The global military satellite market size reached USD 12.7 billion in 2020. The market value is predicted to increase from USD 13.6 billion in 2021 to USD 22.0 billion by 2028 at a CAGR of 7.10% over 2021-2028. The market is gaining traction backed by growing government investments in the military & defense sector to strengthen surveillance capabilities, states Fortune Business Insights™ in its report titled “Military Satellite Market, 2024-2028”.
A military satellite facilitates military communication, navigation, and intelligence gathering. The data collected through these satellites are utilized for various military purposes. For example, the intelligence gathered can be used to provide early warnings related to movements. The surveillance information is generally transmitted to the forces through electronic and signal interference. New technologies are constantly being launched in the market. For example, in October 2021, France had launched a military communication satellite that would allow the country’s defense forces to communicate more smoothly and reliably.
Browse Report:
https://www.fortunebusinessinsights.com/military-satellite-market-106401
Market Segments
Based on orbit type, the market is classified into LEO, MEO, and GEO.
- On the basis of offering, the market is divided into launch services, satellite manufacturing, and operational services.
- By type, the market is segmented into small satellite, medium satellite, heavy satellite, and nano-micro satellite.
- In terms of application, the market is broken down into communication, navigation, and intelligence, surveillance, and reconnaissance (ISR).
- By component, the market is split into payload, structures, electric power system, propulsion system, instrument control unit, communication system, thermal control subsystem, and others.
- According to geography, the market is segregated into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage
The report offers:
- Major growth drivers, restraints, opportunities, and potential challenges for the market.
- Comprehensive insights into the global as well as regional developments.
- List of key industry players.
- Major strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Rising Military & Defense Investments and Advancing Satellite Technology to Boost Growth
Military satellite demand is on the rise across the world due to rising concerns around terrorism, political unrest, and cross border conflicts. Resulting security concerns are leading to the need for advanced communication and surveillance equipment among defense bodies. Back in November 2019, the U.S. Defense Department inked a USD 731.8 million contract with General Dynamics Corporation for accelerating the development of MUOS (Mobile User, Objective System), a next-gen military satellite.
As the market demand rises, manufacturers are looking to introduced advanced technologies such as AI into satellites, which can help analyze and sort capture images. Such factors will augment military satellite market growth during the forecast period.
However, issues related to cyber threats and strict government norms could affect the market dynamics to some extent.
List of Key Players Present in the Market
- Airbus (Netherlands)
- BALL CORPORATION (U.S.)
- Boeing (U.S.)
- IAI (Israel)
- ISRO (India)
- L3Harris Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman (U.S.)
- ST Engineering (Singapore)
- Thales Group (France)
- Viasat, Inc. (U.S.)
Regional Insights
North America to Dominate led by Increasing Federal Funding
North America garnered more than USD 4.88 billion in the global military satellite market share in 2020 and will witness tremendous growth in the forthcoming years. The growth is attributable to the rising number of satellite launches in the region. Increasing contracts between the U.S. Defense Department and space agencies will strengthen the regional outlook.
Europe will exhibit substantial growth over 2021-2028 led by rising investments from spaces agencies across the U.K., France, Russia, and other nations. Presence of major players such as Thales Group, Airbus, and others makes the region a major market for military satellites.
The market in Asia Pacific will grow substantially owing to increasing government expenditure in aerospace and defense technologies.
Competitive Landscape
Contracts Initiated by Prime Companies to Endorse Market Growth
The dominating players in the market incessantly root for operative strategies to reinforce their brand value as well as promote the global market growth of the product with encountering the least imaginable problems. One such proficient tactic is procuring competitive companies and further safeguarding a profit for both the involved companies.
Industry Development
June 2021 – Thales Alenia Space and Telespazio inked a contract with the Italian Defense Ministry to develop a new military satellite SICRAL 3.
