Overview and Scope
A military satellite is an artificial earth satellite used for military missions such as intelligence gathering, navigation, and military communications. The capabilities of military satellites include secure in-theater communications, weather and navigational data for ground, air, and fleet operations, as well as threat warning.
Sizing and Forecast
The military satellites market size has grown steadily in recent years. It will grow from <b>$60.92 billion in 2023 to $63.66 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. </b> The growth in the historic period can be attributed to global surveillance, communication and data transfer, navigation and gps, intelligence gathering, strategic deterrence.
The military satellites market size is expected to see steady growth in the next few years. It will grow to <b>$74.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. </b> The growth in the forecast period can be attributed to anti-satellite threats, resilience and redundancy, laser communication technology, quantum satellite communication, miniaturization and smaller satellites. Major trends in the forecast period include dual-use satellites, rapid deployment and launch, space traffic management, space-based threat warning systems, international collaboration.
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Segmentation & Regional Insights
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
<b>North America</b> was the largest region in the military satellites market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the military satellites market during the forecast period. The regions covered in the military satellites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the military satellites market include <b>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</b>
The military satellites market report table of contents includes:
1. Executive Summary
2.Military Satellites Market Characteristics
3.Military Satellites Market Trends And Strategies
4.Military Satellites Market analysis
5.Military Satellites Market Size And Growth
6.Military Satellites Segmentation
7.Military Satellites Regional And Country Analysis
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27.Military Satellites Competitive Landscape And Company Profiles
28.Military Satellites Key Mergers And Acquisitions
29.Military Satellites Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- The Boeing Company
- Israel Aerospace Industries
- Northrop Grumman Corporation
- ISS-Reshetnev
- Space Exploration Technologies Corp
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