Satellite service providers offer satellite capacity to end users such as DTH (Direct to Home) operators, telecommunication companies, and others. These providers buy capacity from the satellite operators to resell voice, broadcasting, and data circuits to several end-user industries.
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. Satellite service providers are extending their coverage to even the most remote regions, providing connectivity in areas with limited terrestrial infrastructure, ensuring global accessibility.
Emerging economies present significant opportunities for satellite-based services, especially in regions where DTH services are expanding. For instance, in June 2022, NewSpace India Limited (NSIL) achieved a successful launch of GSAT-24, marking its first "demand-driven" communication satellite mission following space sector reforms. In this mission, NSIL leased the entire satellite's capacity to the Direct-to-Home (DTH) service provider Tata Play. Therefore, such instances propel the growth of the segment.
Satellite manufacturers are focusing on high-throughput payloads, enabling advanced communication and data services, meeting the ever-growing demand for data. Reusable components and cost-effective manufacturing techniques are becoming prevalent, driving down satellite production costs, leading to cost-efficient solutions.
The growing demand for satellite constellations, particularly for global Internet coverage, is driving the satellite market growth, necessitating high production volumes.
Moreover, satellite companies launched satellites to focus on defense needs of the country. For instance, United Launch Alliance (ULA), launched the fifth Space-Based Infrared System satellite for the U.S. Space Force in May 2021. With the help of its onboard infrared sensors, the $1 billion satellite, built by Lockheed Martin, is designed to identify and track plumes produced by missile launches throughout the world. Its capabilities will allow the U.S to prepare for any imminent attacks. Increase in efforts to expand space defense capabilities by the government and defense organizations boosts the growth of the satellite manufacturing segment.
The satellite market is segmented on the basis of orbit type, function, application, end use, and region. By orbit type, the market is segmented into LEO, MEO, and GEO. By function, the market is segmented into satellite services, ground equipment, satellite manufacturing, and satellite launch. By application, the market is segmented into communication, Earth observation, navigation, and technology development and education. By end use, the market is divided into military, government and civil, and commercial. By region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled 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.
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. Satellite service providers are extending their coverage to even the most remote regions, providing connectivity in areas with limited terrestrial infrastructure, ensuring global accessibility.
Emerging economies present significant opportunities for satellite-based services, especially in regions where DTH services are expanding. For instance, in June 2022, NewSpace India Limited (NSIL) achieved a successful launch of GSAT-24, marking its first "demand-driven" communication satellite mission following space sector reforms. In this mission, NSIL leased the entire satellite's capacity to the Direct-to-Home (DTH) service provider Tata Play. Therefore, such instances propel the growth of the segment.
Satellite manufacturers are focusing on high-throughput payloads, enabling advanced communication and data services, meeting the ever-growing demand for data. Reusable components and cost-effective manufacturing techniques are becoming prevalent, driving down satellite production costs, leading to cost-efficient solutions.
The growing demand for satellite constellations, particularly for global Internet coverage, is driving the satellite market growth, necessitating high production volumes.
Moreover, satellite companies launched satellites to focus on defense needs of the country. For instance, United Launch Alliance (ULA), launched the fifth Space-Based Infrared System satellite for the U.S. Space Force in May 2021. With the help of its onboard infrared sensors, the $1 billion satellite, built by Lockheed Martin, is designed to identify and track plumes produced by missile launches throughout the world. Its capabilities will allow the U.S to prepare for any imminent attacks. Increase in efforts to expand space defense capabilities by the government and defense organizations boosts the growth of the satellite manufacturing segment.
The satellite market is segmented on the basis of orbit type, function, application, end use, and region. By orbit type, the market is segmented into LEO, MEO, and GEO. By function, the market is segmented into satellite services, ground equipment, satellite manufacturing, and satellite launch. By application, the market is segmented into communication, Earth observation, navigation, and technology development and education. By end use, the market is divided into military, government and civil, and commercial. By region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled 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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the satellite market analysis from 2022 to 2032 to identify the prevailing satellite market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the satellite market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global satellite market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Function
- Satellite Services
- Ground Equipment
- Satellite Manufacturing
- Satellite Launch
By Orbit Type
- LEO
- MEO
- GEO
By Application
- Communication
- Earth Observation
- Navigation
- Technology development and education
By End Use
- Military
- Government and Civil
- Commercial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Boeing
- Safran SA
- Airbus
- SES S.A.
- L3Harris Technologies, Inc.
- Inmarsat Global Limited
- SPACEX
- Intelsat
- Lockheed Martin Corporation
- Northrop Grumman Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SATELLITE MARKET, BY FUNCTION
CHAPTER 5: SATELLITE MARKET, BY ORBIT TYPE
CHAPTER 6: SATELLITE MARKET, BY APPLICATION
CHAPTER 7: SATELLITE MARKET, BY END USE
CHAPTER 8: SATELLITE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The satellite market is likely to experience a growth rate of 8.1% from 2023-2032 owing to rise in deployment of small satellites, and increase in space exploration missions during the forecast period.The satellite market encompasses a range of economic activities associated with creation, deployment, and management of satellites. Satellite plays a pivotal role in connecting the world, as it provides essential communication infrastructure for global telecommunications, broadcasting, internet access, and data transfer. It also supports Earth observation and remote sensing for environmental monitoring, disaster management, and scientific research. In addition, the satellite market contributes to navigation and geolocation services, which are integral to modern transportation, logistics, and mobile applications.
The satellite market is expected to witness notable growth owing to an increase in the number of space exploration missions, rise in demand for satellite-based warfare, and increase in deployment of small satellites. Moreover, increase in demand for space data and new applications for satellites are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, interference in satellite data transmission and stringent government regulations limit the growth of the satellite market.
Satellites have the potential to deliver an infinite number of services. Demand for space-based services such as surveillance for military, environmental, or public safety applications, navigation and positioning, vehicle tracking, and telecommunication is rapidly increasing due to the global rise in demand for high throughput data transmission infrastructure. The telecommunications industry, which has been using space for its services for some years and is a critical element of the global infrastructure for communications and commercial and government data transmission and applications, is expected to experience the highest demand.
Earth observation (EO) data is also in high demand for a variety of purposes, such as environmental and scientific research, metrology, and others. For military operations and money transfer applications, space data is also in high demand. With the advent of new technologies, many private companies have emerged that can collect and sell space data. This data is typically used for business applications such as customer insights and predictive analytics. Many companies operate a constellation of satellites that take high-resolution images of the Earth's surface to provide space data. These images can be used for various purposes such as mapping and civil protection. Therefore, increase in need for space data is expected to drive the demand for satellites in the future.
Satellites are used for various applications such as broadcasting, navigation, weather forecasting, and others. Rise in adoption of artificial intelligence (AI), machine learning (ML), and cloud computing in the space sector for commercial satellite imaging and earth observation is expected to drive the growth of the market. For instance, in September 2023, Amazon Web Services (AWS) India entered a strategic Memorandum of Understanding (MoU) with the Indian Space Research Organisation (ISRO) and the Indian National Space Promotion and Authorisation Centre (IN-SPACe). This collaboration aims to bolster space technology innovations by harnessing the power of cloud computing. By leveraging AWS's cloud services, ISRO and IN-SPACe may enhance their capabilities in space research, satellite technology, and related fields, fostering innovation and efficiency in space programs.
The satellite market is segmented on the basis of orbit type, function, application, end use, and region. By orbit type, the market is segmented into LEO, MEO, and GEO. By function, the market is segmented into satellite services, ground equipment, satellite manufacturing, and satellite launch. By application, the market is segmented into communication, Earth observation, navigation, and technology development and education. By end use, the market is divided into military, government and civil, and commercial. By region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled 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. The players in the market have been actively engaged in the adoption of various strategies such as collaboration and contracts to remain competitive and gain an advantage over the competitors in the market. For instance, in March 2023, Airbus received contract from Angola for Earth observation satellite Angeo-1, first very high-performance Earth observation satellite. Under this contract, Airbus delivers to Angola, latest-generation Earth observation satellite to support social and economic development including a range of strategic activities such as urban planning and management of precious mineral resources.
Key Market Insights
By orbit type, the LEO segment is expected to be the highest revenue contributor to the market, and is estimated to reach $354.6 billion by 2032, with a CAGR of 8.6%.Based on end use, the commercial segment is expected to be the highest revenue contributor to the market, with $217.0 billion in 2022, and is estimated to reach $447.7 billion by 2032, with a CAGR of 7.6%.
Based on region, North America is expected to be the highest revenue contributor, accounting for $126.4 billion in 2022, and is estimated to reach $256.0 billion by 2032, with a CAGR of 7.4%.
Companies Mentioned
- Boeing
- Safran SA
- Airbus
- SES S.A.
- L3Harris Technologies, Inc.
- Inmarsat Global Limited
- SPACEX
- Intelsat
- Lockheed Martin Corporation
- Northrop Grumman Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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