Satellite Market Size was valued at USD 3.75 billion in 2022. The Satellite market industry is projected to grow from USD 4.23 Billion in 2023 to USD 11.26 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.00% during the forecast period (2023 - 2032).
The growth of the global Satellite Market can be attributed to the increasing adoption of CubeSats as they offer advanced functionalities such as automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. Furthermore, increasing investments by various governments in space projects are propelling the market growth. However, the rigid design structure of satellites is expected to hamper the market growth as the new players, planning to enter the satellite market, do not possess the required technology for manufacturing the specific satellites. Satellite market growth to be witness in forecast period.
Key Players:
The satellite data services market is enhancing because of the prominent market players mentioned below:
Sierra Nevada Corporation (US), Northrop Grumman Corporation (US), L3 Harris Technologies (US), Lockheed Martin Corporation (US)
Market Segmentation:
The global Satellite Market has been segmented based on type, application, end user, and region.
On the basis of type, the global Satellite Market has been divided into nanosatellite, micro satellite, mini satellite, and large satellite. The nanosatellite segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. Nanosatellites weigh less than 1.33 kgs per unit and assist in various activities, such as space research and earth observation. These lightweight satellites offer various benefits such as easy construction of satellites and cost-effectiveness.
By application, the global Satellite Market has been categorized as earth observation and remote sensing, scientific research, communication, direct broadcast, mapping and navigation, weather forecasting, and surveillance and security. The communication segment dominated the market in 2018. However, the earth observation and remote sensing segment is expected to be the fastest growing during the forecast period. Satellites such as Aeolus manufactured by the aeronautics company, Airbus SAS offers capabilities such as Doppler wind LiDAR that assists in accurately measuring global wind patterns from space.
On the basis of end user, the global Satellite Market has been bifurcated into military and defense and commercial. The commercial segment is expected to account for the larger market share and register the higher CAGR during the forecast period of 2019 to 2024 owing to the growth in the telecommunication industry.
Regional Analysis:
Based on region, the global satellite market industry has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American market accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of satellites for offering enhanced network connectivity to consumers in rural areas is driving the market growth in the region. For example, in January 2019, China launched the Chang'e 4, a satellite that assists in offering Internet connectivity in rural areas.
Related reports:
· Military Satellite Market Research Report: by Orbit Type (Low Earth Orbit, Medium Earth Orbit and Geosynchronous Orbit), Payload Type (Communication Payload, Navigation Payload, Imaging Payload and Others), Satellite Type (Small Satellite and Medium-to-Heavy Satellite), System (Electro-Optic/Infrared Sensor (EO/IS), Radar and SATCOM), Application (ISR, Communication and Navigation) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
· Remote Sensing Satellite Market by System (SATCOM, Radar, EO/IR, and Others), Application (Earth Observation, Telecommunication, Meteorology, Mapping and Navigation, and Others), End User (Defense and Commercial), and Region-Forecast till 2030
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