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Military Satellites Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Military Satellites Market Size,
As per the report, the military satellites market size has grown steadily in recent years. It will grow from $60.92 billion in 2023 to $63.66 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The military satellites market size is expected to see steady growth in the next few years. It will grow to $74.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
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Rising Terrorism Concerns Drive Growth In The Military Satellite Market
The increasing concern about terrorism is expected to fuel the growth of the military satellite market. The growing concern about terrorism has motivated the need for military forces around the world to deploy better military communication systems. Military satellites are an important part of modern military communication networks. For instance, in October 2021, according to a report published by Bureau of Counterterrorism, a US-based government organization to improve counter-terrorism cooperation with foreign governments, there were 10,172 terrorist attacks in 2020, which led to 29,389 fatalities, 19,413 injuries, and 4,471 kidnappings. In comparison to 2019, there were 1,300 more terrorism-related incidents, 3,116 more fatalities, 1,189 fewer injuries, and 1,262 more kidnappings in 2020. The number of incidents in 2020 will be 15% more than in 2019. Therefore, the increasing concern about terrorism drives the growth of the military satellite market.
Technological Advancements Drive Transformation In The Military Satellite Market
The advancement in technology is shaping the military satellite market. Major companies working in the military satellite sector are focused on designing advanced technology solutions for military satellites. For instance, in May 2023, SmartSat CRC, a Australian-based space research centre, launched Compact Hybrid Optical-RF User Segment (CHORUS) prototype terminal for military satellite communications. The technology combines radio frequency (RF) communications with optical communication technology to provide significantly higher data rates and a lower interception probability than standard civilian and military RF satellite communications. CHORUS is also designed to be more compact and portable than current SATCOM systems, making it easier to deploy in remote and challenging environments.
The military satellites market covered in this report is segmented -
1) By Satellite Type: Small Satellite, Medium-To-Heavy Satellite
2) By Payload Type: Communication Payload, Navigation Payload, Imaging Payload, Others
3) By Application: Intelligence, Surveillance, And Reconnaissance (ISR), Communication, Navigation
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Major companies operating in the military satellites market include The Boeing Company, Israel Aerospace Industries, Northrop Grumman Corporation, ISS-Reshetnev, Space Exploration Technologies Corp., Lockheed Martin Corporation, Raytheon Company, Thales Group, Mitsubishi Electric Corporation, GE Aviation, Airbus SE, Indian Space Research Organisation, OHB SE, Elbit System Ltd., AeroVironment Inc., Orbital ATK Inc., Cobham Limited, Viasat Inc., Safran Electronics & Defense, Selex ES Inc., Harris Corporation, L3Harris Technologies Inc., Terma A/S, BAE Systems plc, QinetiQ Group PLC, Reutech Radar Systems, Easat Radar Systems Limited, Indra Company, Bharat Electronics Limited, ZTE Corporation, United Technologies Corporation, Saab AB, China Aerospace Science and Technology Corporation, NEC Corporation, Orbital Sciences Corporation
Contents of the report:
1. Executive Summary
2. Military Satellites Market Report Structure
3. Military Satellites Market Trends And Strategies
4. Military Satellites Market - Macro Economic Scenario
5. Military Satellites Market Size And Growth
…..
27. Military Satellites Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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