PUNE, India, August 2, 2018 /PRNewswire/ --
According to a new research report "Military Communications Market by Communication Type (Airborne, Air-Ground, Underwater, Ground-Based), Component (Military Satcom Systems, Military Radio Systems, Military Security Systems), Application, End User, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 31.50 billion in 2018 to USD 37.67 billion by 2023, at a compound annual growth rate (CAGR) of 3.6% from 2018 to 2023.
Browse 55 market data tables and 51 figures spread through 159 pages and an in-depth TOC on "Military Communications Market"
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The market is primarily driven by the increasing procurement of military communication solutions due to growing disputes among countries across the world and the need to modernize and replace aging communication equipment.
Based on component, the military radio systems segment of the Military Communications Market is expected to witness the highest growth during the forecast period.
Based on component, the military radio systems segment is expected to witness the highest growth during the forecast period. The high growth of the military radio systems segment can be attributed to the growing deployment of software-defined radios for military radio equipment.
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Based on application, the situational awareness segment of the Military Communications Market is expected to grow at the highest CAGR during the forecast period.
Based on application, the situational awareness segment of the Military Communications Market is estimated to witness the highest growth during the forecast period. Government agencies benefit from situational awareness solutions as they help armed forces make effective use of critical information on a battlefield.
North America is expected to lead the Military Communications Market in 2018.
North America is estimated to lead the Military Communications Market in 2018. The growth of the Military Communications Market can be attributed to the extensive adoption of military communication solutions in the region, particularly in the US, as the country has been the largest spender in 2017 and an early adopter of advanced military communications systems for naval, land, and air forces. The presence of key companies, such as General Dynamics, Harris Corporation, Iridium, L3 Technologies, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell Collins, Viasat, and Kratos Defense & Security Solutions in the region is one of the key factors for the growth of the Military Communications Market.
Some of the major military communication solutions vendors include Aselsan (Turkey), BAE Systems (UK), Cobham (UK), Elbit Systems (Israel), General Dynamics (US), Harris Corporation (US), Inmarsat (UK), Iridium Communications (US), Israel Aerospace Industries (Israel), Kongsberg (Norway), L3 Technologies (US), Leonardo (Italy), Lockheed Martin (US), Northrop Grumman (US), Raytheon (US), Rheinmetall (Germany), Rockwell Collins (US), Rolta India (India), Saab (Sweden), Systematic (Denmark), Thales (France), Viasat (US), EID (Portugal), Kratos Defense & Security Solutions (US), and Rohde & Schwarz (Germany).
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