The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The military satellites market has experienced a steady rise in recent years, with a projected growth from $60.92 billion in 2023 to $63.66 billion in 2024, boasting a compound annual growth rate (CAGR) of 4.5%. This expansion is primarily attributed to global surveillance, communication and data transfer, navigation and GPS, intelligence gathering, and strategic deterrence. Looking ahead, the market is expected to continue its ascent, reaching $74.4 billion in 2028 at a slightly reduced CAGR of 4.0%. Factors influencing this growth include anti-satellite threats, resilience and redundancy, laser communication technology, quantum satellite communication, and miniaturization of satellites.

Defense Expenditure: A Driving Force

Increased Spending and Military Satellites

• Defense expenditure is a crucial factor propelling the military satellites market.
• The rise in military spending for the fiscal year 2021–2022, as reported by the U.K.’s Ministry of Defense, reached £45.9 billion ($58.35 billion), showcasing a substantial increase.
• The allocated £20.9 billion ($26.57 billion) for equipment in 2021–2022 indicates a slight uptick over the previous year, highlighting a continued commitment to technological advancements.

Key Players in the Market

Industry Giants Shaping the Landscape

• Major companies dominating the military satellites market include The Boeing Company, Lockheed Martin Corporation, Northrop Grumman Corporation, and Space Exploration Technologies Corp., among others.
• These industry leaders contribute significantly to the development, launch, and operation of military satellites.

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Innovation Driving Progress

Advancements in Satellite Technology

• Innovation plays a pivotal role in the military satellites market, with companies focusing on creating cutting-edge products.
• Boeing Co, for instance, introduced the Protected Tactical SATCOM Prototype (PTS-P) payload, featuring automated anti-jam capabilities, ensuring seamless connectivity in contested environments.

Strategic Acquisitions Boosting Services

OneWeb’s Acquisition of TrustComm

• In May 2021, OneWeb, a U.S.-based satellite internet company, acquired TrustComm, a commercial satellite communications provider.
• This strategic move aims to enhance services for the U.S. Department of Defense and government clients, offering improved network speeds, lower latency, and more compact user terminals.

Market Segmentation

Understanding the Dynamics

The military satellites market is segmented based on:

1. Satellite Type:
   • Small Satellite
   • Medium-To-Heavy Satellite
2. Payload Type:
   • Communication Payload
   • Navigation Payload
   • Imaging Payload
   • Others
3. Application:
   • Intelligence, Surveillance, And Reconnaissance (ISR)
   • Communication
   • Navigation

Regional Dynamics

North America Leading, Asia-Pacific Rising

• In 2023, North America dominated the military satellites market.
• Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period, reflecting the global shift in geopolitical and technological dynamics.

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The Military Satellites Global Market Report 2024  provides comprehensive insights on the military satellites market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the military satellites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
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