Military Satellites Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Military Satellites Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071866 •
  • Format: PDF
Major players in the military satellites market are The Boeing Company, Israel Aerospace Industries, Northrop Grumman Corporation, ISS-Reshetnev, SpaceX, Lockheed Martin Corporation, Raytheon Company, Thales Group, Mitsubishi Electric Corporation, and GE Aviation.

The global military satellites market is expected to grow from $51.5 billion in 2020 to $52.46 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $61.56 billion in 2025 at a CAGR of 4.1%.

The military satellites market consists of sales of military satellites by entities (organizations, sole traders and partnerships) that manufacture military satellites. A military satellite is an artificial earth satellite used for military missions such as intelligence gathering, navigation and military communications.

The advancement in technology is shaping the military satellite market.Major companies working in the military satellite sector are focused on designing advanced technology solutions for military satellites.

For instance, in July 2020, SpaceX, an American aerospace manufacturer, and space transportation services company launched South Korea’s first military communications satellite, called Anasis-II. Anasis-II will play a vital role in preserving peace on the Korean peninsula, and through this technical advance, the Republic of Korea will be able to improve not only its IT capabilities but also its space research and development operations.

The military satellites market covered in this report is segmented by satellite type into small satellite, medium-to-heavy satellite, by payload type into communication payload, navigation payload, imaging payload, others, by application into intelligence, surveillance, and reconnaissance (ISR), communication, navigation.

In August 2018, The Boeing Company, a USA based company that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles acquired Millennium Space Systems, Inc. for an undisclosed amount. Millennium Space Systems will function with an independent operating model benefiting from technology research and manufacturing capabilities of The Boeing Company as a prominent provider of aerospace products and services. It will operate with the name Millennium Space Systems, A Boeing Company. The new company, Millennium Space Systems Inc. is a USA based company that develops and manufactures military satellites.

The increasing concern about terrorism is expected to fuel the growth of the military satellites market.The growing concern for terrorism has motivated the need for military forces around the world to deploy better military communication systems.

Military satellites are an important part of modern military communication networks.In 2018, 71 countries reported at least one death due to terrorism.

Fatalities from terrorism account for 58% of the world economic effects of terrorism, equal to $19.3 billion in 2018. Therefore, the increasing concern about terrorism drives the growth of the military satellites market.

The high cost of the military satellite is expected to hamper the growth of the military satellites market over the forecast period.An artificial satellite that is used for the military purpose is a military satellite.

Military satellites are costly devices, costly to build and costly to launch.The military communications satellite’s combined costs will be more than $95 million for release and launch insurance, $20 million for the in-orbit insurance, $15 million for operating expenses, and $150 million for spacecraft, making a total of $300 million.

Therefore, the high cost of military satellite restraints the growth of the military satellite market.