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Global Market Dynamics of Tactical Communication for 2024
Tactical Communication Market Size
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According to The Business Research Company's, The tactical communication market size has grown strongly in recent years. It will grow from $19.56 billion in 2023 to $21.35 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in investments and increase in spending on military equipment.
The tactical communication market size is expected to see strong growth in the next few years. It will grow to $29.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to the increasing government support, rapid urbanization and increasing defense expenditure. Major trends in the forecast period include focus on data-sharing paradigms to strengthen position in the market, focus on the launch of new products for increasing productivity and gaining a competitive advantage in the market. focus on developing technologically advanced products, focus on high speed communication to improve position in the market, use of artificial intelligence (ai) to improve product offering, launch of new tactical radio extenders over satellite solutions to extend the range of tactical radios and focus on partnerships and collaborations to expand their product portfolio and geographic presence.
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Market Drivers and Trends:
The rise in government expenditure for military applications is expected to propel the growth of the tactical communication market going forward. Military applications refer to the acquisition, research, development, testing, evaluation, and training related to tactical vehicles, vessels, aircraft, equipment, and weaponry in the context of tactical vehicles, vessels, aircraft, equipment, and weaponry owned or operated by government armed forces. Military applications use tactical communications to transfer information between commands, individuals, or locations on the battlefield, particularly orders and military intelligence. Hence, the rise in government expenditure for military applications will boost the tactical communications market. For Instance, In April 2022, according to a report shared by the Stockholm International Peace Research Institute (SIPRI), a Sweden-based independent international institute, Total global military expenditure increased by 0.7 % in real terms in 2021. Additionally, in 2021, global military spending grew further and surpassed $2.1 trillion for the first time. Further, in 2021, Russia's military expenditure increased by 2.9 percent to $65.9 billion. Therefore, the rise in government expenditure for military applications is driving the growth of the tactical communication market going forward.
Technological advancement is a key trend gaining popularity in the tactical communications markets. Major companies operating in the tactical communications market are focused on developing innovative technological solutions to strengthen their position in the market. For instance, in March 2023, Thuraya, a United Arab Emirates-based regional mobile and satellite service provider, launched T-TAC, a new tactical radio extender over satellite solution. T-TAC is a beyond-line-of-sight (BLOS) communications solution that is being introduced in partnership with Cobham Satcom, a Denmark-based provider of radio and satellite communication equipment for both land and maritime sectors. The system is set up to provide smooth communication between operators on land, at sea, and in the air. It makes use of an advanced generic converter unit that allows users to communicate through satellite over tactical radio and push-to-talk (PTT) devices. The portable solution is designed for communications when moving or stopping and uses technology with low power consumption. It is an industry-leading tactical radio solution, according to Thuraya, which affirms the company's dedication to creating cutting-edge technology.
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Major Key Players of the Market:
Aptera Motors, Fisker Inc., Squad Mobility, Solar Team Eindhoven, Toyota Motor Corp,Lightyear, Hyundai Motor Company, BYD Auto Co. Ltd., Hanerg, Guangzhou Xiaopeng Motors Technology Co. Ltd., Honda Motor Co. Ltd., Kia Corporation, Mahindra & Mahindra Limited, Pravaig Dynamics, Sono Group N.V., Volkswagen AG, Ford Motor, General Motors, Rivian Automotive LLC, Enel X, EN1 Technologies
Tactical Communication Market 2024 Key Insights:
• The tactical communication market size is expected to see strong growth in the next few years. It will grow to $29.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Government Expenditure Surge Fuels Growth In Tactical Communication Market
• Innovative Technological Advancements Shaping The Tactical Communications Market
• North America was the largest region in the tactical communication market in 2023
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