The market is expected to cross US$ 12.80 billion in 2022 and is projected to hit US$ 19.94 billion by 2030, recording a CAGR of 5.7% during the forecast period.
Development of Advanced Communication Systems to Drive the Market Growth
The growing demand for secured communications and enhanced command & control during any operation related for commercial or military applications is one of the major factors pushing the market vendors to develop innovative solutions for the end users across the world. Several vendors are collaboratively working with different armed forces to cater to their specific requirements remain competitive in their respective marketplace. For instance, in February 2021, the US AFRL awarded a contract worth US$ 7.5 million to L3Harris Technologies for the development of wideband software-defined radio technology that can resist electronic warfare (EW) jamming. Such instances are driving the software defined radio market growth worldwide.
Military segment is likely to exhibit highest CAGR in the software defined radio market during the forecast period. This is owing to the growing demand for tactical communication technologies across different military forces for better communication during any operation. This is further backed up by the increasing investments for the procurement of such technologies by different armed forces.
Within the report, the software defined radio market is segmented into component, type, application, platform, and geography. By component, the software defined radio market is segmented into hardware and software. Based on type, the software defined radio market is segmented into general purpose radio, joint tactical radio system, cognitive/intelligent radio, and terrestrial trunked radio. Based on application, the software defined radio market is segmented into commercial and military. Based on platform, the software defined radio market is segmented into land, airborne, naval, and space. Geographically, the software defined radio market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Rising Military Expenditure on Tactical Communication Technologies which is Likely to Provide Future Opportunities for Market Vendors During the Forecast Period.
The increasing military expenditure from different countries for the procurement of tactical communication technologies is further likely to generate huge market opportunities for market vendors during the forecast period. Moreover, the demand for portable communication radios for ground forces across different countries is another major factor supporting the market growth of software defined radios.
Rising Tensions Among Countries Boosting the Deployment of Advanced Communication Technologies and Likely to Drive the Software Defined Radio Market Growth.
The ongoing war between Russia and Ukraine has already raised many concerns across different countries for advancing their armed forces in terms of manpower and technologies. Further, the rising tensions across different countries such as China-India, India-Pakistan, China-Taiwan, China-Japan, Russia-Germany, and US-Russia is pushing the armed forces of these countries to procure tactical communication technologies for their respective armed forces which is further driving the software defined radio market growth worldwide.
Recent Strategic Developments in Software Defined Radio Market
The software defined radio market has undergone several significant developments, and a few of these have been mentioned below:
The software defined radio market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. L3Harris Technologies Inc, Raytheon Technologies Corporation, Northrop Grumman Corporation, Elbit Systems Ltd, BAE Systems Plc, Leonardo SpA, ASELSA AS, Thales SA, General Dynamics Corporation, and Viasat Inc are among the prominent players operating in the software defined radio market.
Target audience for the report:
Scope of the report:
In this report, the software defined radio market has been segmented on the basis of:
Companies profiled
- L3Harris Technologies Inc
- Raytheon Technologies Corporation
- Northrop Grumman Corporation
- Elbit Systems Ltd
- BAE Systems Plc