The global software defined radios market size is prophesied to witness remarkable growth owing to the increasing expenditure on improving the defense communication system of various nations across the globe. Fortune Business Insights describes the market and its growth parameters in details in their upcoming report titled, “Software Defined Radios Market and Regional Forecast, 2023-2028.”
In 2020, the worldwide market size of Software Defined Radios (SDRs) reached USD 12.45 billion. Over the forecast period of 2021-2028, the market is expected to expand at a Compound Annual Growth Rate (CAGR) of 5.3%, with the market value projected to increase from USD 11.60 billion in 2021 to USD 16.20 billion by 2028.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/software-defined-radios-market-102524
List of Companies Profiled in the Report:
- BAE Systems (The U.K.)
- Aselsan (Turkey)
- Elbit Systems (Israel)
- General Dynamics (the U.S.)
- Northrop Grumman (The U.S.)
- Harris Corporation (The U.S.)
- Rockwell Collins (The U.S.)
- Thales Group (France)
- Leonardo (Italy)
- Rohde and Schwarz (Germany)
- Others
Drivers & Restraints-
Rising Adoption by Residential and Industrial Sectors to Bolster Growth
The global software defined radio market is experiencing significant growth, primarily driven by the increasing adoption of SDR in the telecommunication sector and advancements in its technology. The market is also benefiting from the introduction of cognitive radio (CR) and smart processing capabilities in SDRs, as well as the growing expenditure on the military and defense sector by governments worldwide. Furthermore, the adoption of software defined radio in various sectors such as industrial, residential, and commercial is contributing to market expansion. The demand for mission-critical communication is also a key factor driving market growth.
However, there are certain challenges that could hinder the market's growth, including high power consumption and interoperability issues with different communication technologies. Despite these challenges, the market is expected to benefit from the increasing use of wireless features and the rising demand for next-generation IP systems. These factors present lucrative growth opportunities for the software defined radio market in the upcoming years.
Segmentation-
Detailed Segmentation of the Software Defined Radios Market include:
The market for software defined radios is segmented into application, component, platform, frequency band, type, and geography. Based on application, the market is bifurcated into commercial, and defense. With respect to component, the market is grouped into auxillary system, software, receiver, and transmitter. On the basis of platform, the market is segmented into space, naval, airborne, mobile, fixed, and land. The frequency segment is further categorized into UHF, VHF, HF, and other bands. In terms of type, the market is classified into terrestrial trunked radio (TETRA), cognitive or intelligent radio, and joint tactical radio system (JTRS).
Regional Analysis-
Asia Pacific to Emerge Dominant Owing to Rising Demand for Advanced Military Equipment
On the basis of geographical segmentation, the largest software defined radio market share is generated by Asia Pacific owing to the increasing demand for advanced technologies and new product development. This, coupled with the rising demand for advanced military equipment, will help this region continue its dominance the market in the forecast period. On the other hand, the market in North America is expected to generate notable revenue on account of the expansion of the telecom industry and the increasing adoption of advanced technological products. Furthermore, the European market will also gain momentum in the coming years attributing to the presence of major players such as Thales Group, BAE Systems, Leonardo, and others in Italy, France, and the United Kingdom.
Competitive Landscape-
Collaborative Strategies are an Increasing trend Among Major Companies
Players functioning in the market for software defined radios are engaging in collaborative strategies such as mergers and acquisitions, contracts and agreements and others to gain competitive edge in the market. Other players are focusing on gaining contracts with the government of various nations for providing services to the military and defense sector. This will also help players earn notable revenue and make their mark in the competition.
Industry Developments:
April 2016 – A $12.7 billion contract was awarded to Rockwell Collins by the U.S. Army for supplying software-defined radios for military communication under the Handheld, Manpack, and Small Form Factor (HMS) program.
October 2017 – A $131.9 million contract was awarded to Thales by the Royal Navy (UK) for supporting the communication systems installed on the HMS Queen Elizabeth Class for a period of 7 years.
