Satellites Market Trends, Size, and Forecast 2024-2033

Spacecraft orbiting planet Earth for global communications generated by artificial intelligence

Overview and Scope

A satellite is an artificial body placed in orbit around the earth or another planet to collect data or communicate. Components of a satellite include communications system, a power system, and a propulsion system.

Sizing and Forecast

The satellites market size has grown strongly in recent years. It will grow from $28.11 billion in 2023 to $30.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing investments in satellites, launch of advanced low earth orbit satellites, and increase in technology development.

The satellites market size is expected to see strong growth in the next few years. It will grow to $36.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to increasing adoption of low earth orbit satellites in various sectors, increasing use of lightweight materials, robust government support, growing demand for telecommunication, and increasing investments. Major trends in the forecast period include small satellites systems, use of artificial intelligence, use of 3d printing, growing advancement in payload systems, focus on advanced ground systems and strategic collaborations and acquisitions.

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Segmentation & Regional Insights

The satellites market covered in this report is segmented –

1) By Type: Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
2) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geosynchronous Orbit (GEO), Elliptical Orbit
3) By Application: Scientific Research, Technology Demonstration And Verification, Earth Observation And Remote Sensing, Communication, Other Applications
4) By End User: Commercial, Civil, Government, Military, Other End Users

Asia-Pacific was the largest region in the satellites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global satellites market share during the forecast period. The regions covered in the satellites 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

During the forecast period, the increase in demand for Direct-To-Home (DTH) television services contributed to the growth of the satellite market. The DTH (Direct to Home) service is basically a digital satellite service that delivers satellite television programming promptly to a subscriber’s home. As per the Telecom Regulatory Authority of India (TRAI) Quarterly Indicator Report, in Q3 of 2022, the total active subscriber base of Pay DTH increased from 65.58 million in September 2022 to 66.62 million in December 2022. Since DTH (Direct to Home) service employs wireless technology, the television programs are transmitted to the subscriber’s television directly from the satellite, which in turn drove the demand for satellites, thereby generating revenue for the growth of the global satellites market.

Key Industry Players

Major companies operating in the satellites market report are Lockheed Martin Corporation, The Boeing Company, Thales Group, Airbus SE, Northrop Grumman Corporation, OHB SE, Israel Aerospace Industries Ltd, ST Engineering, NanoAvionics, Gomspace, Beijing Commsat Technology Development Co., Ltd, Anabond Limited, Intech Dmls Pvt Ltd, Avasarala Technologies Limited, Telstra, Speedcast International Limited, One Space Tech, Land Space Technology Corporation Ltd, ExPace Technology Corporation, Skyroot Aerospace, Gilmour Space Technologies, NextAero, Deep Blue Aerospace, JZYJ Space Technology, Mitsubishi Heavy Industries, Tamadic Co Ltd, China Aerospace Science and Technology Corporation (CASC), Honeywell International Inc, Bombardier Inc, Embraer, McDonnell Douglas, Cessna, Telespazio SpA, Raytheon, AAC Microtec, Thales Alenia Space, Surrey Satellite Technology Ltd, EnduroSat, AAC Clyde Space, Space Exploration Technologies Corp (SpaceX), Viasat Inc, Telesat, Starlink Satellite Constellation, OneWeb, Hughes Network Systems, Innova Space, ARSAT, Satellogic, Al Yah Satellite Communications (YAHSAT), Arabsat, Es’hailSat, QSAT, Saman Satellite Communications, SSCG, DragonFly Aerospace, Eureka Geo, SCS Space, XinaBox, ETSE CubeCom, Omarichet, Simera Sense

The satellites market report table of contents includes:

1. Executive Summary

2. Satellites Market Characteristics

3. Satellites Market Trends And Strategies

4. Satellites Market – Macro Economic Scenario

5. Global Satellites Market Size and Growth

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32. Global Satellites Market Competitive Benchmarking

33. Global Satellites Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Satellites Market

35. Satellites Market Future Outlook and Potential Analysis

36. Appendix