Overview and Scope
Commercial-satellite constellations refer to a group of satellites working together to provide a service or a group of satellites with a common purpose, primarily owned, financed, and managed by commercial entities to provide a commercial service. Commercial-satellite constellations offer improved coverage, ensuring seamless communication even in remote areas.
Sizing and Forecast
The commercial satellite constellations market size has grown rapidly in recent years. It will grow from $12.58 billion in 2023 to $14.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to technological advancements, emergence of new space, demand for low-cost, high-speed broadband, growth of internet constellations, increase in demand for low earth orbit (LEO)-based services.
The commercial satellite constellations market size is expected to see rapid growth in the next few years. It will grow to $23.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing demand for satellite-based connectivity, rising government initiatives, quadrupling of satellite demand, expansion of internet constellations, rise of the internet of things (IoT). Major trends in the forecast period include rapid deployment of mega constellations, technological advancements, collaborations, space technologies, use of AI.
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Segmentation & Regional Insights
The commercial satellite constellations market covered in this report is segmented –
1) By Type: Low Earth Orbit (LEO) Constellations, Medium Earth Orbit (MEO) Constellations, Geostationary Earth Orbit (GEO) Satellites
2) By Frequency: Ka-Band, Ku-Band, C-Band
3) By Application: Telecommunications And Connectivity, Earth Observation And Remote Sensing, Navigation And Positioning Services
North America was the largest region in the commercial satellite constellations market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial satellite constellations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise of the internet of things (IoT) is expected to propel the growth of the commercial-satellite constellations market going forward. IoT refers to a network of interconnected physical devices, vehicles, appliances, and other items embedded with sensors, software, and connectivity capabilities that enable them to collect and exchange data over the Internet. Satellite constellations are vital for achieving universal connectivity as they ensure that even IoT devices in remote or inaccessible areas can access the internet, where traditional terrestrial networks may be insufficient. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, IoT connections across the world were projected to amount to 15.7 billion connections in 2023. Moreover, the number is projected to reach nearly 38.9 billion in 2029 at a growth rate of 16%. Therefore, the rise of the internet of things (IoT) is driving the growth of the commercial-satellite constellations market.
Key Industry Players
Major companies operating in the commercial satellite constellations market are Lockheed Martin Corporation, Northrop Grumman Corporation, Mitsubishi Electric Corporation, Honeywell International Inc, China Aerospace Science and Technology Corporation (CASC), Thales Alenia Space, Space Exploration Technologies Corp, Viasat Inc., Cobham plc, L3Harris Technologies Inc, Airbus Defence and Space SAS, OHB System AG, Iridium Communications Inc, Telesat Canada, Al Yah Satellite Communications Company (Yahsat), Skyloom Global Corp, Globalstar Inc., Planet Labs PBC, Indian Space Research Organisation (ISRO), Spire Global Inc., Capella Space, Kepler Communications Inc., LeoLabs Inc., OneWeb Global Limited, LeoStella LLC, SatSure Ltd., Nuview, Lynk Global Inc.
The commercial satellite constellations market report table of contents includes:
- Executive Summary
- Commercial Satellite Constellations Market Characteristics
- Commercial Satellite Constellations Market Trends And Strategies
- Commercial Satellite Constellations Market – Macro Economic Scenario
- Global Commercial Satellite Constellations Market Size and Growth
………….
- Global Commercial Satellite Constellations Market Competitive Dashboard
- Key Mergers And Acquisitions In The Commercial Satellite Constellations Market
- Commercial Satellite Constellations Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Commercial Satellite Constellations Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Commercial Satellite Constellations Market, Segmentation By Frequency, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Commercial Satellite Constellations Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Lockheed Martin Corporation Financial Performance
Table 75: Northrop Grumman Corporation Financial Performance
Table 76: Mitsubishi Electric Corporation Financial Performance
Table 77: Honeywell International Inc Financial Performance
Table 78: China Aerospace Science and Technology Corporation (CASC) Financial Performance
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