With the emergence and long-term Impact of COVID-19, the Global Space Militarization Market is to reach USD 88.5 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Space Militarization Market is poised to raise up to USD 88.5 Billion by 2030. Space militarization refers to the development, deployment, and utilization of military capabilities and technologies in outer space with the aim of enhancing national security, achieving strategic advantages, and protecting space-based assets. It involves the integration of space systems, satellites, surveillance, communication networks, and weapons systems to enable military operations, intelligence gathering, situational awareness, and potential offensive or defensive actions in the space domain. The ultimate objective of space militarization is to secure and protect a nation’s interests in space, ensure space dominance, and deter potential adversaries. The drivers boosting the market growth are increasing national security concerns with the desire to protect a country’s assets, infrastructure, in space and rising space budgets and investments. Major powers are investing in space capabilities for military purposes. For example, in fiscal year 2021, the U.S. Department of Defense requested approximately $15.4 billion for space-related programs. China has been steadily increasing its space budget and investments in military space capabilities. Other countries with notable investments in space militarization include Russia, India, and France, among others. Moreover, improving Space Situational Awareness (SSA) and Space Traffic Management (STM) and growing commercial space sector is expected to create lucrative opportunities. However, the high cost of Space Militarization and its resources and technological limitations and risks stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Space Militarization Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to technological advancements, robust infrastructure, and significant defense spending. With its well-established defense industry, strong presence of key players, and dedicated space-focused organizations like the U.S. Space Force, North America has positioned itself at the forefront of space militarization efforts. However, Asia Pacific is expected to become the fastest growing during the forecast period, due to the rapid advancements in its space capabilities, with countries such as China, India, and Japan making significant investments in space-based military technologies. Other countries in the region, such as South Korea and Australia, are also investing in space militarization and developing their space-based defense capabilities.
The global Space Militarization Market is highly competitive owing to the presence of several key manufacturers such as Boeing Company, General Dynamics Corporation, Lockheed Martin Corporation, Raytheon Technological Corporation, Northrop Grumman Corporation, Space Exploration Technologies Corporation, and others.
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Global Space Militarization Market Size study & Forecast, by Capability (Defense, Support), by Solution (Space-based Equipment, Ground-based Equipment, Logistics & Services), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Space Militarization Market is anticipated to grow with a healthy growth rate of more than 7.4% over the forecast period 2023-2030.
- In the Capability segment, Defense emerged as the leading market segment in 2022.
- North America region is anticipated to drive regional growth owing to rising emphasis on technological advancements.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Space-based Equipment
- Ground-based Equipment
- Logistics & Services
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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