Accroding to the latest published report on the Military Communications Market, this sector is expected to grow from USD 31.5 billion in 2018 to USD 37.67 billion by 2023. The report from Marketsandmarkets covers this sector by Communication Type (Airborne, Air-Ground, Underwater, Ground-Based), Component (Military Satcom Systems, Military Radio Systems, Military Security Systems), Application, End User, and Region.
The researchers findings show that this market is primarily driven by the increasing procurement of military communication solutions due to growing disputes among countries across the world and the need to modernise and replace aging communication equipment.
In terms of components, the military radio systems segment is expected to witness the highest growth during the forecast period. The high growth of the military radio systems segment can be attributed to the growing deployment of software-defined radios for military radio equipment.
As far as applications are concerned, the situational awareness segment of the military communications market is expected to grow at the highest CAGR during the forecast period. Government agencies benefit from situational awareness solutions as they help armed forces make effective use of critical information on a battlefield.
North America is estimated to lead the military communications market in 2018. The growth of the military communications market can be attributed to the extensive adoption of military communication solutions in the region, particularly in the US, as the country has been the largest spender in 2017 and an early adopter of advanced military communications systems for naval, land, and air forces. The presence of key companies, such as General Dynamics, Harris Corporation, Iridium, L3 Technologies, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell Collins, Viasat, and Kratos Defense & Security Solutions in the region is one of the key factors for the growth of the military communications market.
Send your message to us:
Post time: Dec-01-2018