Military communications market to grow 69% by 2028: reportNews
July 20, 2022
BANGALORE, India. A new report claims that the global military communications market is set to grow by 69% between now and 2028, increasing from $11.9 billion to $20.1 billion over that period for a compound annual growth rate (CAGR) of 7.7%.
The report, from Valuates Reports, states that rising security concerns and disputes among countries are leading to rapidly increasing demand for military communication solutions. It also states that the growing adoption of wireless and satellite-based communication will also continue to fuel growth in the market.
The report says that the communication equipment segment makes up the largest portion of the market at 68%. For service branches, the army made up the largest share at 42%. North America is expected to dominate the military communication market, although the Asia-Pacific region will grow with the highest CAGR due to "increased border security threats from neighboring countries," the report adds.
Key companies include Raytheon, BAE Systems, Thales Group, L3Harris, and Rockwell Collins.