Defense electronics market to reach $289 billion by 2028, study predicts
NewsApril 26, 2023
NORTHBROOK, Ill. The defense electronics market -- estimated at $220.3 billion in 2023 -- is projected to reach $289. billion by 2028, growing at a combined annual growth rate (CAGR) of 5.6% during the forecast period, according to a new report by MarketsandMarkets, "Defense Electronics Market: Industry Forecast to 2028."
Driving the defense electronics market, according to the study authors, will be increasing investment in integrated defense technologies, which will enable better real-time decision-making, enhanced remote operations, and increased ability for reprogramming in the field.
A major factor that could hold back the defense electronics market, however,may be the mounting cost of sophisticated technologies and associated infrastructure.
The study authors also predict that the Asia-Pacific region is expected to lead the defense electronics market in 2023, with demand in this region due largely to the increased adoption of defense electronic products and the growing focus on developing advanced systems to increase defense capabilities.
For additional information visit the MarketsandMarkets website.
