New York, USA, Dec. 13, 2023 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global software defined radio market is expected to generate a revenue of $16,455.8 million by 2028, growing exponentially at a CAGR of 4.4% during the forecast period 2020-2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Global Software Defined Radio Market
Drivers: Rising demand for a secured transmission of crucial information about the armed forces across the globe is expected to drive the growth of the market. In addition, increasing investments in the advanced military communication systems is further expected to bolster the growth of the software defined radio market during the forecast period.
Restraints: Complications over security breach in software defined radios is expected to impede the growth of the software defined radio market during the forecast period.
Opportunities: Increasing prevalence of software-enabled radio communication in the commercial sector is expected to create ample opportunities for the growth of the software defined radio market during the forecast period.
COVID-19 Impact on the Global Software Defined Radio Market
The outbreak of coronavirus has had a dreadful impact on the growth of the global software defined radio market, owing to the occurrence of lockdowns in various countries across the globe. Software designed radios are extensively used in commercial aviation and maritime communication, and hence stringent travel restrictions imposed by the government during the pandemic has had a negative impact on the market.
Check out How COVID-19 impacts the Global Software Defined Radio Market: https://www.researchdive.com/connect-to-analyst/8396
Segments of the Global Software Defined Radio Market
The report has divided the market into various segments based on frequency band, component, platform, end-user, and region.
Frequency Band: High Frequency Sub-segment to be Most Profitable
The high-frequency sub-segment is expected to generate a revenue of $7,785.5 million during the forecast period. Surging demand for communications systems in naval forces is expected to bolster the growth of the software defined radio market sub-segment during the forecast period.
Component: Transmitter Component to be Most Beneficial
Based on component, the software defined radio market is sub-segmented into the software and the transmitter sub-segment. Among these, the transmitter component is expected to generate a revenue of $4,827.1 million, rising from $3,529.9 million back in 2019, and hence is projected to grow speedily at a CAGR of 4.1% during the forecast period. Growing demand for transmitters in various industries including telecommunication, satellite communication, automobile communication systems, and others are expected to accelerate the growth of the sub-segment during the forecast period.
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On the other hand, the growth of the software sub-segment is driven by rising digitization in numerous industries like banking, military, healthcare, retail, manufacturing, telecommunications, and others.
Platform: Land Sub-segment to be Most Lucrative
The land sub-segment is expected to generate a revenue of $5,276.7 million during the forecast period. Rising number of cargo and passenger ships for transportation is expected to stimulate the growth of the growth of the software defined radio market sub-segment during the forecast period.
End-User: Commercial Sub-segment to be Most Flourishing
The commercial sub-segment is expected to generate a revenue of $10,165.6 million during the forecast period. Growing industrial utilization of communication systems in industries like oil & gas, mining, etc. is expected to drive the growth of the software defined radio market sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Market
The North America region is expected to generate a revenue of $4,981.2 million during the forecast period. Increasing military expenditure in this region is projected to drive the growth of the market. In addition, presence of prominent players of the market in this region is further expected to bolster the growth of the regional software defined radio market during the forecast period.
Key Players of the Global Software Defined Radio Market
• Northrop Grumman.
• L3Harris Technologies, INC.
• General Dynamics Corporation
• BAE Systems.
• Thales Group
• Leonardo S.p.A.
• Elbit Systems Ltd.
• Rohde & Schwarz
• Texas Instruments Incorporated
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in February 2023, Bharat Electronics Limited, an Indian Government-owned aerospace and defence electronics company focused on providing advanced electronic products for ground and aerospace applications, signed a contract for the procurement of software defined radio tactical, a four channel multi-mode, multi-Band, 19″ rack mountable, ship borne software defined radio system, in order to initiate a strategic profundity to the armed forces.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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