Military Satellite Market to Grow at a CAGR of 6% Through 2024
Dublin, Ireland, Nov 3, 2020--New research from 360 Market Updates forecast that the military satellite market to grow at a CAGR of 6% through 2025. Global “Military Satellite Market” Report 2020 - 2024. The report provides complete company profiles covering the product offerings, key financial information, current developments, SWOT analysis and strategies employed by the major military satellite market players.
The reports also includes industry position and viewpoint of main regions based on major key players, country, product types, and end industries. The report offers a detailed assessment of the military satellite market including enabling technologies, current market situation, market assumptions, restraining factors.
Military satellites are a measure of the nation's military strength, operability, and the ability to attack or defend itself. These satellites give the military real-time data of movement of troops and arsenal in the enemy borders. They also facilitate high-bandwidth communication over secure channels, track and target enemy encroachment or intruding vehicles, and other military functions.
Military Demands to Fuel the Market Growth
Militaries, across the globe, are strengthening C4ISR systems that essentially need strong and secure communication channels accessible from anywhere by the defense forces. The C4ISR systems market is slated to grow in response to the increasing demand for better security, control, and co-ordination. This will increase the demand in favor of military communication and ISR satellites, during the forecast period.
The micro, nano, and pico-sized satellites are mass produced satellite systems available in market, and are currently in service. Since the introduction of nano satellites in 2013, 94 nano satellites were launched into orbit within a year. Following this, the launch cost per nano satellites went up due to the demand. It is expected that, by the end of 2020, there will be over 1000 nano satellites orbiting earth.
Currently, only six countries have the technology and finance to design, develop, and place a satellite into orbit, and even fewer countries have the capability to place multiple satellites in orbit in a single flight. Japan, Korea, and Brazil have been trying to get in league with space deployment capability, but have faced failures. Notable countries with the capability to place satellites into orbits are the US, Russia, France, Italy, China, and India. Russia, France, Italy, UK, and other nations in the European region have formed their own joint association to design, build, and launch satellites into space.
India among the Fastest Growing Markets
The Indian Space program under ISRO/Antrix is run and maintained by the government, and has witnessed a many successful missions than any other group of nations with similar or better technology and limited funds. In 2016, India launched 22 satellites into orbit in a single mission. Of the 22 satellites, 14 belong to foreign nations including, the US, Canada, Germany, and Indonesia. India's successful launch of its first reusable space launch vehicle in the same period is likely to shift the military satellites market in favor of India, especially since the total budget of this project was US$ 1 billion.
The US is likely lead the global military satellites market, followed by China, UK, India, Russia, Germany, and France. Countries like Pakistan, Egypt, Nigeria, Algeria, Ukraine, South Africa, Brazil, Japan, Canada, Indonesia, Singapore, and few Arabian Countries will be the prospective markets for military satellites in the forecast period 2018-2023.
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