The military antenna market size was USD 3.3 billion in 2021. The market size is expected to rise from USD 3.7 billion in 2022 to USD 6.6 billion by 2029 at a CAGR of 8.76% during the projected period. Fortune Business Insights™ publishes this information in a report titled, “Military Antenna Market, 2022-2029″. The market is anticipated to rise during the forecast period due to increasing technological advancements in smart antennas and the adoption of developed equipment instead of conventional equipment.
Halt On Production Amid Pandemic to Hamper Market Growth
The halted manufacturing and production units have affected product development rate and market growth. The companies have witnessed a huge decline in their productivity and profitability due to the outbreak of COVID-19 pandemic. They are focusing on long-term contracts to overcome the loss due to the pandemic.
Russia-Ukraine War Impact:
The current Russia-Ukraine war crisis altered the dynamics of the European defense industry in 2022. Approximately 25 nations planned to support the Ukraine war crisis. These countries provide support in terms of weaponry support, finance, special military operations, and others. The European and NATO countries provide ammunition, ground surveillance radars, firefinder weapons, and other systems into western Ukraine via Poland. Thus, rise in demand for military antenna has been observed in recent times. These factors are expected to surge the product demand for the satellite communication and defense sector.
Ground Military Antennas Dominates Market Due to Rising Border Security Issues
By frequency, the market is divided into high frequency, ultra-high frequency, super high frequency, and extremely high frequency.
Based on type, the market is segmented into dipole antenna, aperture antenna, traveling wave antenna, loop antenna, and array antenna.
On the basis of application, the market is segregated into communication, surveillance, SATCOM, electronic warfare, and telemetry.
According to platform, the market is trifurcated into airborne, marine, and ground.
Geographically, the market share is categorized into North America, Europe, Asia Pacific, and the rest of the world.
The report provides complete information about recent developments and trends in the industry. Also, drivers and restraints affect market development and global expansion. Furthermore, the impact of the Russia-Ukraine war crisis and COVID-19 pandemic is highlighted in this report. A list of prominent players in the market is given, along with the companies’ recent launches and business growth strategies. Furthermore, regional market insights are provided with statistical data and factual information about the market.
Drivers & Restraints:
Rising Technological Advancements to Bolster Market Growth
The market is projected to grow significantly during the forecast period due to rising demand for replacing conventional equipment with technically advanced equipment. Also, there are government initiatives to modernize military programs and develop border security by strengthening satellite communication activities. Thus, satellite communication equipment demand is surging due to increasing space exploration programs. These factors are anticipated to ensure the global military antenna market growth in the coming years.
However, high costs associated with the R&D of military antenna is likely to hinder the market growth.
North America Holds Prominent Market Share Due to Dominant Defense Industry
North America holds the highest global military antenna market share during the forecast period due to military dominance in the U.S. Also, rising investment in the defense sector is expected to drive the regional market. The regional market stood at USD 1.25 billion in 2021.
Europe is expected to hold the second-highest global market share due to the adoption of technological advancements in the industry. Also, European countries support Ukraine, which aids in increased product demand in the defense sector.
Long-Term Contracts Allow Key Players to Propel Growth
The key market players focus on forming strategic alliances, partnerships, mergers, and acquisitions to expand their business in segmented regions. Also, implementing innovative product development strategies allow companies to enhance their product portfolio and attract global customers.
Key Industry Development:
November 2021: L3Harris Technologies, Inc. received a USD 125 million multi-year contract to produce space electronic warfare and adverse communication systems that safeguard the U.S. military operations and warfighters.
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