A Strategic Defense Intelligence report released by ReportBuyer predicts that the global military satellite market will climb in value from $5.7 billion this year to $9.7 billion in 2025.
ReportBuyer said Wednesday the 5.47-percent compound annual growth rate over the 10-year forecast period is due to factors such as spending and modernization activities.
According to the report, North America will have the largest share of the market, with the U.S. as the biggest spender at $38.4 billion through 2025.
The largest segment in the global satellite market will be the intelligence, surveillance and reconnaissance sector, which accounts for 36 percent.
Communications accounts for 32 percent and navigation accounts for 31 percent of the market, the report said.
ReportBuyer noted that the report also includes discussion and analysis on the market trends, growth drivers, industry developments and challenges and the overall competitive landscape.