Commercial Satellite Constellations Global Market Report 2024

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 expansion witnessed during the historical period can be credited to technological advancements, the rise of the new space sector, increasing demand for affordable, high-speed broadband services, the proliferation of internet constellations, and a surge in the demand for services based on low earth orbit (LEO) satellites.

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 projected growth in the forecast period can be linked to the escalating demand for satellite-based connectivity, expanding government initiatives, a significant increase in satellite demand, the proliferation of internet constellations, and the emergence of the internet of things (IoT). Key trends expected in this forecast period include the rapid deployment of mega constellations, ongoing technological advancements, increased collaborations within the industry, advancements in space technologies, and the integration of artificial intelligence (AI) into satellite systems.

The ascent of the Internet of Things (IoT) is anticipated to be a significant driver of growth within the commercial-satellite constellations market in the foreseeable future. IoT encompasses a network of interconnected physical devices equipped with sensors, software, and connectivity capabilities, enabling data collection and exchange over the Internet. Satellite constellations play a pivotal role in facilitating universal connectivity, ensuring access to the internet for IoT devices, even in remote or inaccessible regions where traditional terrestrial networks may be inadequate. For instance, as per a report by Ericsson in November 2022, global IoT connections were projected to reach 15.7 billion by 2023, with a subsequent estimated increase to nearly 38.9 billion by 2029, demonstrating a growth rate of 16%. Hence, the proliferation of the Internet of Things (IoT) serves as a catalyst for the expansion of the commercial-satellite constellations market.

Key players within the commercial satellite constellations market are at the forefront of developing advanced technologies, exemplified by initiatives such as imaging satellites, to enhance customer offerings with cutting-edge features. An imaging satellite is an artificial satellite equipped with sensors and instruments capable of capturing high-resolution images of the Earth's surface from space. For example, Pixxel, an India-based aerospace company, launched Shakuntala, a private commercial imaging satellite, in April 2022. The unique feature of the Shakuntala satellite lies in its deployment of one of the most advanced hyperspectral commercial cameras ever launched into space. This state-of-the-art technology enables the satellite, weighing under 15kg, to capture orbital images across over 150 bands of color spanning the visible and infrared spectrums. Pixxel's forthcoming satellite constellation data promises a comprehensive global view of planetary ecosystems, facilitating an AI-driven analysis platform crucial for delivering actionable insights and policy recommendations to environmentally conscious governments and organizations.

In May 2023, Viasat Inc., a communications company headquartered in the United States, finalized the acquisition of Inmarsat for an undisclosed sum. This strategic merger is expected to bolster the market position of the combined entity by capitalizing on increased scale, expanded scope, and heightened innovation within the global satellite connectivity sector. The overarching objective of this move is to address the growing demands of customers for enhanced speed, flexibility, reliability, coverage, and security in satellite communications. Inmarsat, based in the UK, is a satellite telecommunications company known for providing maritime communications services and operating commercial satellite constellations.

Major companies operating in the commercial satellite constellations market report 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 Defense 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 Organization (ISRO), Spire Global Inc., Capella Space, Kepler Communications Inc., LeoLabs Inc., OneWeb Global Limited, LeoStella LLC, SatSure Ltd., Nuview, Lynk Global Inc.

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. The countries covered in the commercial satellite constellations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Commercial satellite constellations are collections of satellites collaborating to deliver a service, typically owned, funded, and operated by commercial entities for commercial purposes. They enhance coverage, ensuring uninterrupted communication, particularly in remote regions.

The primary categories of commercial satellite constellations are low-earth orbit (LEO), medium-earth orbit (MEO), and geostationary-earth orbit (GEO) satellites. LEO constellations comprise numerous small satellites orbiting closer to Earth, enabling faster communication and reduced latency. These constellations utilize various frequency bands such as Ka-Band, Ku-Band, and C-Band, catering to diverse applications such as telecommunications, connectivity, earth observation, remote sensing, and navigation services.

The commercial-satellite constellations market research report is one of a series of new reports that provides commercial-satellite constellations market statistics, including commercial-satellite constellations industry global market size, regional shares, competitors with a commercial-satellite constellations market share, detailed commercial-satellite constellations market segments, market trends and opportunities, and any further data you may need to thrive in the commercial-satellite constellations industry. This commercial-satellite constellations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The commercial-satellite constellations market consists of revenues earned by entities by providing services such as communication, remote sensing, Internet access, IoT (Internet of Things), and machine-to-machine (M2M) communications. The market value includes the value of related goods sold by the service provider or included within the service offering. The commercial-satellite constellations market also includes sales of RF (Radio Frequency) signal processing and geolocation tools, earth observation satellites, LiDAR satellites, and microsatellites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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