Military Radios: Market Size & Forecast 2026

The global military radio market sits at approximately USD 14.2 billion in 2025 (base year), held in a structurally tight balance between accelerating NATO rearmament cycles, sustained U.S. Army HMS modernisation spend, and chronic semiconductor input scarcity (GaN, GaAs, high-purity germanium). Our base-case 2026-2032 CAGR sits at 4.7 percent, taking the market to roughly USD 19.6 billion by 2032. > **Analyst Take.** the consensus 8-12 percent CAGR published across the syndicated-research feed is aggressive for a category that is anchored to multi-year fixed-price IDIQ contracts, NSA-type-1 certification queues, and DoD budget continuing-resolution risk. We sit 3-4 percentage points below the headline number, and we are willing to be wrong: the bull case requires European NATO members closing the gap to 5 percent of GDP by 2035 in real (not announced) procurement outlays, and that is a

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