Military Communications Market Synopsis
Military Communications Market Size Was Valued at USD 37.4 Billion in 2023 and is Projected to Reach USD 51.4 Billion by 2032, Growing at a CAGR of 3.6% From 2024-2032.
Military communication is the relay of commanders’ instructions and directions to the subordinates and the dissemination of information gathered by the reconnaissance and other formations in contact with the adversary. It embraces all techniques of passing and receiving orders, reports and any other information between the headquarters and other facilities or ships or in the operational area. The drivers facilitating the military communications market include; geopolitical condition, development of multi-mode tactical radio systems, UAVs growing trend, and security data transfer needs.
- The military segment remains to be evolving thus catalyzing the need for optimum communication technology. High growth prospects of the military communications industry are therefore expected.
- The continuous advancement in technology presents new challenges to develop communication solutions for this industry in a bid to satisfy the military sector’s dynamic demand. Hence to the investors and new entrants in the global market of military communication, the future seems to be very bright. The military industry has two basic needs: grapevine, constant contact and enormously confidential data and premises protection. Therefore, the integration of modern communication systems is experienced to enhance the defense communication security.
- Intensifying geopolitical relations and pushing through new security risks call for better communication technology. Modern troops of different countries are promoting high level of investment in modern day technologies aimed at advancing communication.
- Modern advancements in the communication technology have greatly improved the feature of its military communication systems. Such innovations comprise satellite communication (SATCOM), safe data encryption, high-frequency radios, intricate reiteration procedures, ultra-high-frequency communication, and so forth. The operations involve different branches of a country’s forces and allied forces and thus require secure communications.
- The Military Communications Market is forecasted to be experiencing steady growth in the forecast period primarily on account of the use of Military Communications in Government organizations in the integrated communication systems. In day-to-day operations where end-users undergo various scenarios involving human life and other services for society, the end-users need higher communication flexibility, all-encompassing coverage, massive capacity, comprehensive security, high data rate, and low latency satellite communications between first responders and the receiver. During any sort of communication process it is vital to either eliminate negative interactions or at least minimize the negative impact of those interactions.
Military Communications Market Trend Analysis
Growing Concerns about Confidential Communication
- Military industry has historically given much emphasis to the protection of information within the systems especially in warmon or conflict-related situations. Incidents to the networks and data used in military communication can compromise the safety of the public. Moreover, the defense industry has always required the communication between its soldiers posted in different regions to be efficient. Thus, the primary characteristics of military communications are a quick setup, communication efficiency, quick response to threats or necessities, and, finally, information security. As already pointed out, the opportunity to combine information systems with the capability of storing evidence and the strategies of the adversary is almost limitless.
- Lack of communication between the rescuers and members of the military endanger the lives of other soldiers. These systems are highly suited for critical military scenarios since they help in immediate decision making, managing of coded languages and real time communication. Especially from 2015 to 2019, the defense cost has emerged to be one of the most recent hydraulic escalation. As it has also pointed out by sources, a major part of the funding was used in research and development and the SFFs cooperation with for-profit companies that offer present IT solutions.
Rapid Innovations in the Existing Infrastructure
- The primary focus of military communications is to guarantee that the staff and leaders can always keep control over stronger delegated authorities. Several changes are expected to occur in the military communications industry because of the MOD’s constantly evolving requirements for secure information exchange. The need to acquire improved infrastructure that has been developed recently and is more flexible, cheaper, scalable and compatible also help in encouraging the development of this market. Initially, military communication was by runners on foot and signal by voices and other signals such as fires, drums, or objects such as stones or sticks. The pre-World War I and World War II periods involved military Radio, Radiotelegraph and Telephone communications through radios, telephones and telegraphs. Communication through flags, rockets, and sirens can be regarded as one of the military signals, whereas postal communication could be connected to wired media.
- Technological progress has increased ease of recognizing friends, recognizing oneself by the other side, and obtaining goals. The modern models are more developed than their previous generations with better automation, better communication, mobility, and lethality. Transmission through the air, land, and water media has also faced upgrading of the spectrum, thus a direct boost to missioning. In accordance with the above-stated and depending on the tactical environment, many of the modern communication technologies are employed for the sake of Military Communications reliability.
Military Communications Market Segment Analysis:
Military Communications Market Segmented based on Frequency Band, Communication Type, and System.
By Frequency Band, UHF/VHF segment is expected to dominate the market during the forecast period
- The UHF/VHF segment is the largest contributing segment towards the market and is likely to keep growing and dominating the market in the forecast period. The sector with the highest penetration, UHF/VHF, though is expected to increase over the forecast period. As it is expected, the specified category will continue dominating the market during the forecast period. This can be attributed to the capacity of executing exclusive data and voice communications for deadly operations regardless of climate and intensity and electromagnetic environments. Also, the air control transmission related to satellite and phone towers prefers more the UHF and VHF bands. However, with such frequencies, it is impossible to transmit with underwater submarines because frequencies cannot penetrate construction materials or bunkers.
- Market share of Ka-band was revealed to be comparatively low and is expected to show the highest growth rate in the forecast period. It is important to notice that the band offers a bandwidth possible five times bigger than C-band and twofold the Ku-band. The wavelength of the data conveyed through those bands is shorter, which qualifies it to be transmitted through nearby radars. This range is provided with focused spot beams where a certain area is composed of many spot beams thus increasing the capacity of the satellite systems by frequency reuse. Another clearly outlined feature of this range is these spot beams. Nonetheless, to water vapor, the Ka-Range frequency band’s resonance is intolerable, which is why transmission through this channel is impossible in areas with high relative humidity
By Communication Type, airborne segment held the largest share in 2023
- The airborne segment dominates the largest market share during the forecast period among road transport users. The mentioned aerial sector is expected to rise to the relevant primary archetype of communication kind during the anticipated epoch. When giving coherent directions in the war theater, the members of the armed forces apply the systems employed for aerial, air-ground, sub-surface, ground, and marine operations. . Amid the supportive factors of income generation, improved investments from the developed countries and the emerging economies capable to strengthen their air force have played an important role.
- Out of the aforementioned segments, the underseas segment is expected to witness considerable growth in the forecast period. Air to ground communications pertain to the communication between the pilot and the air traffic control located on the ground. Here, the VHF is usually required for long distance or marine information transfer in this kind of communication. Due to the growing focus of the countries in the development of modern efficient submarines and other underwater systems used in warfare to enhance the security over maritime claims, the market is expected to showcase considerable growth prospects over the forecast period. The part under water addresses the communication that is performed under water through sound waves and microphones including the interaction between naval troops. Low frequency bands are usually applied to underwater communications.
Military Communications Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- North America has the largest market share in the global military communications market and is expected to maintain this position through to the end of the market’s forecast. Largely because of the limitations on procuring new military satellites, the U. S. government has of late been relying on increasing amounts of commerial capacity. Emerging satellite communication architectures for example the MUOS managed by the United States or AEHF means provide secure communications for the tactical warfighter and the strategegist working on different systems. The factor that increases the size of the cash generating is the constant growth in the technological level within the military and defense industry zone.
- The factors that include the introduction of 5G in the country along with the increasing government spending in military segment are likely to propel the growth during the forecast period.
- Thus, the 5G technology is great prospective in military field for contributing the communication of man-portable radio sets in the difficult condition with more spectrum. It is believed that this factor will lead to development of new products by manufacturers in United States. Unfortunately, the world’s largest military base is in the United States, the government spendings are increasing each year
Active Key Players in the Military Communications Market
- ASELSANAS.
- BAE Systems PLC
- Cobham PLC
- General Dynamics Corporation
- Iridium Communications Inc.
- L3Harris TechnologiesInc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Technologies Inc.
- Rohde & Schwarz
- Thales Group
- Viasat Inc.
- Other Key Players
Key Industry Developments in the Military Communications Market:
- In March 2024, The Indian Army formed the Signals Technology Evaluation and Adaptation Group (STEAG) thereby laying down advancement in the technology of the capability. This specialised team’s aim is to research and evaluate 6G, AI, ML, and quantum computing for military application.
- In May 2024, In the event SOF Week that took place, Curtiss-Wright presented the latest tactical communication equipment that was a modular radio center and several tiny ultra-EIMS tactical communications and processing form factors that are connected. PacStar MRC is a high end, modular, rugged technology that incorporates military and civil radios to an exceedingly small chassis as described by the company. It covers multiple radio integration application scenarios that include traditional RoIP, integration with mobile ad hoc network (MANET), and compatibility with tactical data link (TDL).
Global Military Communications Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 37.4 Bn. |
Forecast Period 2024-32 CAGR: |
3.6% |
Market Size in 2032: |
USD 51.4 Bn. |
Segments Covered: |
By Frequency Band |
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By Communication Type |
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By System |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Military Communications Market by Frequency Band
4.1 Military Communications Market Snapshot and Growth Engine
4.2 Military Communications Market Overview
4.3 UHF
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 UHF: Geographic Segmentation Analysis
4.4 L-Band
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 L-Band: Geographic Segmentation Analysis
4.5 S-Band
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 S-Band: Geographic Segmentation Analysis
4.6 Ka-Band
4.6.1 Introduction and Market Overview
4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.6.3 Key Market Trends, Growth Factors and Opportunities
4.6.4 Ka-Band: Geographic Segmentation Analysis
4.7 Others
4.7.1 Introduction and Market Overview
4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.7.3 Key Market Trends, Growth Factors and Opportunities
4.7.4 Others: Geographic Segmentation Analysis
Chapter 5: Military Communications Market by Communication Type
5.1 Military Communications Market Snapshot and Growth Engine
5.2 Military Communications Market Overview
5.3 Airborne
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Airborne: Geographic Segmentation Analysis
5.4 Air-Ground
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Air-Ground: Geographic Segmentation Analysis
5.5 Underwater
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Underwater: Geographic Segmentation Analysis
5.6 Ground-based
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Ground-based: Geographic Segmentation Analysis
5.7 Ship-based
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 Ship-based: Geographic Segmentation Analysis
5.8 Others
5.8.1 Introduction and Market Overview
5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.8.3 Key Market Trends, Growth Factors and Opportunities
5.8.4 Others: Geographic Segmentation Analysis
Chapter 6: Military Communications Market by System
6.1 Military Communications Market Snapshot and Growth Engine
6.2 Military Communications Market Overview
6.3 Military SATCOM systems
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Military SATCOM systems: Geographic Segmentation Analysis
6.4 Military radio systems
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Military radio systems: Geographic Segmentation Analysis
6.5 Military security system
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Military security system: Geographic Segmentation Analysis
6.6 Communication Management Systems
6.6.1 Introduction and Market Overview
6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.6.3 Key Market Trends, Growth Factors and Opportunities
6.6.4 Communication Management Systems: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Military Communications Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ASELSANAS
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 BAE SYSTEMS PLC
7.4 COBHAM PLC
7.5 GENERAL DYNAMICS CORPORATION
7.6 IRIDIUM COMMUNICATIONS INC
7.7 L3HARRIS TECHNOLOGIESINC
7.8 LOCKHEED MARTIN CORPORATION
7.9 NORTHROP GRUMMAN CORPORATION
7.10 RAYTHEON TECHNOLOGIES INC
7.11 ROHDE & SCHWARZ
7.12 THALES GROUP
7.13 VIASAT INC
7.14 OTHER PLAYERS
Chapter 8: Global Military Communications Market By Region
8.1 Overview
8.2. North America Military Communications Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Frequency Band
8.2.4.1 UHF
8.2.4.2 L-Band
8.2.4.3 S-Band
8.2.4.4 Ka-Band
8.2.4.5 Others
8.2.5 Historic and Forecasted Market Size By Communication Type
8.2.5.1 Airborne
8.2.5.2 Air-Ground
8.2.5.3 Underwater
8.2.5.4 Ground-based
8.2.5.5 Ship-based
8.2.5.6 Others
8.2.6 Historic and Forecasted Market Size By System
8.2.6.1 Military SATCOM systems
8.2.6.2 Military radio systems
8.2.6.3 Military security system
8.2.6.4 Communication Management Systems
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Military Communications Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Frequency Band
8.3.4.1 UHF
8.3.4.2 L-Band
8.3.4.3 S-Band
8.3.4.4 Ka-Band
8.3.4.5 Others
8.3.5 Historic and Forecasted Market Size By Communication Type
8.3.5.1 Airborne
8.3.5.2 Air-Ground
8.3.5.3 Underwater
8.3.5.4 Ground-based
8.3.5.5 Ship-based
8.3.5.6 Others
8.3.6 Historic and Forecasted Market Size By System
8.3.6.1 Military SATCOM systems
8.3.6.2 Military radio systems
8.3.6.3 Military security system
8.3.6.4 Communication Management Systems
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Bulgaria
8.3.7.2 The Czech Republic
8.3.7.3 Hungary
8.3.7.4 Poland
8.3.7.5 Romania
8.3.7.6 Rest of Eastern Europe
8.4. Western Europe Military Communications Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Frequency Band
8.4.4.1 UHF
8.4.4.2 L-Band
8.4.4.3 S-Band
8.4.4.4 Ka-Band
8.4.4.5 Others
8.4.5 Historic and Forecasted Market Size By Communication Type
8.4.5.1 Airborne
8.4.5.2 Air-Ground
8.4.5.3 Underwater
8.4.5.4 Ground-based
8.4.5.5 Ship-based
8.4.5.6 Others
8.4.6 Historic and Forecasted Market Size By System
8.4.6.1 Military SATCOM systems
8.4.6.2 Military radio systems
8.4.6.3 Military security system
8.4.6.4 Communication Management Systems
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 Netherlands
8.4.7.5 Italy
8.4.7.6 Russia
8.4.7.7 Spain
8.4.7.8 Rest of Western Europe
8.5. Asia Pacific Military Communications Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Frequency Band
8.5.4.1 UHF
8.5.4.2 L-Band
8.5.4.3 S-Band
8.5.4.4 Ka-Band
8.5.4.5 Others
8.5.5 Historic and Forecasted Market Size By Communication Type
8.5.5.1 Airborne
8.5.5.2 Air-Ground
8.5.5.3 Underwater
8.5.5.4 Ground-based
8.5.5.5 Ship-based
8.5.5.6 Others
8.5.6 Historic and Forecasted Market Size By System
8.5.6.1 Military SATCOM systems
8.5.6.2 Military radio systems
8.5.6.3 Military security system
8.5.6.4 Communication Management Systems
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Military Communications Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Frequency Band
8.6.4.1 UHF
8.6.4.2 L-Band
8.6.4.3 S-Band
8.6.4.4 Ka-Band
8.6.4.5 Others
8.6.5 Historic and Forecasted Market Size By Communication Type
8.6.5.1 Airborne
8.6.5.2 Air-Ground
8.6.5.3 Underwater
8.6.5.4 Ground-based
8.6.5.5 Ship-based
8.6.5.6 Others
8.6.6 Historic and Forecasted Market Size By System
8.6.6.1 Military SATCOM systems
8.6.6.2 Military radio systems
8.6.6.3 Military security system
8.6.6.4 Communication Management Systems
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkey
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Military Communications Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Frequency Band
8.7.4.1 UHF
8.7.4.2 L-Band
8.7.4.3 S-Band
8.7.4.4 Ka-Band
8.7.4.5 Others
8.7.5 Historic and Forecasted Market Size By Communication Type
8.7.5.1 Airborne
8.7.5.2 Air-Ground
8.7.5.3 Underwater
8.7.5.4 Ground-based
8.7.5.5 Ship-based
8.7.5.6 Others
8.7.6 Historic and Forecasted Market Size By System
8.7.6.1 Military SATCOM systems
8.7.6.2 Military radio systems
8.7.6.3 Military security system
8.7.6.4 Communication Management Systems
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Global Military Communications Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 37.4 Bn. |
Forecast Period 2024-32 CAGR: |
3.6% |
Market Size in 2032: |
USD 51.4 Bn. |
Segments Covered: |
By Frequency Band |
|
|
By Communication Type |
|
||
By System |
|
||
By Region |
|
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Key Market Drivers: |
|
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Key Market Restraints: |
|
||
Key Opportunities: |
|
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Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Military Communications Market research report is 2024-2032.
ASELSANAS. BAE Systems PLC Cobham PLC General Dynamics Corporation Iridium Communications Inc. L3Harris TechnologiesInc. Lockheed Martin Corporation Northrop Grumman Corporation Raytheon Technologies Inc. Rohde & Schwarz Thales Group Viasat Inc., and Other Major Players.
The Military Communications Market is segmented into frequency band, communication type, system, and region. By frequency band, the market is categorized into UHF/VHF, L-Band, Ka-band, and others. By communication type, the market is categorized into airborne, air-ground, underwater, ground-based, and others. By system, the market is categorized into military SATCOM systems, military radio systems, and others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
The Military communication systems are now adopting the AI, the ML, and the quantum encryption to make the communication lines secure, to enable faster and effective datalinks and enable the interconnectivity of the systems and various units. Such technologies come in handy in reducing cybersecurity risks, managing available bandwidth and offering real-time awareness to the soldiers.
Military Communications Market Size Was Valued at USD 37.4 Billion in 2023 and is Projected to Reach USD 51.4 Billion by 2032, Growing at a CAGR of 3.6% From 2024-2032.