Northbrook, IL 60062 -- (SBWire) -- 01/10/2024 --The Global Military Communications Market is poised for significant growth, with a projected increase from USD 24.2 Billion in 2023 to USD 35.4 Billion by 2028, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period. This growth is primarily attributed to escalating security concerns, the evolving threat landscape, and the increasing adoption of new technologies in military operations.
Market Size and Growth Factors:
CAGR and Market Size: The military communications market is expected to register a CAGR of 7.9% during the forecast period, showcasing a robust growth trajectory from 2023 to 2028.
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Driving Factors:
1. Security Concerns: Rising global security concerns are a significant driver, prompting increased investment in advanced communication systems for military applications.
2. Technology Adoption: The market is witnessing growth due to the heightened adoption of new technologies and network-centric warfare strategies.
3. Interoperability Needs: The need for interoperability, coupled with the replacement of aging infrastructure, is driving the demand for modernized military communication systems.
Regional Insights:
Asia Pacific Dominance: The Asia Pacific region is anticipated to dominate the military communications market, with China, India, and Japan making substantial investments in the development of military communication technologies.
Segment Analysis:
1. Platform Segment:
Unmanned Vehicles: The unmanned vehicles segment is expected to grow at the highest CAGR during the forecast period. Unmanned systems, including drones and robotic vehicles, play a crucial role in missions conducted in hazardous environments, minimizing personnel risk.
2. Application Segment:
ISR Leadership: The Intelligence, Surveillance & Reconnaissance (ISR) segment is anticipated to lead the market. The growing use of ISR is essential for decision-making, resource allocation, and supporting various military operations.
3. System Segment:
SATCOM Dominance: The military SATCOM system segment holds the largest market share. The need for global coverage, real-time data transmission, and reliability in adverse conditions contribute to the dominance of SATCOM systems.
Point of Sale Segment:
Upgrade Leadership: The upgrade segment is projected to lead the market. Constant advancements in communication technology and the integration of AI, ML, and advanced data analytics drive the need for periodic upgrades in military communication systems.
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Key Market Players:
Raytheon Technologies Corporation, Northrop Grumman Corporation, Thales Group, Elbit Systems, L3Harris Technologies Inc., Lockheed Martin Corporation, BAE Systems, Saab AB, Aselsan A.S, Viasat Inc, Rheinmetall AG, Leonardo, Israel Aerospace Industries, Cobham Limited, and Honeywell International Inc are among the leading companies in the military communications market. These companies have robust manufacturing facilities and distribution networks across various regions, ensuring a strong global presence.
Military Communications Market Statistics, Trends and Industry (2023-2028)