Chicago, July 07, 2023 (GLOBE NEWSWIRE) -- The Space Militarization Market by Capability (Defense, Support), Solution (Space-based Equipment, Ground-based Equipment, Logistics & Services) and Region (North America, Asia Pacific, Europe, Rest of the World) - Global Forecast to 2030".
The Space Militarization market is estimated at USD 53.7 billion in 2023 and is projected to reach USD 88.6 billion by 2030, at a CAGR of 7.4 % from 2023 to 2030. The growth can be attributed to the increasing geopolitical tensions and competition among nations.
In the rapidly evolving world of space militarization, the Defense segment is poised to become the key driver of growth during the forecast period. With nations worldwide recognizing the strategic importance of space in ensuring their Defense capabilities, the development and deployment of advanced Defense systems have become imperative. This article explores the significance of the Defense segment in the space militarization market, highlighting the increasing demand for space-based assets and the pivotal role they play in safeguarding nations.
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Defense Capability: A Growing Trend in Space Militarization
The Space Militarization market is segmented into Defense and Support capabilities. Among these, Defense is experiencing a remarkable growth trend. Space-based assets, such as satellites and other platforms, offer unparalleled advantages in surveillance, intelligence gathering, and communication, providing a significant edge in modern warfare. The rising complexity and sophistication of potential threats necessitate the deployment of advanced Defense systems capable of detecting, tracking, and neutralizing hostile activities in space.
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Space Militarization Market Scope
| Report Metric | Details |
| Estimated Market Size | USD 53.7 billion |
| Projected Market Size | USD 88.6 billion |
| Growth Rate | CAGR of 7.4% |
| Market size available for years | 2019–2030 |
| Base year considered | 2023 |
| Forecast period | 2023-2030 |
| Forecast units | Value (USD billion) |
| Segments covered | By Capability, By Solution |
| Geographies covered | US, UK, New Zealand, India, Russia, China, Australia, Canada and Rest of the World |
| Companies covered | General Dynamics Corporation (US), Raytheon Technologies Corporation (US), The Boeing Company (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), and Thales (France) and among others. |
Governments' Heavy Investments in Space-Based Defense Capabilities
Recognizing the crucial role of space in national security, governments worldwide are making substantial investments in the development and deployment of space-based Defense capabilities. These investments encompass a wide range of technologies, including anti-satellite systems, space-based sensors, and defensive countermeasures. By enhancing their Defense capabilities in space, nations aim to protect their assets, maintain situational awareness, and deter potential adversaries.
Sub-Capability Focus: Intelligence Surveillance and Reconnaissance (ISR) Leading the Way
Within the Defense capability of the space militarization market, intelligence surveillance and reconnaissance (ISR) hold significant prominence. Space-based assets are becoming increasingly vital for national security, as they provide critical information for decision-making, threat assessment, and mission planning. The demand for advanced ISR systems is set to surge, driven by the expanding market and the essential role they play in safeguarding nations against evolving threats.
United States: Leading the Market Share
During the forecast period from 2023 to 2030, the United States is expected to hold the largest market share in the space militarization market. This dominance can be attributed to several factors. Firstly, the United States boasts major space militarization manufacturers that contribute significantly to the industry's growth. The presence of established companies like The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Raytheon Technologies Corporation, and Northrop Grumman Corporation strengthens the country's position in the market. Secondly, the United States recognizes the strategic importance of space in Defense and has been at the forefront of space technology advancements.
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Key Players Shaping the Space Militarization Market
In the competitive landscape of the Space Militarization market, several major players have emerged as influential market participants. The Boeing Company, Lockheed Martin Corporation, General Dynamics Corporation, Raytheon Technologies Corporation, and Northrop Grumman Corporation are among the key companies driving innovation and development in the sector. These market players are pivotal in shaping the future of space-based Defense capabilities and are expected to continue playing a significant role in the market's growth trajectory.
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