The Business Research Company’s report on the Satellite Component Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the satellite component industry?
The rising demand for 5G and internet of things connectivity is expected to drive the growth of the satellite component market going forward. 5G and the internet of things refer to the fast wireless network that connects smart devices, allowing them to share data instantly. They help everyday gadgets, machines, and systems work together more efficiently and smoothly. The demand for 5G and internet of things connectivity is due to increasing data consumption and the need for faster internet speeds to support high-bandwidth applications such as streaming, gaming, and cloud computing are pushing the demand for 5G. Further, the growing adoption of smart devices in homes, cities, and industries is fueling the need for IoT, as these devices rely on seamless, low-latency communication for efficient operation. As demand for global 5G and IoT coverage grows, satellites will play a critical role in extending connectivity beyond traditional terrestrial infrastructure, boosting the need for satellite components. For instance, in September 2024, according to the IoT Business News, a France-based independent online media platform, the total number of connected IoT devices is expected to grow by 13%, from 18.8 billion in 2024 to 40 billion by 2030. Therefore, the rising demand for 5G and Internet of Things connectivity is driving the growth of the satellite component market.
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What is the estimated market size of the satellite component sector by 2029, based on current forecasts?
The satellite component market size has grown strongly in recent years. It will grow from $2.78 billion in 2024 to $3.00 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing defense expenditures, rise in demand for earth observation, increasing satellite launches, growth of commercial satellite services, and improvements in satellite miniaturization.
The satellite component market size is expected to see strong growth in the next few years. It will grow to $3.99 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expanding satellite internet services, increasing private sector investments, rising demand for high-throughput satellites, growing focus on space sustainability, and increasing need for secure communication systems. Major trends in the forecast period include advancements in satellite communication, advancements in reusable launch technology, integration of artificial intelligence in satellite operations, advancements in electric propulsion, and collaboration between public and private space entities.
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Who are the top players in the satellite component market?
Major companies operating in the satellite component market are RTX Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Honeywell International Inc., BAE Systems plc, Boeing Defense Space & Security, Thales Group, L3Harris Technologies Inc., IHI Corporation, Teledyne Technologies Incorporated, Space Exploration Technologies Corp. (SpaceX), Leonardo S.p.A., QinetiQ Group plc, Maxar Technologies Inc., Airbus Defence and Space, Sierra Nevada Corporation, OHB SE, Cobham Limited, JONSA TECHNOLOGIES CO. LTD., Sat-Lite Technologies LLC, Challenger Communications LLC
What are the major trends in the satellite component market?
Major companies operating in the satellite component market are focusing on developing innovative products, such as satellite buses, to enhance satellite performance, reduce costs, improve payload capacity, and enable faster deployment. A satellite bus is the core structure of a satellite that houses and supports the various subsidiary components (such as power systems, propulsion, thermal control, and communication systems). It provides the framework and infrastructure necessary for the satellite’s operations and ensures the payload (such as sensors or communication equipment) can function effectively. For instance, in September 2024, Apex Space Systems, a US-based private aerospace and satellite manufacturing company, launched the Nova satellite bus to offer a flexible and scalable platform for various space missions. The base version of Nova weighs 250 kilograms. It is built to carry up to 300 kilograms of payloads, making it suitable for various applications, including Earth observation, scientific research, and technology demonstrations. For missions requiring greater capacity, Apex has developed a heavy version of Nova, which weighs 400 kilograms and can support up to 500 kilograms of payloads.
Which geography holds the highest satellite component market share?
North America was the largest region in the satellite component market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the satellite component market?
The satellite component market covered in this report is segmented –
1) By Component: Antennas, Power Systems, Propulsion Systems, Transponders, Other Components
2) By Satellite Type: Small Satellite, Medium Satellite, Large Satellite
3) By Orbits: Geostationary Orbit, Low Earth Orbit, Medium Earth Orbit, Polar Orbit
4) By Application: Communication, Earth Observation, Technology Development, Navigation, Space Science, Other Applications
5) By End Use: Commercial, Government And Military, Scientific And Research Institutions
Subsegments:
1) By Antennas: Parabolic Antennas, Phased Array Antennas, Reflector Antennas, Flat Panel Antennas
2) By Power Systems: Solar Panels, Battery Systems, Power Distribution Units, Power Conversion Units
3) By Propulsion Systems: Chemical Propulsion Systems, Electric Propulsion Systems, Hybrid Propulsion Systems, Ions and Hall Effect Thrusters
4) By Transponders: C-band Transponders, Ku-band Transponders, Ka-band Transponders, L-band Transponders
5) By Other Components: Thermal Systems, Structural Systems, Communication Systems, On-board Data Handling Systems
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What defines the structure and scope of the satellite component market?
A satellite component refers to any part or subsystem used in a satellite’s construction, operation, or functioning. These components are designed to withstand the harsh conditions of space and operate for a long time, which plays a specific role in ensuring the satellite operates effectively in space, such as power generation, communication, data collection, or navigation. Satellite components work together to provide the satellite with the ability to perform tasks such as sending signals, taking pictures, or monitoring the weather.
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