NEWARK, Del, Sept. 16, 2022 (GLOBE NEWSWIRE) — A recently released study by the IMF projects that the global military communications market will grow at a CAGR of 11% from 2022 to 2032. At the end of said assessment period , a valuation of 110.74 billion US dollars is expected for the market. The demand for robust connectivity and interoperability is changing the dynamics of the military sector across the globe. This has led to the use of technology-based services and systems to improve military communications.
From 2017 to 2021, the industry experienced remarkable growth, recording a value CAGR of 6% and closing at US$35.14 billion. War situations, increasing demand for connectivity in the battlefield as well as the need to stay constantly updated are driving the growth of the market. Additionally, advancements in technology and development of various devices propel the growth of the military communications market.
The penetration of 5G network along with the rapid adoption of artificial intelligence and machine learning are shaping the military communications market. Research and development is ongoing to understand the requirements of land, naval and air forces to deliver technology driven communications. This, in turn, is expected to contribute to the growth of the market.
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Key insights from market research
- By component, systems are expected to own 55% market share for the military communications market in 2022.
- By application, situational awareness is expected to hold 40% market share for the military communications market.
- By end user, land force is expected to hold 45% market share for the military communications market in 2022.
- The United States is expected to hold 45% market share for the military communications market in 2022.
- The UK is expected to have a 40% market share for military communications in 2022.
- India is expected to gain 35% market share for the military communications market in 2022.
“The growing demand for interoperability as well as data accessibility and management is driving the growth of military communications. Moreover, the penetration of 5G network, IoT devices and sensors further increases the demand for military communications. IMF analyst says
Major players in the military communications market are General Dynamics Corporation, Airbus SAS, QinetiQ Group PLC, BAE Systems PLC, Northrop Grumman Corporation, Rockwell Collins Inc., Lockheed Martin Corporation, Raytheon Company, Thales Group, and Harris Corporation.
- In May 2022, General Dynamics Corporation was awarded a US$49.9 million contract amendment to an existing naval contract for the continued supply, manufacture, and delivery of digital modular radios.
- Harris Corporation, a key player in the military communications market, is focused on developing technologically advanced systems specifically designed for military forces. These systems will help military forces improve connectivity on a larger scale.
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More information available
IMF, in its new offering, presents an unbiased analysis of the global military communications market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study reveals critical insights on a component basis (systems and services), by applications (ISR, situational awareness, command and control), by end user (air force, ground force, naval force) in five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East and Africa).
1.1. Market overview
1.2. Market analysis
1.3. MFI analysis and recommendations
2. Presentation of the market
2.1. Market definition
2.2. Market Taxonomy
3. Market context
3.1. Macroeconomic factors
3.2. Predictors – Relevance and Impact
3.3. Value chain
3.4. Market dynamics
3.5. Opportunity analysis
To continue the table of contents…
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