Satellite Market size to increase by USD 14.53 billion from 2023 - 2028 | Accelerating demand for satellite navigation equipment drives market growth - Technavio
NEW YORK, Dec. 6, 2023
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- In a recent Technavio report titled Satellite Market is projected to grow at a rapid pace in the coming years. The market size is projected to grow by USD 14.53 billion, accelerating at a CAGR of almost 3.31% during the forecast period. It is revealed that North America is estimated to contribute 38% to the growth between 2023 -2028.
The increasing demand for satellite navigation equipment arises from their diverse applications in surveillance, reconnaissance, and navigation missions. Satellites play a significant role in monitoring enemy activities, detecting missile launches, and strategically placing military assets. Ongoing development projects are creating opportunities for command-and-control solutions to monitor these satellites, leading to a focus on local development of appropriate systems. These advancements are expected to boost the growth of the global satellite market during the forecast period. Download the sample report here
The US, Canada, and Mexico are key markets for satellites due to their advanced infrastructures and involvement in space programs like NASA and SpaceX. These countries are investing heavily in R&D, particularly in advanced military satellites, which is expected to drive the demand for satellites and consequently boost the satellite market's growth during the forecast period.
Technavio highlights the emerging trends of Satellite Market:
- Growing demand for satellite-based telemetry driven by reliable infrastructure needs.
- Diverse applications across municipal, economic, governmental, and military sectors utilizing satellite telemetry.
- Utilization in tracking animal and bird movements through orbiting satellites receiving radio signals from attached transmitters.
- Deployment of specialized reconnaissance satellites like SBIRS enhancing strategic missile warning capabilities for the US.
- Advancements in systems like the Air Force Satellite Control Network ensuring operational readiness, contributing to the global satellite market's growth.
The market is segmented by End-user (Civil and Defense), Type (Large, Medium Satellite, and Small Satellite) and Geography (North America, Europe, APAC, Middle East And Africa, South America)
The civil segment is expected for substantial market share growth during the forecasts period. Satellites play a significant role in economic progress by facilitating infrastructure development for commercial enterprises, government bodies, as well as the telecommunications and space sectors. These satellites differ in frequency, orbit, and mission objectives.
Learn more about the factors assisting the growth of the market, Buy the full report here
Companies like Gilat Satellite Networks Ltd. Mitsubishi Electric Corp., and Airbus SE, Ball Corp. are major players in the Satellite Market.
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The satellite market is set for significant growth driven by increased demand for satellite navigation equipment and expanding applications like satellite-based telemetry. Despite cost challenges, countries such as the US, China, Russia, France, and Japan play pivotal roles in advancing satellite technology. Major segments like civil applications and large satellites for communications and Earth observations are expected to lead this growth, supported by key players' strategic initiatives. Overall, the satellite market is expected for substantial expansion due to technological advancements and expanding applications.
Satellite Phone Market: The satellite phone market size is estimated to grow at a CAGR of 4.2% between 2022 and 2027. The market size is forecast to increase by USD 137.43 million.
Satellite-Based Augmentation Systems Market: The satellite-based augmentation systems market is estimated to grow at a CAGR of 4.53% between 2022 and 2027. The size of the market is forecast to increase by USD 169.15 million.
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by End-User
- Market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
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