Military Satellite Market Latest Research, Technology Demand, Growth Factors and Forecast by 2030
Research Reports
Feb 09, 2023
Market Research Future Insights
According to MRFR analysis, the global Military Satellite Market is expected to register a CAGR of ~ 4.9% from 2022 to 2030 and hold a value of over USD 54.83 Billion by 2030.
A Military Satellite Market is a satellite cast-off for a variety of military applications. These are used for several missions such as military communication, intelligence gathering, and navigation. The data collected through these satellites have a direct impact on the operational capability of defense forces. It contains early warnings related to movements, collecting and communicating intelligence information to the military forces. The space industry experienced substantial disruptions during the COVID-19 pandemic across the world. There was an augmented number of Nano-micro spy satellites while the medium-heavy satellite launches reduced amid COVID-19.
Regional Analysis
North America led the global market. The dominance of this region is accredited to the highest number of military satellites launched from the U.S. Increased expenditure on the space sector and increasing contracts between space agencies and the U.S. Department of Defense drive the regional growth.
Europe is anticipated to record notable growth during the expected period. This growth will be influenced by the growing investments from space agencies in Russia, the U.K., and others. The existence of key players such as Airbus, Thales Group, and others drive regional growth across Europe.
Asia Pacific will showcase substantial growth due to rising expenditure on the space sector from the government of India, China, and Japan drives the market growth across Asia Pacific.
Key Players
Some of the key market players are Viasat Inc. (US)., AeroVironment (US), Thales Group (France, The Boeing Company (US), SpaceX (US), Lockheed Martin Corporation (US, GE Aviation (US), Raytheon Company (US), and Northrop Grumman Corporation (US)
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Market Segmentation
The Global Military Satellite Market has been segmented into Orbit type, Offering, and type.
Based on the Orbit Type, The Global Military Satellite Market has been segmented into LEO, MEO, and GEO. The LEO segment acquired the dominant market share during the forecast period. Satellites in low earth orbit provide better resolution and detection as well as shorter transmission postponements between space and Earth. Furthermore, less power is obligatory to transmit signals to and from LEO compared to higher orbits
Based on Offering, The Global Military Satellite Market has been segmented into satellite manufacturing, launch services, and operational services. The satellite manufacturing segment accounted for the largest market share during the forecast period. The growth is due to the increasing demand for reconnaissance satellites for intelligence, surveillance, and reconnaissance (ISR) missions and the high cost associated with spacecraft components.
Based on Type, The Global Military Satellite Market has been segmented into nano-micro, small, medium, and heavy. The Nano-micro segment captured the largest market share during the forecast period. The dominance is owing to the highest number of microsatellites launched between 2017-2021. Increasing demand for spy satellites from military forces for real-time navigation data drives segment growth.
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