Military communications market to grow to $38 billion by 2026: Report
NEW YORK. The global market for military communications is expected to grow from $30 billion in 2018 to $38 billion by 2026, at a combined annual growth rate (CAGR) of 3.4 percent during the forecast period, according to a recent market study by Reports and Data, "Military Communications Market By Communication Type (Airborne Communication, Air-Ground Communication, Underwater Communication, Ground-Based Communication And Shipborne Communication), Components (Military Satcom Systems, Military Radio Systems, Military Security Systems And Communication Systems) - Global Forecast 2026."
Factors driving the increase in this market include increasing demand for secure military communications, the need for advanced communication equipment, and the reality that increased disputes between countries leads to a rise in demand for military communication solutions and the necessity of advanced communications equipment. Moreover, governments of all countries are focusing on adopting advanced technologies for enhanced communication efficiency in order to enhance security.
When broken out by communication type, the military satcom system is expected to witness the highest growth, at a CAGR of 3.6 percent during the forecast period, since satellite communications provide services such as global broadcast service, personal communications service, and bandwidth on demand to meet the current and future requirements of military operations.
For additional information on this study, please visit the Reports and Data website.