NEWARK, Del, Sept. 16, 2022 (GLOBE NEWSWIRE) -- A recently published study by FMI expects the global military communication market to augment at an 11% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 110.74 Billion is expected for the market. Demand for strong connectivity and interoperability is changing the dynamics of the military sector across the globe. This has led to using technology based services and systems for enhancing military communications.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 6% and closing at US$ 35.14 Billion. War situations, increasing demand for connectivity in battleground along with the need for constantly staying aware are driving the growth of the market. Moreover, technological advancements and development of various devices is propelling the growth of military communication market.
The penetration of 5G network along with rapid adoption of artificial intelligence and machine learning is shaping the military communication market. Research and development are underway to understand the requirements of land, navy and air force military to offer technologically-driven communications. This, in turn, is expected to contribute to the growth of the market.
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Key Takeaways from the Market Study
- By component, systems are expected to possess 55% market share for military communication market in 2022.
- By application, situational awareness is expected to hold 40% market share for military communication market.
- By end user, land force is expected to hold 45% market share for military communication market in 2022.
- U.S. is expected to possess 45% market share for military communication market in 2022.
- U.K. is expected to possess 40% market share for military communications in 2022.
- India is expected to procure 35% market share for military communications market in 2022.
"Increasing demand for interoperability along with data accessibility and management is driving the growth of military communications. Moreover, penetration of 5G network, IoT devices and sensors is further augmenting the demand for military communications." states an FMI analyst
Market Competition
Key players in the military communications market are General Dynamics Corporation, Airbus S.A.S., 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 modification under existing navy contract for continued procurement, manufacturing, delivery of Digital Modular Radios.
- Harris Corporation, a key player in the military communication market is focusing on developing technologically advanced systems that are especially designed for military forces. These systems will help military forces to improve connectivity on a larger scale.
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More Insights Available
FMI, 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 of 2022-2032.
The study reveals essential insights on the basis of Components (systems and services), by Applications (ISR, Situational Awareness, Command & Control), by End User (Air Force, Land Force, Naval Force) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Value Chain
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
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