Software Defined Radio Market to Hit $16.20 Billion by
Pune, India, July 29, 2021 (GLOBE NEWSWIRE) – The Global software size of the radio market is expected to show exponential growth, reaching $ 16.20 billion by 2028, while showing a CAGR of 5.3% between 2021 and 2028. This information was published by Fortune Business Insights in its report entitled “Software-defined market size of radio, share and impact analysis of COVID-19, by type (general purpose radio, joint tactical radio system (JTRS), cognitive / intelligent radio and terrestrial trunk radio (TETRA)), by component ( hardware and software), by frequency band (MF / HF, VHF, UHF and other bands), by platform (airborne, naval, land and space), by application (military and defense and trade) and regional forecasts, 2021 – 2028 ”
The report further mentions that the market reached $ 12.45 billion in 2020. Factors such as growing demand for modern technologies such as Cloud, IoT and 5G and rising military spending will stimulate demand for the product in the coming years. According to a report by the Stockholm International Peace Research Institute (SIPRI), global military spending is estimated at about $ 1981 billion in 2020, a gradual increase of 2.6% compared to 2019.
Impact of COVID-19
The global pandemic, COVID-19, has led to several economies facing unprecedented losses. Due to the blockade announced by government agencies worldwide, several production facilities were at a standstill with limited operational activities. However, collective efforts by the government and industry to return to the economy are expected to stimulate market growth over the forecast period.
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What does the report provide?
The market report provides an in-depth analysis of several factors, such as the main drivers and constraints that will affect growth. In addition, the report provides an overview of the regional analysis, which covers different regions that contribute to market growth. It includes a competitive landscape that includes leading companies and the adoption of strategies by them to introduce new products, announce partnerships and cooperation, which will further contribute to market growth in the coming years. In addition, the research analyst has adopted several research methodologies to obtain information on current trends and industry developments that will stimulate market growth between 2021 and 2028.
Strengthening the focus on the adoption of modern technologies to stimulate market growth
The rapidly evolving technological space has led to the great demand for modern communication systems such as intelligent / cognitive radio. These systems can provide a variety of functionalities and can be configured for multiple applications where product weight and size are an issue. The inclusion of modern technologies such as the Internet of Things (IoT), 5G, cloud and others has boosted the demand for efficient communication systems around the world. These technologies provide real-time data sharing and processing. In addition, they help reduce operating costs and improve the scalability of processes. Therefore, the growing demand for modern technologies will favor the global growth of the software-defined radio market during the forecast period.
North America – The region stands at $ 4.9 billion in 2020 and is expected to hold the highest market position in the forecast period. This is due to the presence of established players such as Northrop Grumman Corporation, L3Harris Technologies, Inc. and others in the region.
Europe – On the other hand, Europe is expected to hold the second market position during the forecast period. This is due to the growing investment by key players that will help develop advanced software radio systems in the region between 2021 and 2028.
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Depending on the type, the market is classified into general purpose radio, joint tactical radio system (JTRS), cognitive / intelligent radio and terrestrial trunk radio (TETRA). Based on the component, the market is divided into hardware and software. In addition, based on the bandwidth, the market is categorized into MF / HF (medium / high frequency), VHF (very high frequency), UHF (ultrahigh frequency) and other bands. Based on the platform, the market is divided into air, sea, land and space. Based on the application, the market is divided into commercial, military and defense.
Based on the application, the military and defense segment is expected to hold the largest global software-defined market share in the coming years. This is due to the growing focus on improving military capabilities and communication systems by defense organizations around the world.
Finally, based on the region, the market is divided into North America, the Asia-Pacific region, Europe and the rest of the world.
THE COMPETITIVE ENVIRONMENT
Signing contacts of large companies to strengthen industrial competition
The global market for software-defined radio includes small, medium and large companies that seek to maintain a fortress by securing lucrative contracts from the government and other agencies. Moreover, the adoption of strategies such as cooperation, the introduction of new products and mergers and acquisitions is expected to portend good for market growth in the coming years.
Fortune Business Insights ™ lists some of the reputable companies present in the radio market defined by the software. They are as follows:
- BAE Systems PLC (United Kingdom)
- Northrop Grumman Corporation (USA)
- Raytheon Technologies Corporation (USA)
- Elbit Systems Ltd. (Israel)
- Thales Group SA (France)
- L3Harris Technologies, Inc. (USA)
- General Dynamics Corporation (USA)
- Viasat, Inc. (USA)
- Leonardo SpA (Italy)
- Rohde & Schwarz GmbH & Co. KG (Germany)
Key industry development:
- November 2020 – The Spanish Army has awarded a contract to Elbit Systems Ltd. The contract aims to provide an E-LynXTM software-defined radio (SDR) solution for the country’s combat battalion division.
Ask before you buy this research report:
- Scope of the study
- Market segmentation
- research methodology
- Definitions and assumptions
- Market dynamics
- Market drivers
- Market restrictions
- Market opportunities
- Key Insights
- Key industrial developments – mergers, acquisitions and partnerships
- The latest technological advances
- Carriers of five forces analysis
- Supply chain analysis
- Quantitative information – Impact of the COVID-19 pandemic on the software-defined radio market
- Impact of COVID-19 on the global software-defined radio market
- Steps taken by industry / companies / governments to overcome the impact
- Key developments in the industry in response to the COVID-19 pandemic
- Potential opportunities due to the COVID-19 epidemic
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