration of advanced technologies such as artificial intelligence (AI) and neural networks to manufacture faster systems with minimal lag in threat detection and tracking will alter the current market dynamics, drive innovation from the market players and create potential business opportunities during the forecast period.” Active defense stocks in news today include: KULR Technology Group, Inc. (NYSE: KULR), Lockheed Martin (NYSE: LMT), Northrop Grumman Corporation (NYSE: NOC), RTX Corporation (NYSE: RTX), General Dynamics Corporation (NYSE: GD).

Mordor Intelligence concluded: “Various players in the market are investing significantly in research and developing advanced next-generation warfare products having higher electromagnetic capabilities. Furthermore, various players are collaborating with defense forces worldwide to understand the military requirements and develop cutting-edge technologies such as radio frequency-enabled cyber (cyber capabilities within electronic warfare systems) while also working towards business expansion. In addition, the higher geographical presence of international companies coupled with significantly growing investment in new technologies as compared to their regional counterparts is anticipated to lead to international companies increasing their market share significantly in the years to come.”

KULR Technology Group, Inc. (NYSE American: KULR)Enters into an Agreement with Lockheed Martin for Heat Sink Advancements in Precision Missile Electronics - KULR Technology Group, (the "Company" or "KULR"), a global leader in sustainable energy management, today proudly announces receiving a six-figure contract from Lockheed Martin (NYSE: LMT) for developing phase change material ("PCM") heat sinks that are pivotal for the thermal regulation of essential electronics within long-range precision missiles. This achievement follows a series of successful evaluations that showcased the efficiency of KULR's solutions in cooling critical onboard systems. With over two decades of pioneering work in heat dissipation technologies, KULR has become a trusted provider for demanding sectors, including defense, aerospace, and beyond. This latest contract with Lockheed Martin underscores KULR's role as a source of innovative cooling solutions.

KULR's PCM heat sinks stand out for their efficient, lightweight, and durable design, ideal for managing the heat loads of systems requiring intense, short bursts of power. Such capabilities are crucial for maintaining the reliability and performance of sophisticated missile electronics. Lockheed Martin's selection of KULR for this project reflects confidence in the company's ability to meet the high standards required for aerospace and defense applications.

Ted Krupp, KULR’s VP of Sales and Marketing, expressed pride in this collaboration, stating, "Our partnership with Lockheed Martin validates our drive for excellence and innovation in managing high-stakes thermal challenges. Our work is critical for enhancing the capabilities of precision-guided weaponry." KULR remains at the forefront of thermal regulation technology, continuously evolving its solutions to support safer, more efficient electronic and battery systems across a variety of applications.

According to Straits Research, the global electronic warfare market size is estimated to reach an expected value of USD 27.79 billion by 2030, registering a CAGR of 5.8% during the forecast period of 2022 to 2030.   CONTINUED…   Read this entire press release and more news for KULR at:   https://www.financialnewsmedia.com/news-kulr/

In other defense industry developments of note:

Lockheed Martin (NYSE: LMT) recently successfully completed a Missile Defense Agency (MDA) acquisition milestone for the nation's modernized long range ballistic missile interceptor. The company completed the first Knowledge Point – known as KP1 – ahead of schedule, taking a major contractual step forward that allows its Next Generation Interceptor (NGI) program to continue development towards the Critical Design Review (CDR).

During KP1, the MDA evaluated Lockheed Martin's development progress to date. This includes completing design review milestones and demonstrating significant maturation across critical technologies, manufacturing readiness, and utility of the company's NGI Software Factory. This KP1 achievement follows the program's All Up Round Preliminary Design Review, which Lockheed Martin executed on-schedule in September.

Northrop Grumman Corporation (NYSE: NOC) recently completed tests of several crucial elements of the Sentinel intercontinental ballistic missile (ICBM), marking significant progress for the program in its engineering, manufacturing and development phase.

Forward and aft sections of a Sentinel ICBM missile were evaluated through a rigorous test campaign at the company’s Strategic Missile Test and Production Complex in Promontory, Utah. The tests lower risk for the program with important data about the missile’s inflight structural dynamics. Data from the tests help engineering teams mature models, lower risk and ensure flight success.

The shroud fly-off and missile modal tests were part of the company’s engineering, manufacturing, and development (EMD), or design, contract for Sentinel. Northrop Grumman is closely partnered with the Air Force as the EMD phase progresses and key milestones are achieved.

Pratt & Whitney, an RTX Corporation (NYSE: RTX) business, recently received full funding in the recently passed fiscal year 2024 Defense Appropriations bill for its F135 Engine Core Upgrade, which will modernize the F-35's propulsion system to increase durability and fully-enable Block 4 capabilities and beyond starting in 2029.

"This bill will allow Pratt & Whitney to deliver the current and future propulsion capabilities that will keep the United States and its allies on the cutting edge of fighter engine technology," said Jill Albertelli, president of Pratt & Whitney Military Engines. "We are incredibly thankful to our congressional allies for their steadfast commitment to supporting these programs."

General Dynamics Corporation (NYSE: GD) - General Dynamics European Land Systems - Steyr (GDELS) recently announced that it has been awarded a contract to deliver an additional 225 PANDUR 6x6 EVO wheeled armored vehicles to the Austrian Armed Forces. The contract has an initial value of 1.2 billion euros (U.S. $1.3 billion).

GDELS already has 100 PANDUR EVO vehicles under contract, with the third batch currently in production and delivery. In addition to the delivery of state-of-the-art personnel carriers and flexible conversion kits for medical, and command & control missions, the order includes eight new vehicle variants, including vehicles equipped with a 120 mm mortar combat system, as well as mobile air defense and electronic warfare variants.

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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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SOURCE: FN Media Group


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