$73+ Billion Worldiwde Military Satellites Industry to 2032: Increasing Concerns About Terrorism Fuel Growth
Global Military Satellites Market
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "Military Satellites Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global military satellites market will grow from $58.46 billion in 2022 to $62.19 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The military satellites market is expected to grow to $73.26 billion in 2027 at a CAGR of 4.2%.
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Major players in the military satellites market are The Boeing Company, Israel Aerospace Industries, Northrop Grumman Corporation, ISS-Reshetnev, SpaceX, Lockheed Martin Corporation, Raytheon Company, Thales Group, Mitsubishi Electric Corporation, GE Aviation, Airbus SE, Indian Space Research Organisation, OHB SE, Elbit System Ltd, AeroVironment, and Orbital ATK Inc.
The military satellite market consists of sales of various satellites for military applications such as military reconnaissance satellites, navigation satellites, early warning systems, and military communication satellites. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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 in-theater secure communications, weather and navigational data for ground, air and fleet operations as well as threat warning.
North America was the largest region in the military satellites market in 2022. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in military satellites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of military satellites are small satellites and medium-to-heavy satellites. The various types of payload include communication payload, navigation payload, imaging payload, and others that are used for intelligence, surveillance, and reconnaissance (ISR), communication, and navigation. A Satellite Payload refers to the components of a spacecraft that are specifically dedicated to producing mission data and relaying that data back to Earth.
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.
The high cost of military satellites is expected to hamper the growth of the military satellite market over the forecast period. A military satellite is an artificial satellite that is used for military purposes. Military satellites are costly devices; they are costly to build and costly to launch. The military communications satellite's combined costs will be more than $95 million for release and launch insurance, $20 million for in-orbit insurance, $15 million for operating expenses, and $150 million for the spacecraft, making a total of $300 million. Therefore, the high cost of military satellites restrains the growth of 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 July 2020, SpaceX, an American aerospace manufacturer and space transportation services company, launched South Korea's first military communications satellite, called Anasis-II. Anasis-II will play a vital role in preserving peace on the Korean peninsula, and through this technical advance, the Republic of Korea will be able to improve not only its IT capabilities but also its space research and development operations.
The countries covered in the military satellites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Military Satellites Market Characteristics
3. Military Satellites Market Trends And Strategies
4. Military Satellites Market - Macro Economic Scenario
4.1 COVID-19 Impact On Military Satellites Market
4.2 Ukraine-Russia War Impact On Military Satellites Market
4.3 Impact Of High Inflation On Military Satellites Market
5. Military Satellites Market Size And Growth
5.1. Global Military Satellites Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Military Satellites Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Military Satellites Market Segmentation
6.1. Global Military Satellites Market, Segmentation By Satellite Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Military Satellites Market, Segmentation By Payload Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Military Satellites Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Intelligence, Surveillance, And Reconnaissance (ISR)
7. Military Satellites Market Regional And Country Analysis
7.1. Global Military Satellites Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Military Satellites Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/q5410z
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