Military-communications market to be driven by increase in disputes, equipment upgrades
NewsAugust 15, 2018
NORTHBROOK, Ill. The military-communications market is projected to grow from $31.50 billion in 2018 to $37.67 billion by 2023, at a compound annual growth rate (CAGR) of 3.6 percent, according to a recent study from MarketsandMarkets, "Military Communications Market by Communication Type, Component, Application, End User, and Region -- Global Forecast to 2023."
The study authors found that the factors expected to drive the military-communications market will include increasing procurement of military-communication solutions due to growing disputes among countries across the world and the need to modernize and replace aging communications equipment.
Based on communication type, the airborne-communications segment is expected to lead the military-communications market in 2018, due to technological advancements in the command-and-control systems for these platforms used for improved surveillance and attack capabilities.
The Asia-Pacific military communications market is expected to grow at the highest CAGR during the forecast period, according to the study findings, due to such factors as technological advancements and rapid economic development in China, India, Russia, and South Korea.
