The market value for military communications systems is forecast to reach $40.82 billion by the end of 2020, up from $23.02 billion during 2015, a MarketsandMarkets report says.
MarketsandMarkets said Monday the introduction of Ka-band, advanced extra high-frequency satellite and Internet protocol-based networking technologies will help trigger a potential 12.1-percent compound annual growth rate for the military communications sector over the next five years.
Industry offerings are divided into product areas that include satcom terminals, radios, security and communications management systems, the report states.
The report listed the following key market players:
- BAE Systems
- General Dynamics
- L-3 Communications
- Lockheed Martin
- Northrop Grumman
- Rockwell Collins
MarketsandMarkets said these companies seek to broaden their military communications market footprints and client bases through portfolio development strategies, acquisition deals and partnerships.