Global Military Satellite Market 2016-2020
Outlook of the global military satellite market
Technavio’s market research analyst predicts the global military satellite market to grow at a CAGR of approximately 5% by 2020. With the changing techniques of modern warfare, arm and law enforcement agencies are expected to upgrade and implement the use of satellites to communicate with the unmanned aerial vehicles (UAVs). Satellite communication (SATCOM) acts as a bridge for communication between various forces and national command authorities. The ability of modern SATCOM devices to enable high-quality information exchange in remote and vast areas, even in the absence of local communication infrastructure, will lead to its augmented utilization during the forecast period. Furthermore, the ability of military satellites to allow the real-time transmission of images and videos and voice communication will result in the strong growth of the market until the end of 2020.
The product innovations in this market are expected to boost the market growth until 2020. Vendors are constantly innovating in formulations and are even inventing new ways to offer better solutions to the defense industries. For instance, with the implementation of small satellites, military troops can utilize navigation and communication facilities effectively. These satellites are ten times cheaper and faster than legacy satellites and are made with the help of COTS technology.
Geographical segmentation of the military satellite market
In 2015, the Americas was the largest market for military satellites. Factors such as the growing need for ISR capabilities, protection from various weapons using electronic countermeasures, and the rising need for improvements in lethal attacks against extremists will foster the adoption of military satellites in this region during the forecast period.
Competitive landscape and key vendors
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.
Leading vendors in the market are -
- Israel Aerospace Industries
- Northrop Grumman
Other prominent vendors in the market include GE Aviation, Lockheed Martin, SpaceX, and ViaSat.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global military satellite market?
- What are the key market trends impacting the growth of the global military satellite market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global military satellite market?
- Trending factors influencing the market shares of the Americas, EMEA, and APAC.
- What are the key outcomes of the five forces analysis of the military satellite market?
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