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Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global military satellite market size reached USD 12.7 billion in 2020 . The market value is predicted to increase from USD 13.6 billion in 2021 to USD 22.0 billion by 2028 at a CAGR of 7.10% over 2021-2028. The market is gaining traction backed by growing government investments in the military & defense sector to strengthen surveillance capabilities, states Fortune Business Insights™ in its report titled “Military Satellite Market, 2021-2028” .
A military satellite facilitates military communication, navigation, and intelligence gathering. The data collected through these satellites are utilized for various military purposes. For example, the intelligence gathered can be used to provide early warnings related to movements. The surveillance information is generally transmitted to the forces through electronic and signal interference. New technologies are constantly being launched in the market. For example, in October 2021, France had launched a military communication satellite that would allow the country's defense forces to communicate more smoothly and reliably.
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List of Key Players Present in the Market
- Airbus (Netherlands)
- BALL CORPORATION (U.S.)
- Boeing (U.S.)
- IAI (Israel)
- ISRO (India)
- L3Harris Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman (U.S.)
- ST Engineering (Singapore)
- Thales Group (France)
- Viasat, Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage || Details |
| Forecast Period || 2021-2028 |
| Forecast CAGR || 7.10% |
| 2028 Value Projection || USD 22.0 Million |
| Base Year || 2021 |
| Historical Data || 2018-2020 |
| No. of Pages || 200 |
| Segments Covered || By Orbit Type, By Type, By Offering, By Component |
| Military Satellite Market Growth Drivers || Rising Military & Defense Investments and Advancing Satellite Technology to Boost Growth |
Browse Detailed Summary of Research Report with TOC:
Increased Launches of Small Satellites Sustained Market Growth during Pandemic
The worldwide aerospace & defense sector faced unprecedented challenges during the COVID-19 pandemic. However, small satellite launch projects have remained strong despite the impacts of the pandemic. Globally, a notable uptick in the launch of nano-micro spy satellites was observed. For instance, in July 2020, South Korea launched its first military satellite, ANASIS-II, designed by SpaceX.
However, due to COVID-19-related disruptions, the launch of medium and heavy satellites was either delayed or canceled. For instance, the U.S. Space Force's Space and Missile Systems Center (SMC) delayed the launch of several satellites developed by Lockheed Martin Corporation between April and June 2020.
Overall, the pandemic had a moderate impact on military satellite market growth.
Based on orbit type, the market is classified into LEO, MEO, and GEO.
On the basis of offering, the market is divided into launch services, satellite manufacturing, and operational services.
By type, the market is segmented into small satellite, medium satellite, heavy satellite, and nano-micro satellite.
In terms of application, the market is broken down into communication, navigation, and intelligence, surveillance, and reconnaissance (ISR).
By component, the market is split into payload, structures, electric power system, propulsion system, instrument control unit, communication system, thermal control subsystem, and others.
According to geography, the market is segregated into North America, Europe, Asia Pacific, and the Rest of the World.
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Drivers & Restraints
Rising Military & Defense Investments and Advancing Satellite Technology to Boost Growth
Military satellite demand is on the rise across the world due to rising concerns around terrorism, political unrest, and cross border conflicts. Resulting security concerns are leading to the need for advanced communication and surveillance equipment among defense bodies. Back in November 2019, the U.S. Defense Department inked a USD 731.8 million contract with General Dynamics Corporation for accelerating the development of MUOS (Mobile User, Objective System), a next-gen military satellite.
As the market demand rises, manufacturers are looking to introduced advanced technologies such as AI into satellites, which can help analyze and sort capture images. Such factors will augment military satellite market growth during the forecast period.
However, issues related to cyber threats and strict government norms could affect the market dynamics to some extent.
North America to Dominate led by Increasing Federal Funding
North America garnered more than USD 4.88 billion in the global military satellite market share in 2020 and will witness tremendous growth in the forthcoming years. The growth is attributable to the rising number of satellites launches in the region. Increasing contracts between the U.S. Defense Department and space agencies will strengthen the regional outlook.
Europe will exhibit substantial growth over 2021-2028 led by rising investments from spaces agencies across the U.K., France, Russia, and other nations. Presence of major players such as Thales Group, Airbus, and others makes the region a major market for military satellites.
The market in Asia Pacific will grow substantially owing to increasing government expenditure in aerospace and defense technologies.
Contracts Initiated by Prime Companies to Endorse Market Growth
The dominating players in the market incessantly root for operative strategies to reinforce their brand value as well as promote the global market growth of the product with encountering the least imaginable problems. One such proficient tactic is procuring competitive companies and further safeguarding a profit for both the involved companies.
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Detailed Table of Content: Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Key Insights Key Industry Developments –Mergers, Acquisitions and Partnerships Latest technological Advancements Porters Five Forces Analysis Supply Chain Analysis Quantitative Insights- Impact of COVID-19 Pandemic on Military Satellite Market Impact of COVID-19 on Global Military Satellite Market Steps Taken by Industry/Companies/Governments to Overcome the Impact Potential Opportunities Due to COVID-19 Outbreak Global Military Satellite Market Analysis, Insights and Forecast, 2017-2028 Key Findings / Summary Market Analysis, Insights and Forecast – By Orbit Type LEO MEO GEO Market Analysis, Insights and Forecast – By Offering Satellite Manufacturing Launch Services Operational Services Market Analysis, Insights and Forecast – By Type Nano-Micro Small Medium Heavy Market Analysis, Insights and Forecast – By Application Intelligence, Surveillance, and Reconnaissance (ISR) Communication Navigation Market Analysis, Insights and Forecast – By Component Structures Payload Electric Power System Instrument Control Unit Propulsion System Thermal Control SubSystem Communication System Others Market Analysis, Insights and Forecast – By Region North America Europe Asia pacific Rest of the world
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June 2021 – Thales Alenia Space and Telespazio inked a contract with the Italian Defense Ministry to develop a new military satellite SICRAL 3.
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