New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Satellites Global Market Report 2022" - https://www.reportlinker.com/p06240582/?utm_source=GNW
, AeroVironment and Orbital ATK Inc.
The global military satellites market is expected to grow from $52.28 billion in 2021 to $54.83 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%. 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 $63.116 billion in 2026 at a CAGR of 3.6%.
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 main satellite types of military satellites are small satellites, medium-to-heavy satellites.The various types of payload include communication payload, navigation payload, imaging payload, others that are used for intelligence, surveillance, reconnaissance (ISR), communication, navigation.
Satellite Payload refers to the components of a spacecraft that are specifically dedicated to producing mission data and relaying that data back to Earth.
North America was the largest region in the military satellites market in 2021.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 2019, 63 countries reported at least one death due to terrorism.
Terrorism had a $26.4 billion global economic impact in 2019. 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 military purposes 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 satellites restraints the growth of the military satellite market.
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.
In May 2021, OneWeb, a USA-based satellite internet company, acquired TrustComm for an undisclosed amount.Through this acquisition.
OneWeb intended to provide "a new suite of services with network speeds up to 195Mbps, lower latency, smaller and more compact multi-orbit user terminals, and built-in network management tools" to the US Department of Defense and other government clients. TrustComm, based in the US, is a commercial satellite communications provider.
The countries covered in the military satellites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06240582/?utm_source=GNW
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