Global Software Defined Radio Market to Garner a Revenue of $16,455.8 Million, Growing at a CAGR of 4.4% from 2020 to 2027
The global software radio market is expected to grow tremendously in the coming years. The North American software-specific radio market is expected to dominate the global industry. The components sub-segment is expected to have a dominant market share.
New York, USA, May 19, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, global software defined radio market reported $ 11,750.6 million in 2019. and is expected to generate revenue from $ 16,455.8 million by 2027 at a CAGR of 4.4% in 2020-2027. The comprehensive report summarizes the current market scenario, including other aspects such as growth and limiting factors, industry dynamics, challenges and opportunities during and after the pandemic period. The report also offers industry statistics, which makes it easier and more useful for new entrants to understand the current market.
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COVID-19 Impact on the global software-defined radio market:
The novel COVID-19 had a negative impact on the growth of the global software-defined radio market in 2020. COVID-19 had an impact on industries such as commercial aviation, shipping and others. As software-defined radios are used in commercial aviation and maritime communications in radio communications, the reduction in travel has led to a reduction in the use of software-defined radios. However, many large companies are taking strategic measures to recover from the turbulent situation of COVID-19. For example, BAE Systems, a British defense technology company, launched Geospatial Exploitation (GXP) software in 2020. It provides an effective contact channel for all frontline forces such as home security, healthcare, police and others to integrate data to respond. of the COVID-19 pandemic. Software-defined radio is often used for better coordination during emergencies such as the COVID-19 pandemic. In the midst of the COVID-19 crisis, such support and innovation initiatives are expected to generate significant investment opportunities in the global software radio market during the analysis period.
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The global software-defined radio market is expected to expand significantly due to increased demand for secure and reliable transmission of sensitive information by the world’s armed forces. In addition, military spending on advanced communications systems around the world is expected to stimulate the growth of the software-defined radio market during the analysis period.
Software-defined radios are mostly used in tactical communication, such as encrypted communication, for security purposes. The risk of security breaches during a software-defined radio installation or monitoring may have unintended consequences for the organization using the software-defined radio. These factors may hinder market growth during the analysis period.
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The report segments the market based on bandwidth, component, platform, end user and regional analysis.
The high frequency sub-segment is designed to generate maximum revenue
In the frequency segment, the high-frequency sub-segment is estimated at $ 5,618.8 million in 2019 and is also expected to generate revenue of $ 7,785.5 million and a CAGR jump of 4.2% by 2027. The high-frequency sub-segment is expected to expand in response to growing demand for communications systems among the Navy. The advantages of high-frequency waves, such as their ability to transmit data over long distances, are expected to increase their use in naval communication systems and to contribute to the growth of this sub-segment during the analysis period.
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The software sub-segment is expected to have a dominant market share
In the components segment, the software sub-segment is valued at $ 2,681.1 million in 2019 and is expected to generate revenue of $ 3,903.0 million and a CAGR jump of 4.9% by 2027. Growing digitalization demand in various industries such as retail, defense, manufacturing, banking, healthcare, government and telecommunications to perform specific domain-related operations, they are expected to stimulate the growth of the component sub-segment during the analysis period.
The Earth sub-segment is expected to collect the maximum share of revenues
In the platform segment, the terrestrial sub-segment is valued at $ 3,710.1 million in 2019 and is expected to generate revenue of $ 5,276.7 million and a CAGR jump of 4.6% by 2027. The growing number of cargo and passenger ships for transport has fueled the growth of ship traffic services around the world. Ship traffic control centers are located in various ports around the world and use communication devices such as software-defined radio to track vessels. The increase in demand for ship services is expected to stimulate the growth of the platform sub-segment during the analysis period.
The trade sub-segment is expected to witness maximum growth
In the end-user sub-segment, the trade sub-segment is valued at $ 7610.7 million in 2019 and is expected to generate revenue of $ 10,165.6 million and a CAGR jump of 3.8% by 2027. Growth in sectors such as shipping and aviation, in addition to the growing industrial use of communication systems in industries such as infrastructure, oil and gas and mining, is expected to stimulate the growth of the trade sub-segment during the analysis period.
The North American region will be the most dominant
The North American-defined software radio market reported $ 3,733.2 million in 2019 and is expected to generate revenue of $ 4,981.2 million and a CAGR jump of 3.7% by 2027. the region to grow at a healthy growth rate of 3.7%. A well-established defense industry and the participation of countries such as the United States with the highest military spending, for example, according to the Stockholm International Peace Research Institute (SIPRI), an independent international organization for war, armaments and disarmament research, increased to $ 732.00 billion in 2019.
Key players and business strategies
• Northrop Grumman.
• L3Harris Technologies, INC.
• General Dynamics Corporation
• BAE systems.
• Thales Group
• Leonardo SpA
• Elbit Systems Ltd.
• Rohde & Schwarz
• Texas Instruments Incorporated.
These players in the industry focus on developing several strategies such as mergers and acquisitions, partnerships and product launches to promote market expansion. For example, in February 2021, Bharat Electronics Limited (BEL) and the Ministry of Defense (MoD) signed a contract for the supply of software-defined radio tactics (SDR-Tac) worth more than 1,000 kroner. SDR-Tac, developed and designed by the Defense Electronics Laboratory, Defense Research and Development Applications through a consortium of local agencies and industry (Association of Weapons and Electronic Systems Engineering, Bharat Electronics Limited, Artificial Intelligence and Robotics Center and Indian Navy ).
The report also summarizes many important aspects, including financial performance of key players, SWOT analysis, product portfolio and the latest strategic developments. Click here to get a summary of the absolute best company development strategies.
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