Jul 13, 2020 8:28 PM ET
iCrowd Newswire – Jul 13, 2020
Global Military Satellite Market is anticipated to grow during the forecast period between 2020 and 2023 and garner a CAGR of 6%. Military services are focused majorly upon satellite-based communications, one which aid in providing precise pictures of the battlefield. Military satellites also help the troops to exchange videos, images, and voice messages, and offer high-quality information exchange even in remote areas.
MRFR reports that increasing investments in SATCOM, growing investments in ISR payloads, and the ameliorating demand for these satellites to be the major driving factors of the global market. However, it is also reported that the high pricing associated with the procurement, development, and the launch of remote sensing satellites to be some of the major challenges for international space agencies, one which can cause the growth of the market to decline.
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Global Military Satellite Market segmentation is done in terms of type and system to gain a proper overview of the market.
By type, the market includes communication, intelligence, navigation, and Surveillance, & Reconnaissance (ISR)
By system, the market segments into EO/IS, Radar, and SATCOM.
May 5th, 2019, a rocket from the Rocket Lab Electron made the successful launch of three US military satellites in New Zealand for the Defense Department as an effort by the army to demonstrate responsive launch.
April 1st, 2019, the Indian Space Research Organization, aka ISRO, launched its military satellite with an aim of detecting enemy radars, devices, and sensors.
Global Military Satellite Market comprises both prominent and emerging players. MRFR identifies and names some of them in its recently published report. This includes, Lockheed Martin (U.S), Boeing (U.S), SpaceX (U.S), ViaSat (U.S), Israel Aerospace Industries (Israel), Northrop Grumman (U.S), Orbital ATK (U.S), Raytheon (U.S), Thales Group (France), Airbus Defence & Space (Germany), and others.
Thales Group and Northrop Grumman stand atop of the global market as the two leading players and competes against one another in terms of technology, price, and quality. Both the leading players primarily focus on using more lightweight materials, electric technologies, and robust systems. Another key player in the global market is Lockheed Martin. The company is one of the main contractors of some of the major US military satellite programs.
Global Military Satellite Market is regionally distributed across several key regions. The regions covered in the study include the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The military satellite market, as mentioned beforehand, is poised for considerable growth over the forecast period. A major portion of this growth is contributed by the Americas. The Americas comprising both the North and South America leads the global market landscape with the highest percentage to its name. Countries like the US, Mexico, and Brazil are the major contributors to the growth of the American regional market of military satellite services. Irrespective of the budget cuts imposed by the US government to its defense sector, the demand for satellite has managed to remain stable and consistent. The demand for satellite is expected to witness an annual growth in the US. The factors responsible for this yearly growth of the market are educational programming and broadcast services, development and training of unmanned systems, naval fleet support, and border and maritime security.
Elsewhere, the European satellite telecommunications market has significantly transformed in recent years. The satellite industry in Europe is experiencing continuous advancements. The advancements include the use of new frequencies and signal transmission methods and techniques. This has led to the emergence of new services and maintenance and made the usage of satellite much more appealing herein. Major economic countries like the UK, Germany, and France are putting massive efforts towards the growth of European military satellite market. They are doing so by investing at a massive scale in the market.
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