A new Research and Markets report indicates that the global military satellite market will climb in value from $5.7 billion this year to $9.7 billion in 2025 at a compound annual growth rate of 5.47 percent.
The company said June 30 North America will have the largest market share, with the U.S. anticipated to spend $38.4 billion on military satellite systems over the next 10 years.
Intelligence, surveillance and reconnaissance will also be the dominant segment at 36 percent of the market, followed by communications at 32 percent and navigation at 31 percent, the report stated.
The Research and Markets report also includes an analysis of the market’s growth factors, challenges and trends.
It named the following key vendors in the global military satellite market:
- Airbus Defense and Space
- Harris Corp.
- Intelsat General Corp.
- Israel Aerospace Industries
- Lockheed Martin
- Mitsubishi Electric
- Northrop Grumman
- QinetiQ Group