Military satellite market is anticipated to grow at a CAGR of 6.7% during the forecast period. One of the core factors that is fuelling the market growth is the rising tensions between countries in the past few years. Rising tension between countries such as the US, China, India, Russia, and others has been witnessed which has increased the demand for their security at the borders. Such countries have increased the use of satellite that can map, navigate the borders, and inform the officials if notices some suspicion on the border. For instance, in November 2021, as per China Aerospace Science and Technology Corp., China launched 2 Yaogan 32-class military satellites for remote sensing applications on board a Long March 2C rocket.
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Impact of COVID-19 Pandemic on the Global Military Satellite Market
COVID-19 pandemic had a significant impact on the financial investments of countries across the globe. It also restricted the manufacturing of subsystems, satellites, and components owing to the lockdown across the globe which dented the supply chain, material availability, transportation, and limited workforce. Although military satellite systems are critically important, the disruptions, and declined defense budget delayed the scheduled launches. However, the situation between some countries also got tense which boosted the demand for military satellites. For instance, in January 2022, the Indian Space Research Organisation (ISRO) planned to launch 5 satellites in the next 3 months which were halted due to the COVID-19 pandemic.
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By Satellite Type (Small Satellite and Large Satellite),
By Orbit Type (Low Earth Orbit and Geosynchronous Orbit),
By Application (ISR, Communication, and Navigation),
Market Players Outlook
The major companies serving the global military satellite market include Airbus S.A.S., Lockheed Martin Corp., Northrop Grumman Systems Corp., Thales S.A., and The Boeing Co. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, France launched a state-of-the-art satellite into orbit, which as per the country, was designed for allowing all of France's armed forces across the globe to swiftly and securely communicate. The satellite can resist military aggression and interference from the ground and in space.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global military satellite market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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