Military Communications Market Size, Share, Key Industry Insights and Opportunities by 2032
The global military communications market size is anticipated to reach USD 60.40 billion by 2032 and exhibit a CAGR of 7.2% during the forecast period. The rising adoption of wireless communication technology for various military applications is expected to boost the growth of the market. Fortune Business InsightsTM has presented this information in its report titled, “Military Communications Market, 2024-2032”. The market size stood at USD 33.12 billion in 2023 and USD 34.74 billion in 2024. North America dominated the military communications market with a market share of 31.49% in 2023.
Additionally, the increasing adoption of satellite communication technology or SATCOM technology is anticipated to be a key trend stimulating market growth.
Informational Source
https://www.fortunebusinessinsights.com/military-communications-market-102696
List of Key Market Players:
ASELSAN A.S. (Turkey)
Cobham PLC (U.K.)
General Dynamics Corporation (U.S.)
Honeywell International Inc. (U.S.)
Iridium Communications Inc. (U.S.)
L3Harris Technologies Inc. (U.S.)
Lockheed Martin Corporation (U.S.)
Northrop Grumman Corporation (U.S.)
Raytheon Technologies Inc. (U.S.)
Rohde & Schwarz (Germany)
Thales Group (France)
Viasat Inc. (U.S.)
BAE Systems PLC (U.K.)
Report Coverage:
It offers a holistic market assessment that includes information on different market segments such as technology, components, platform application, and others.
It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
It highlights various strategies adopted by major market players to acquire growth.
It showcases the latest industry developments.
It highlights market’s growth assessed according to different geographical regions, North America, Europe, Asia Pacific, and the Rest of the World.
Drivers & Restraints:
Increasing Adoption of Wireless Communication Technology for Several Military Application to Propel Market Growth
Maintaining consistent communication and protecting highly confidential data are the utmost requirements across the defense sector. This is necessary to ensure public safety else the safety of citizens might be at risk. Moreover, investments in the defense sector are increasing due to growing cross-border disputes and terrorism. These factors are likely to boost the adoption of advanced systems for improved security and safety and bolster the military communications market growth.
The increasing adoption of evolving communication technologies such as ultra-high-frequency, very high-frequency, and SATCOM to replace conventional wired systems is likely to benefit the market growth. Moreover, the growing demand for upgraded communication systems, aerial surveillance vehicles, and advanced battlespace management systems is likely to augment the product adoption.
However, high initial development costs may hinder the market growth.
Segments:
On the basis of component, the market is bifurcated into software and hardware. On the basis of technology, the market is segmented into data link, HF communication, VHF/UHF/L-Band, and SATCOM. On the basis of platform, the market is fragmented into space, naval, ground, and airborne. On the basis of application, the market is bifurcated into Intelligence, Surveillance, and Reconnaissance (ISR), command & control, situational awareness, routine operations, and others. Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
Regional Insights:
Presence of Key Players to Foster Growth in North America
North America is projected to gain the largest military communications market share. The presence of pioneer communication equipment and system manufacturers such as Honeywell International Inc., Raytheon Company, Collins Aerospace, Northrop Grumman Corporation, and others is likely to be a key factor driving the region’s market growth.
Europe is anticipated to rank second in the global market. The increasing defense expenditures across Germany, France, and the U.K., coupled with the presence of key naval and airborne communication solution providers, such as Cobham PLC and Thales Group, are expected to fuel the region’s market growth.
Asia Pacific is likely to register robust growth in the forthcoming years. The rising commercial aircraft deliveries across developing nations such as China and India and the increasing adoption of network-centric warfare are expected to bolster the market growth in Asia Pacific.
The Rest of the World is estimated to exhibit considerable growth due to increasing defense budgets across Israel, Saudi Arabia, Brazil, and other countries.
Competitive Landscape:
Key Players Adopt Various Inorganic & Organic Strategies to Capture Growth
The marketplace is highly competitive with the presence of leading market players such as Raytheon Technologies Inc., Northrop Grumman Corporation, L3Harris Technologies Inc., and others. The major market players adopt inorganic and organic growth strategies, including technological advancements, contracts, partnerships, acquisitions, and others to amplify their revenues. For instance, Thales Group launched the new Javelin Combat Net Radio in January 2021 to facilitate tactical command and control (C2) communications in military formations.
Industry Development:
February 2021: French Defense Procurement Agency chose Thales Group to advance the upcoming phase of ground-based segment of Syracuse IV SATCOM system for French Armed Forces.