DUBLIN, April 13, 2022–(BUSINESS WIRE)–The report “Global Military Satellite Market Report 2022, By Satellite Type, Payload Type, Application” has been added to from ResearchAndMarkets.com offer.
The global military satellite market is expected to grow from $52.28 billion in 2021 to $54.83 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%.
The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges.
The market is expected to reach $63.116 billion in 2026 with a CAGR of 3.6%
The major players in the military satellite 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 Organization. , OHB SE, Elbit System Ltd., AeroVironment and Orbital ATK Inc.
The military satellite market consists of sales of military satellites by entities (organizations, individual companies, and partnerships) that manufacture military satellites. A military satellite is an artificial earth satellite used for military missions such as intelligence gathering, navigation and military communications.
The main types of military satellites are small satellites, medium to heavy satellites. The different types of payload include communication payload, navigation payload, imagery payload, others which are used for intelligence, surveillance, reconnaissance (ISR), communication, navigation . Satellite payload refers to the components of a spacecraft that are specifically dedicated to producing mission data and transmitting that data to Earth.
North America was the largest region in the military satellite market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growing concern over terrorism is expected to fuel the growth of the military satellite market. The growing concern for terrorism has driven 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. In 2019, 63 countries reported at least one death from terrorism. Terrorism had a global economic impact of $26.4 billion in 2019. Hence, the growing concern over terrorism is driving the growth of the military satellite market.
The high cost of military satellite is expected to hamper the growth of the military satellite market over the forecast period. An artificial satellite used for military purposes is a military satellite. Military satellites are expensive devices, expensive to build and expensive to launch.
The combined costs of the military communications satellite 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 spacecraft, totaling $300 million. Hence, the high cost of military satellites is limiting the growth of the military satellite market.
Technological advancements are shaping the military satellite market. Major companies working in the military satellite industry focus on designing advanced technological solutions for military satellites.
Main topics covered:
2. Characteristics of the Military Satellite Market
3. Military Satellite Market Trends and Strategies
4. Impact of COVID-19 on military satellites
5. Military Satellite Market Size and Growth
5.1. Global Military Satellite Historical Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Military Satellite Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Military Satellite Market Segmentation
6.1. Global Military Satellite Market, Segmentation by Satellite Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.2. Global Military Satellite Market, Segmentation By Payload Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.3. Global Military Satellite Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7. Regional and country-level analysis of the military satellite market
7.1. Global Military Satellite Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Military Satellite Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
The Boeing Company
Israeli Aerospace Industries
Northrop Grumman Company
Lockheed Martin Company
Mitsubishi Electric Corporation
Indian Space Research Organization
Elbit System Ltd
Orbital ATK Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6wwb75
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220413005632/en/
Laura Wood, Senior Press Officer
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900