Military Communications Market worth $40.6 billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Nov. 17, 2020 /PRNewswire/ -- According to the new market 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 2025", published by MarketsandMarkets, the global Military Communications Market size to grow from USD 33.4 billion in 2020 to USD 40.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period. The key factors driving the growth of the Military Communications Market include the rising security concerns and the procurement of military communication solutions due to an increase in disputes among different countries across the world.
Browse in-depth TOC on "Military Communications Market"
188 – Tables
44 – Figures
210 – Pages
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The world has witnessed several pandemics, yet nothing has come close to the current global pandemic. The COVID-19 began as a regional virus but quickly spread all over the world. The United Kingdom, France, and Germany account for up to 50% of overall European spending on defense. Due to the economic impact of the Covid-19 crisis on overall budgets, these countries are likely to implement cuts to their military expenditure in the near term, bringing down the overall European average. The effect will be relatively long-lasting, and their combined defense spend in 2031 will be around USD 25 billion, less than initially expected. Several countries and their armies are making sure that soldiers supporting local and state governments fight against COVID-19 are equipped with the latest situational awareness and communication systems.
The airborne communication segment to hold a larger market size during the forecast period
The communication type segment comprises airborne, air-ground, underwater, ground-based, and shipborne communications. The airborne communication segment is expected to hold a larger market share during the forecast period. The key trend contributing to this market growth is the increased focus and investment to enhance the capabilities of air forces. Several countries, such as the US, the UK, Russia, Israel, India, Japan, Singapore, and China, have increased their spending to strengthen their air forces, which is expected to enhance the expenditure on airborne communications. The underwater communications segment is projected to grow at the highest CAGR during the forecast period.