Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) — The global military satellite market reached size $12.7 billion in 2020. The market value is expected to increase by $13.6 billion in 2021 to $22.0 billion by 2028 at a CAGR of 7.10% about 2021-2028. The market is gaining traction, helped by growing government investment in the military and defense sectors to bolster surveillance capabilities, it said Fortune Business Insights™ in his report entitled “Military Satellite Market, 2021-2028”.
A military satellite facilitates military communications, navigation, and intelligence gathering. The data collected via these satellites are used for various military purposes. For example, the information collected can be used to provide early warnings regarding movement. The surveillance information is generally transmitted to the armed forces through electronic and signal interference. New technologies are constantly being brought onto the market. For example, in October 2021, France had launched a military communications satellite that would allow the country’s defense forces to communicate more smoothly and reliably.
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List of the major players in the market
- Airbus (Netherlands)
- BALL CORPORATION (USA)
- Boeing (USA)
- IAI (Israel)
- ISRO (India)
- L3Harris Technologies, Inc. (USA)
- Lockheed Martin Corporation (USA)
- Northrop Grumman (USA)
- ST Engineering (Singapore)
- Thales Group (France)
- Viasat, Inc. (USA)
Scope and segmentation of the report:
| report coverage | details |
| forecast period | 2021-2028 |
| Forecast CAGR | 7.10% |
| Value prognosis 2028 | $22.0 million |
| base year | 2021 |
| Historical data | 2018-2020 |
| number of pages | 200 |
| Covered Segments | By orbit type, by type, by offer, by component |
| growth drivers of the military satellite market | Increasing military and defense investment and advancement of satellite technology to fuel growth |
Browse the detailed research report summary with table of contents:
