What it holds
Defense Electronics (C4ISR) follows the money through the Defense bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| C4ISR / Electronics | c4isr systems, radar electronic warfare, defense electronics |
How it breaks down
- United States39%
- United Kingdom11%
- Sweden11%
- Israel9%
- Norway6%
- Other24%
- Large cap ($10bn to $200bn)48%
- Mid cap ($2bn to $10bn)35%
- Small cap (under $2bn)17%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Viasat | VSAT.XNAS | $11 billion |
| Kitron Asa | KIT.OL | $2 billion |
| Hensoldt Ag | HAG.XETRA | $11 billion |
| L3Harris Technologies | LHX.XNYS | $49 billion |
| Elbit Systems | ESLT.TA | $36 billion |
| Mercury Systems | MRCY.XNAS | $5 billion |
| Kratos Defense & Security Solutions | KTOS.XNAS | $8 billion |
| MACOM Technology Solutions Holdings | MTSI.XNAS | $20 billion |
| Leonardo DRS | DRS.XNAS | $9 billion |
| Thales | HO.PA | $54 billion |
| Leonardo - Societa' Per Azioni | LDO.MI | $32 billion |
| SAAB Aktiebolag | SAAB-B.ST | $35 billion |
| LIG Nex1 | 079550.KO | $7 billion |
| Cohort | CHRT.LSE | $859 million |
| Chemring Group | CHG.LSE | $2 billion |
The market
Defense electronics market
Business Research Company (press release), 2024Defense electronics market, CAGR to USD 301.53 billion in 2029 (growth, a year)
Business Research Company (press release), 2024–2029Electronic warfare market
Insight Partners (via Military Embedded Systems), 2024Military radar market; likely narrow slice, not confirmed
Grand View Research (listed on Research and Markets), 2024The C4ISR 2024 sizes cluster at USD 126–137 billion, and growth differs mainly because forecast periods differ. Defense electronics estimates for 2024 range from USD 151 billion to USD 232 billion, probably due to differing scope; electronic warfare and radar estimates are widely scattered, with the scope of the GMI electronic warfare and Grand View radar figures unconfirmed.
All 27 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| C4ISR systems | $137bn | 2024 | Research and Markets |
| C4ISR systems | $127bn | 2024 | KBV Research |
| C4ISR systems | $130bn | 2024 | Polaris Market Research |
| C4ISR systems | $126bn | 2024 | Global Market Insights |
| C4ISR systems, CAGR (growth, a year) | +5.7% | 2025–2034 | Global Market Insights |
| C4ISR systems, CAGR to USD 181.49 billion in 2032 (growth, a year) | +4.7% | 2024–2032 | KBV Research |
| C4ISR systems, CAGR to USD 191.47 billion in 2034 (growth, a year) | +4.0% | to 2034 | Polaris Market Research |
| Defense electronics market | $232bn | 2024 | Business Research Company (press release) |
| Defense electronics market | $151bn | 2024 | Astute Analytica |
| Defense electronics market | $182bn | 2025 | Global Market Insights |
| Defense electronics market | $165bn | not stated | SkyQuest |
| Defense electronics market, CAGR (growth, a year) | +5.0% | 2026–2033 | SkyQuest |
| Defense electronics market, CAGR to USD 257.19 billion (growth, a year) | +6.1% | 2025–2033 | Astute Analytica |
| Defense electronics market, CAGR to USD 301.53 billion in 2029 (growth, a year) | +5.3% | 2024–2029 | Business Research Company (press release) |
| Defense electronics market, CAGR to USD 323.9 billion (growth, a year) | +6.1% | 2026–2035 | Global Market Insights |
| Electronic warfare market | $19bn | 2024 | Insight Partners (via Military Embedded Systems) |
| Electronic warfare market | $12bn | 2024 | SNS Insider |
| Electronic warfare market | $12bn | 2024 | P&S Market Research |
| Electronic warfare market, CAGR (growth, a year) | +13% | 2025–2032 | SNS Insider |
| Electronic warfare market, CAGR (growth, a year) | +4.0% | 2023–2032 | Global Market Insights |
| Electronic warfare market, CAGR to USD 25.3 billion in 2030 (growth, a year) | +12% | to 2030 | P&S Market Research |
| Electronic warfare market, CAGR to USD 34.10 billion in 2031 (growth, a year) | +9.4% | to 2031 | Insight Partners (via Military Embedded Systems) |
| Electronic warfare market; wider scope suspected but not confirmed | $31bn | 2023 | Global Market Insights |
| Military radar market | $14bn | 2024 | MarketsandMarkets |
| Military radar market, CAGR (growth, a year) | +5.1% | 2025–2030 | Grand View Research (listed on Research and Markets) |
| Military radar market, CAGR to USD 18.4 billion in 2029 (growth, a year) | +5.4% | to 2029 | MarketsandMarkets |
| Military radar market; likely narrow slice, not confirmed | $1.6bn | 2024 | Grand View Research (listed on Research and Markets) |
Questions
- What is Defense Electronics (C4ISR)?
- Command, control, communications, radar, electronic warfare and defense electronics.
- What does Defense Electronics (C4ISR) hold?
- Listed companies that earn their revenue from the parts it takes to build Defense Supercycle: C4ISR / Electronics. 19 companies as of 2026-10-28.
- What is not in Defense Electronics (C4ISR)?
- Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft Interceptors and munitions: Missiles / Munitions, not C4ISR / Electronics; fire control and sensor radars: C4ISR / Electronics, not Missiles / Munitions; Space based sensors and tracking layers: Space, not C4ISR / Electronics Satellite buses, launch and on orbit Space systems: Space, not C4ISR / Electronics; ground terminals and ground based communications: C4ISR / Electronics, not Space
- How large is the Defense Electronics (C4ISR) market?
- About 136.6 USD billion (2024), the middle of independent estimates that agree (for example Research and Markets).
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: asafm.army.mil/Portals/72/Documents/BudgetMaterial/2026/Disc · congress.gov/crs-product/R48860 · everycrsreport.com/reports/R48860.html · everycrsreport.com/reports/R49023.html · fortunebusinessinsights.com/defense-electronics-market-10964 · fortunebusinessinsights.com/industry-reports/c4isr-market-10 · gminsights.com/industry-analysis/defense-electronics-market · imarcgroup.com/c4isr-market · imarcgroup.com/defense-electronics-market · marketresearchfuture.com/reports/defense-electronics-market- · sipri.org/sites/default/files/2026-04/2604_milex_2025.pdf
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft
- Interceptors and munitions: Missiles / Munitions, not C4ISR / Electronics; fire control and sensor radars: C4ISR / Electronics, not Missiles / Munitions; Space based sensors and tracking layers: Space, not C4ISR / Electronics
- Satellite buses, launch and on orbit Space systems: Space, not C4ISR / Electronics; ground terminals and ground based communications: C4ISR / Electronics, not Space
- Shipboard combat systems, sonar and radar: C4ISR / Electronics, not Shipbuilding; hull, propulsion and ship integration: Shipbuilding, not C4ISR / Electronics
- Defense electronics components: C4ISR / Electronics, not Industrial Base; mechanical castings, forgings and metals: Industrial Base, not C4ISR / Electronics
- Program development and embedded software: follow the product the contract delivers, not C4ISR / Electronics, applied to all buckets alike
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.