CHICAGO, June 26, 2023 /PRNewswire/ — The Space Militarization Market is estimated at USD 53.7 billion in 2023 and is projected to reach USD 88.6 billion by 2030, at a CAGR of 7.4 % from 2023 to 2030 according to a new report by MarketsandMarkets™. The growth can be attributed to the increasing geopolitical tensions and competition among nations.
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Space Militarization Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$53.7 billion |
|
Estimated Value by 2030 |
$88.6 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.4% |
|
Market Size Available for |
2020–2030 |
|
Forecast Period |
2023–2030 |
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Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Capability, Solution and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Concern over space debris |
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Key Market Opportunities |
Increased focus on Space Situational Awareness (SSA) |
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Key Market Drivers |
Technological Advancements in the Space Sector |
The defense segment is expected to account for the highest growth share during the forecast period.
By Capability, the Space Militarization market is segmented into Defense and Support. Defense is a growing trend in the space militarization industry. Nations worldwide are recognizing the strategic importance of space in ensuring their Defense capabilities. Space-based assets play a critical role in surveillance, intelligence gathering, and communication, providing a significant advantage in modern warfare. The increasing complexity and sophistication of potential threats necessitate advanced Defense systems that can detect, track, and neutralize hostile activities in space. As a result, governments are investing heavily in the development and deployment of space-based Defense capabilities, including anti-satellite systems, space-based sensors, and defensive countermeasures.
By Sub-Capability, the defense capability of the space militarization industry is segmented into weapons, intelligence surveillance and reconnaissance, and electronic warfare. Space-based assets are becoming increasingly vital for national security. This trend presents lucrative business opportunities due to the expanding market and the crucial role these assets play in safeguarding nations. Hence intelligence surveillance and reconnaissance are going to lead the market during the forecast period.
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United States to hold the largest market share during the forecasted period from 2023-2030.
The Space Militarization market industry has been studied in the United States, Russia, China, the UK, India, Australia, Canada, Israel, New Zealand, and the Rest of the World. The United States is to account for the largest market share during the forecast period due to the presence of major space militarization manufacturers in the region to enhance the market’s growth.
Major players operating in the Space Militarization companies are The Boeing Company (US), Lockheed Martin Corporation (US), General Dynamics Corporation (US), Raytheon Technologies Corporation (US), and Northrop Grumman Corporation (US) are some of the market players.
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