# Defense Electronics (C4ISR) Command, control, communications, radar, electronic warfare and defense electronics. Theme: Defense (Industrials and defense). Page: https://thematiq.io/themes/defense/defense-electronics-c4isr/ ## Key facts - **The market: $137bn** C4ISR systems (Research and Markets, 2024) - **Growth: +5.3%** Defense electronics market, CAGR to USD 301.53 billion in 2029 (growth, a year) (Business Research Company (press release), 2024–2029) - **The build: 1** of the 8 parts in the Defense Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research) - **The companies: 19** companies worth $293 billion, earning on average 53% of their revenue here (Annual reports and exchange data, 2026-10-28) ## What it holds Listed companies that earn their revenue supplying these parts of the Defense Supercycle bill of materials, each read from its own reports. | Part | Covers | |---|---| | C4ISR / Electronics | c4isr systems, radar electronic warfare, defense electronics | ## 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 | By listing country: United States 39%, United Kingdom 11%, Sweden 11%, Israel 9%, Norway 6%, Germany 6%, France 6%, Italy 6%. ## The market - C4ISR systems: $137bn (2024), Research and Markets - C4ISR systems: $127bn (2024), KBV Research - C4ISR systems, CAGR to USD 181.49 billion in 2032 (growth, a year): +4.7% (2024–2032), KBV Research - C4ISR systems: $130bn (2024), Polaris Market Research - C4ISR systems, CAGR to USD 191.47 billion in 2034 (growth, a year): +4.0% (to 2034), Polaris Market Research - C4ISR systems: $126bn (2024), Global Market Insights - C4ISR systems, CAGR (growth, a year): +5.7% (2025–2034), Global Market Insights - Defense electronics market: $232bn (2024), Business Research Company (press release) - 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: $151bn (2024), Astute Analytica - Defense electronics market, CAGR to USD 257.19 billion (growth, a year): +6.1% (2025–2033), Astute Analytica - Defense electronics market: $182bn (2025), Global Market Insights - Defense electronics market, CAGR to USD 323.9 billion (growth, a year): +6.1% (2026–2035), Global Market Insights - Defense electronics market: $165bn (not stated), SkyQuest - Defense electronics market, CAGR (growth, a year): +5.0% (2026–2033), SkyQuest - Electronic warfare market: $19bn (2024), Insight Partners (via Military Embedded Systems) - 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: $12bn (2024), SNS Insider - Electronic warfare market, CAGR (growth, a year): +13% (2025–2032), SNS Insider - Electronic warfare market: $12bn (2024), P&S Market Research - Electronic warfare market, CAGR to USD 25.3 billion in 2030 (growth, a year): +12% (to 2030), P&S Market Research - Electronic warfare market; wider scope suspected but not confirmed: $31bn (2023), Global Market Insights - Electronic warfare market, CAGR (growth, a year): +4.0% (2023–2032), Global Market Insights - Military radar market: $14bn (2024), MarketsandMarkets - 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) - Military radar market, CAGR (growth, a year): +5.1% (2025–2030), Grand View Research (listed on Research and Markets) The 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. ### 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). ## What it is not - 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 Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.