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Military Communication Market Size, Future Trends And Forecast Report 2024-2033
Military Communication Market Size
According to The Business Research Company's, The military communication market size has grown strongly in recent years. It will grow from $36.03 billion in 2023 to $38.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased geopolitical tensions, modernization initiatives, threat landscape changes, interoperability requirements, increased military operations and deployments..
The military communication market size is expected to see strong growth in the next few years. It will grow to $48.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to cybersecurity concerns, satellite communication advancements, rapid technological innovations, budget allocations .. Major trends in the forecast period include increased use of unmanned systems, utilization of cognitive radio technology, resilient communication infrastructure, secure tactical data links, focus on low probability of intercept (lpi) communication..
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Market Drivers and Trends:
The growing investment in the military is expected to propel the growth of the military communication market going forward. Military investment is the amount of money a state commits to building and sustaining its armed forces or other necessary defense measures. The military investment pays for new or continuing operations, personnel salaries and training costs, maintenance of buildings and communication systems, and creating and procuring cutting-edge technology in weapons, equipment, and vehicles. Hence, the growing investments in the military will support the growth of the military communication market. For instance, in April 2023, according to The House of Commons, a UK-based government body reports, the UK spent 57.69 billion dollars on the military in 2021, an increase of $4.52 billion over the prior year. Therefore, the growing investment in the military is driving the growth of the military communication market.
Technology advancements are a key trend gaining popularity in the military communication market. Major companies operating in the military communication market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Israel Aerospace Industries, an Israel-based aerospace and defense company, launched new airborne software-defined radio (SDR). The modulation and demodulation of radio signals are performed by software in a software-defined radio (SDR) communication system. The radio is interoperable with a wide range of current military and commercial radios and operates on very high frequency (VHF), ultra-high frequency (UHF), and L-band frequency ranges.
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Major Key Players of the Market:
BAE Systems PLC; Northrop Grumman Corporation; RTX Corporation; General Dynamics Corporation; Aselsan A.Ş; Thales Group; Harris Corporation; Lockheed Martin Corporation; Elbit Systems Ltd.; Israel Aerospace Industries; Leonardo SpA; Inmarsat; Visat Inc.; Iridium Communications Inc.; Cobham Plc; Airbus SAS; Alcatel-Lucent Enterprise; Collins Aerospace; L3Harris Technologies Inc.; ES Microwave LLC; Sinclair Technologies Inc.; Antenna Research Associates; Pilot Communications USA; Satellink Inc.; Siemens Corporation; ComSystems LLC; Patton Electronics Co.; ITT Corporation; CACI International Inc.; Kratos Defense & Security Solutions Inc.
Military Communication Market 2024 Key Insights:
• The military communication market will grow to $48.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Surge In Military Investment Fuels Growth Of Military Communication Market
• Technology Advancements In Military Communication
• North America was the largest region in the global military communication market size in 2023, and is expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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