Satellite Market Worth USD 615.7 Billion Forecast by 2023 - 2032, Reports from Allied Market Research

OREGAON, PORTLAND, UNITED STATES , April 12, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Satellite Market by Function (Satellite Services, Ground Equipment, Satellite Manufacturing, and Satellite Launch), Orbit Type (LEO, MEO, and GEO), Application (Communication, Earth Observation, Navigation, and Technology Development and Education), and End Use (Military, Government and Civil, and Commercial): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global satellite industry size generated $286.0 billion in 2022, and is anticipated to generate $615.7 billion by 2032, witnessing a CAGR of 8.1% from 2023 to 2032.

🔰𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/3313

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Factors such as increase in the number of space exploration missions, rise in demand for satellite-based warfare, and increase in deployment of small satellites drive the growth of the market across the globe. In addition, factors such as interference in satellite data transmission and stringent government regulations act as a barrier for the growth of the market across the globe. However, factors such as increase in demand for space data and new application areas for satellites create ample opportunities for the growth of the market during the forecast period.

𝐓𝐡𝐞 𝐠𝐫𝐨𝐮𝐧𝐝 𝐞𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐢𝐬 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

By function, the ground equipment segment held the highest market share in 2022, accounting for nearly half of the global satellite market size revenue and is estimated to maintain its dominance during the forecast period. The ground equipment segment in the satellite market includes infrastructure, hardware, and technology required for reception, transmission, and control of satellite signals. This includes ground stations, antennas, modems, and other equipment. Ground equipment is shifting towards automation and remote management, simplifying the operation and maintenance of satellite communication systems, reducing operational complexities.

The satellite services segment is expected to register the highest CAGR of 8.6% from 2023 to 2032. A significant trend in satellite services is the expansion of satellite-based internet services, especially in remote and underserved areas, effectively bridging the digital divide and offering global connectivity. The segment is witnessing advancements in high-throughput satellites, which offer faster data speeds and improved broadband services, enhancing the quality of service.

𝐓𝐡𝐞 𝐋𝐄𝐎 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

By orbit type, the LEO segment held the highest market share in 2022, accounting for more than half of the global satellite market revenue and is estimated to maintain its leadership status during the forecast period. The LEO segment is also projected to manifest the highest CAGR of 8.6% from 2023 to 2032. Adoption of LEO satellites have increased over the years, owing to its advantages such as shorter orbital periods, higher orbital velocities, shorter trips, low cost, and reduced latency. Satellites in LEO orbit is often used for satellite imaging owing to its closeness to the earth and ability to provide higher resolution imagery.

𝐓𝐡𝐞 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

By application, the communication segment held the highest market share in 2022, accounting for more than two-fifths of the global satellite market revenue and is estimated to maintain its dominance during the forecast period. The communication segment is also projected to manifest the highest CAGR of 9.0% from 2023 to 2032. Satellite technology is being used by companies including Virgin Galactic, SpaceX, and others for a variety of communication applications, including broadband Internet, machine-to-machine communications, and government telecom. Government expenditures on space infrastructure upgrades globally are increasing, as is the need for high-quality communications services for customers.

🔰𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/satellite-market/purchase-options

𝐓𝐡𝐞 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝.

By end use, the commercial segment held the highest market share in 2022, accounting for three-fourths of the global satellite market revenue and is estimated to maintain its lead during the forecast period. Satellites or spacecraft are used in the commercial sectors such as agriculture, energy, forestry, civil engineering, media & entertainment, and archaeology to offer high-resolution earth photography, internet access, and communication services from orbit. In addition, satellite usage in the commercial sector has expanded dramatically in recent years, owing to the reduction of heavy satellite components, standardization of satellite parts, and lower costs.

The government and civil segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032. Governments invest in satellites to establish secure and reliable communication networks for defense and national security applications. Moreover, satellite technology is playing an increasingly pivotal role in disaster monitoring, rapid response, and recovery efforts, with trends emphasizing real-time data dissemination and monitoring of natural disasters.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global satellite market revenue. The need for satellite networks and services for commercial purposes has grown significantly in recent years. The satellite industry has also benefited from the arrival of businesses such as Google and Facebook with commercial services that need satellite bandwidth and networks. Moreover, a substantial increase in space launches in the U.S. by industry leaders such as SpaceX, Virgin Galactic, Rocket Lab USA, and others, fuels the expansion of satellite market in North America.

However, Asia-Pacific is expected to witness the fastest CAGR of 9.1% from 2023 to 2032. The Asia-Pacific satellite market is studied across countries such as China, Japan, India, South Korea, and the rest of Asia-Pacific. The constant progress of the governments of several countries in Asia-Pacific such as India and China, to boost the defense sector of their respective countries fuels the growth of the satellite market in the region.

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 Airbus, Boeing, Intelsat, Lockheed Martin Corporation, SPACEX, L3Harris Technologies, Inc., Safran SA, SES S.A., Inmarsat Global Limited, and Northrop Grumman Corporation.

🔰𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/3313

Factors such as increase in the number of space exploration missions, rise in demand for satellite-based warfare, and increase in deployment of small satellites drive the growth of the market across the globe. However, factors such as interference in satellite data transmission and stringent government regulations restrain the growth of the market across the globe.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐒𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/small-satellite-market - Forecast, 2021-2030

https://www.alliedmarketresearch.com/satellite-services-market - Forecast, 2019-2026

https://www.alliedmarketresearch.com/leo-and-geo-satellite-market-A09227 - Forecast, 2021-2031

https://www.alliedmarketresearch.com/satellite-image-data-services-market-A09064 - Forecast, 2023-2032

David Correa
Allied Market Research
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