Pune, India, July 29, 2021 (GLOBE NEWSWIRE) — The global software defined radio market size is expected to showcase exponential growth by reaching USD 16.20 billion by 2028 while exhibiting a CAGR of 5.3% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Software Defined Radio Market Size, Share & COVID-19 Impact Analysis, By Type (General Purpose Radio, Joint Tactical Radio System (JTRS), Cognitive/Intelligent Radio, and Terrestrial Trunked 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 & Defense, and Commercial), and Regional Forecast, 2021 – 2028.”
The report further mentions that the market stood at USD 12.45 billion in 2020. Factors such as the growing demand for modern technologies such as Cloud, IoT, and 5G and the increasing military spending will propel the product’s demand in the forthcoming years. According to Stockholm International Peace Research Institute (SIPRI) report, global military spending was estimated to be around USD 1981 billion in 2020, a gradual increase of 2.6% compared to 2019.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during 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 key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive market growth between 2021 and 2028.
Increasing Focus on Adoption of Modern Technologies to Propel Market Growth
Rapidly evolving technological space has led to the high demand for advanced communication systems such as intelligent/cognitive radio. These systems can provide diverse functionalities and can be configured for multiple applications where products weight and size are a matter of concern. The incorporation of modern technologies such as the internet of things (IoT), 5G, Cloud, and others has propelled the demand for effective communication systems across the globe. These technologies provide real-time data sharing and processing. Besides, they help to reduce operational costs and improve the scalability of the processes. Therefore, the growing demand for modern technologies will favor the global software-defined radio market growth during the forecast period.
North America – The region stood at USD 4.9 billion in 2020 and is anticipated to hold the highest position in the market during the forecast period. This is attributable 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 position in the market during the forecast period. This is owing to the increasing investment by key players that will aid in the development of advanced software defined radio systems in the region between 2021 and 2028.
Browse Detailed Research Insights with Table of Content:
Based on the type, the market is classified into general-purpose radio, joint tactical radio system (JTRS), cognitive/intelligent radio, and terrestrial trunked radio (TETRA). Based on the component, the market is bifurcated into hardware and software. Moreover, On the basis of frequency band, the market is categorized into MF/HF (Medium/high frequency), VHF (very high frequency), UHF (ultra-high frequency), and other bands. Based on the platform, the market is segregated into airborne, naval, land, and space. On the basis of application, the market is divided into commercial and military & defense.
Based on the application, the military & defense segment is anticipated to hold the largest global software defined radio market share in the forthcoming years. This is owing to the increasing focus on improving the military capabilities and communication systems by defense organizations worldwide.
Lastly, based on the region, the market is segregated into North America, Asia-Pacific, Europe, and Rest of the World.
Contact Signing by Major Companies to Intensify Industry Competition
The global market for software defined radio comprises small, medium, and large companies striving to maintain a stronghold by securing lucrative contracts from the government and other agencies. Moreover, the adoption of strategies such as collaboration, the introduction of new products, and mergers and acquisitions is expected to bode well for the growth of the market in the forthcoming years.
Fortune Business Insights™ lists out a few of the renowned companies present in the software defined radio market. They are as follows:
- BAE Systems PLC (The U.K.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Technologies Corporation (The U.S.)
- Elbit Systems Ltd. (Israel)
- Thales Group S.A. (France)
- L3Harris Technologies, Inc. (The U.S.)
- General Dynamics Corporation (The U.S.)
- Viasat, Inc. (The U.S.)
- Leonardo S.p.A. (Italy)
- Rohde & Schwarz GmbH & Co. KG (Germany)
Key Industry Development:
- November 2020 – The Spanish Army awarded a contract to Elbit Systems Ltd. The contract aims at delivering an E-LynXTM Software Defined Radio (SDR) solution for the combat battalion division of the country.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Software Defined Radio Market
- Impact of COVID-19 on Global Software Defined Radio Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
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