Military Satellite Market Revenue Analysis and Size Forecast,...

Military Satellite Market Revenue Analysis and Size Forecast, Evaluating Data by 2032

Posted 2023-08-09 17:41:59

Military Satellite Market

A military satellite 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.

Military Satellites Market Report Size was valued at USD 35.5 billion in 2022. The military satellite market industry is projected to grow from USD 37.2 Billion in 2023 to USD 54.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.90% during the forecast period (2023 - 2032).

Key Players

Military Satellite Market Players ar e 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)

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.

Market Segmentation

The Global Military Satellite Market Research 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.

Military Satellite Market Research Report: by Orbit Type (Low Earth Orbit, Medium Earth Orbit and Geosynchronous Orbit), Payload Type (Communication Payload, Navigation Payload, Imaging Payload and Others), Satellite Type (Small Satellite and Medium-to-Heavy Satellite), System (Electro-Optic/Infrared Sensor (EO/IS), Radar and SATCOM), Application (ISR, Communication and Navigation) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030

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