Press Release

A USD 59.88 Billion Global Space Militarization Market to Cruise at a CAGR of Around 6.6% During 2024-2030

The Global Space Militarization Market size is valued at around USD 59.88 billion in 2024 and is anticipated to grow at a CAGR of around 6.6% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The key reasons that can be attributed to the stellar growth of the market in the coming years include evolving geopolitical dynamics in Europe, the Middle East, and Asia-Pacific. Moreover, the opening up of the space industry for private entities in emerging economies that are developing innovative solutions is also contributing significantly to the market growth.

In 2023, four countries, including the US, China, Russia, the UK, and India, accounted for more than 80% of the global satellite constellation. Apart from these countries, France, Japan, South Korea, and Australia are key countries investing in development and satellite networks. Therefore, with the ever-expanding satellite network, the need for safeguarding critical infrastructure in outer space has become quite significant. The risk of electronic warfare, cyberattacks, and anti-satellite weaponry to these satellites placed in Earth’s orbit is on the rise from state-sponsored elements. 

The Global Space Militarization Market is undergoing immense innovation on the back of the gradual introduction of artificial intelligence, additive manufacturing, robotics, advanced materials, etc. Companies like Boeing, SAIC, Savvy Rocket Lab, BAE Systems, etc., are increasingly leveraging these disruptive solutions to improve the overall efficiency, design, and customization of military hardware for outer space applications. In addition, solutions such as advanced imaging systems consisting of synthetic aperture radar (SAR) and multispectral imaging are witnessing an increased demand from countries like China, India, Australia, the UK, Germany, the US, and Russia, further states the research report, “Global Space Militarization Market Analysis, 2024.”

Global Space Militarization Market Segmentation Analysis

Space-Based Equipment to Capture a Major Market Share

Based on the solution, the market is further bifurcated into space-based equipment, ground-based equipment, and logistics & services. Among them, the space-based equipment segment is poised to dominate the market with the largest market share in the forthcoming years. The growth of this segment is expected to be led by countries such as the US, China, Russia, India, France, Germany, the UK, and Japan. These countries are expected to grab more than 70% of the market share of space-based equipment in the global space militarization industry during 2024-30. The US alone would hold a market share of 50% in this segment during the forecast period.

North America to Lead the Space Militarization Industry

North America is poised to lead the Global Space Militarization Market throughout the forecast period, driven by increased spending in the space sector, a rise in satellite launches for defense purposes, and the expansion of space exploration operations by NASA and SpaceX. The US would grab a market share of more than 95% of the North American Space Militarization Market during 2024-30, due to the overdependence of Canada and Mexico on the US for satellite networks required for commercial and military applications.

Moreover, the US’s space agency, NASA’s annual space budget hovers around USD 25 billion. The agency’s budget is higher than the cumulative annual budgets of China, Russia, and India. Additionally, the space industry of the US is witnessing an increasing trend of growing venture capital investments for start-ups offering disruptive solutions, which is further expected to contribute to regional growth in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, The Boeing Company, Airbus, General Dynamics Corporation, Aselsan A.S., L3Harris Technologies, Inc., Thales Group, Space Exploration Technologies Corporation (SpaceX), China Aerospace Science and Technology Corporation, Israel Aerospace Industries Ltd., Leonardo S.P.A., Saab Ab, BAE Systems plc., and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?