Military satellite: Key market research findings
- Investments in SATCOM drives the market
- ISR segment accounts for the majority share of the market
- Key vendors—Boeing, Israel Aerospace Industries, Northrop Grumman, Raytheon, and Thales
Technavio’s market research analysts predict the global military satellite market to grow at a CAGR of almost 6% between 2016 and 2020. Growing investments in satellite communication (SATCOM) is the primary driver for growth in the market. SATCOM links are a kind of long-distance communications link that interconnects communications centers located across the world. Their operability under conditions that deactivate or hinder other communication modes and the ability to provide reliable and secure communications to inaccessible areas make them crucial to the global military communications network. At present, the Americas dominate the global military satellite market by accounting for more than 43% of the overall market share, with the US, Brazil, and Mexico being the region’s major markets.
The new market research report from Technavio presents a breakdown and analysis of the military satellite segments based on type.
“The emergence and adoption of the advanced battlefield surveillance radar is the latest trend in the market. The battlefield surveillance radar (BFSR) is a state-of-the-art radar system that is lightweight, man-portable, battery-powered, and electronic short-range radar system. Developed by the Defence Research and Development Organisation (DRDO), BFSR provides all-weather surveillance against intrusion,” says Abhay Kumar Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
The intelligence, surveillance, and reconnaissance (ISR) segment was the dominant shareholder in the global military satellite market by accounting for around 36% of the market space. ISR activities play a vital role in planning and supporting various systems that govern military operations and keeps the army personnel alert against the enemy threats. It stimulates military forces to improve lethality, effectiveness, and coordination.
The key vendors in the market are Boeing, Israel Aerospace Industries, Northrop Grumman, Raytheon, and Thales. The global military satellite market is highly competitive owing to the presence of many prominent players that hold maximum market shares during the forecast period. However, the launch of new cost-efficient solutions and innovative technologies, such as COTS systems, by the vendors will bring about a change in market dominance. The competitive environment in this market is likely to intensify due to an increase in product/service extensions, technological innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Military Satellite Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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