Military Satellites Global Market To Reach Value Of Over $61.5 Billion In 2025
12 Oct, 2021
The military satellites market consists of sales of military satellites by entities (organizations, sole traders 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.
Global Military Satellites Market Size And Drivers:
The global military satellites market is expected to grow from $51.5 billion in 2020 to $52.46 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $61.56 billion in 2025 at a CAGR of 4.1%. The increasing concern about terrorism is expected to fuel the growth of the military satellites market.
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Trends In The Global Military Satellites Market
The advancement in technology is shaping the military satellite market. Major companies working in the military satellite sector are focused on designing advanced technology solutions for military satellites. For instance, in July 2020, SpaceX, an American aerospace manufacturer, and space transportation services company launched South Korea's first military communications satellite, called Anasis-II. Anasis-II will play a vital role in preserving peace on the Korean peninsula, and through this technical advance, the Republic of Korea will be able to improve not only its IT capabilities but also its space research and development operations.
Global Military Satellites Market Segments:
The global military satellites market is further segmented –
By Satellite Type: Small Satellite, Medium-To-Heavy Satellite
By Payload Type: Communication Payload, Navigation Payload, Imaging Payload, Others
By Application: Intelligence, Surveillance, And Reconnaissance (ISR), Communication, Navigation
By Geography: The global military satellites market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Military Satellites Market At:https://www.thebusinessresearchcompany.com/report/military-satellites-global-market-report
Military Satellites Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides military satellites market overviews, analyzes and forecasts market size and growth for the global military satellites market, military satellites market share, military satellites market players, military satellites market segments and geographies, military satellites market’s leading competitors’ revenues, profiles and market shares. The military satellites market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.