DELRAY BEACH, Fla., Nov. 13, 2024 /PRNewswire/ -- The Satellites Market is estimated to be USD 17.94 billion in 2024 and is projected to reach USD 35.95 billion by 2030 at a CAGR of 12.3% from 2024 to 2030 according to a new report by MarketsandMarkets. Low Earth Orbit constellations are fueling high-speed internet for a huge base of 5G networks because of increasing demand for global connectivity, particularly in remote and underserved regions. The defense sector is also showing major growth with heavy investments in reconnaissance, surveillance, and secure communication satellites for national security. The other drivers for the market growth of the satellite include increased adoption of earth observation and remote sensing satellites for environmental monitoring, disaster management, and precision agriculture. Advances in miniaturization of satellites and reduced cost-on-launch solutions make placing satellites in orbit cheaper. Public-private partnerships and satellite-as-a-service models continue to open new paths for commerce. Overall, these factors make the growth of the satellite market extremely high across the commercial and governmental lines.
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229 - Tables
76 - Figures
306 - Pages
Satellites Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 17.94 billion |
Estimated Value by 2030 | $ 35.95 billion |
Growth Rate | Poised to grow at a CAGR of 12.3% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By satellite mass, applications, sub-systems, end user, frequency, orbit. |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Increase In Space Debris |
Key Market Opportunities | Rising Demand for Data Analytics |
Key Market Drivers | Escalating Demand for Satellite-Based PNT Services in Various Sectors |
By orbit, the LEO segment is projected grow the fastest during the forecast period.
Low Latency enables the LEO segment to be popular in satellite markets, especially on applications that require real-time services, such as broadband internet, IoT connectivity, and video conferencing, and those remote and underserved regions. With less mass, launch costs are much lower for smaller LEO satellites, thereby making them more cost-efficient and accessible to commercial players, which enhances innovation and competition. Besides, LEO is great for Earth observation, surveillance, and even reconnaissance because of high resolution imagery offered for government and defense applications. Companies such as SpaceX and OneWeb are expanding large LEO constellations to allow for global coverage, which further enhances growth. It is easier to replenish and upgrade LEO satellites more frequently, which supports continuous technological advancements. Therefore, the LEO orbit will be a key driver in the expansion of the satellite market.
By end user, the commercial segment is expected to grow the most during the forecast period.
Commercial end-users are particularly on the fast growth trend in the satellite market as global connectivity demanded increases in underserved regions in which satellite networks play a critical role in upgrading broadband internet services. Communication via satellite is highly in demand for Telecommunications, Aviation, Maritime, and Logistics industries as they require assured real-time data transfer. LEO constellations are being enabled by firms such as SpaceX's Starlink and OneWeb, becoming cost-effective with low latency, thus encouraging more commercial use. Other industries, for instance, in agriculture and mining, utilize the capabilities of satellite-based remote sensing and data analytics to optimize operations and to monitor the environment. Growing "satellite as a service" along with flexible access to satellite capabilities is broadening the commercial ecosystem and making these services accessible, thereby driving fast-paced growth in this segment.
By application, Earth observation & Remote Sensing are projected to be second highest during the forecast period.
The earth observation and remote sensing segment is booming in the satellite market mainly due to the fact that organizations as well as governments are searching for real-time data to help handle the ever-increasing environmental monitoring, disaster management, and climate change assessment, among others. Agriculture, mining, and energy industries emphasize the use of satellite data in managing resources, precision agriculture, and improving efficiency and productivity. The added pressure on defense is also propelling surveillance and intelligence gathering because of the underpinning geopolitical tensions and insecurity. Greater accuracy and resolution in SAR and hyperspectral imaging are raising the level of relevance and usefulness of data obtained from remote sensing in different industries. Additionally, with the commercialization of space, another vector is created as access to data from satellites increases as well.
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Europe holds the highest growth rate in the region for the Satellites market.
Europe is the fastest-growing region in the satellites industry, with large government investment, increasing commercial space activities, and a fast-increasing demand for satellite-based services. Investment by France, Italy, and UK in telecom, defense, and earth observation satellites will be key drivers of regional growth. Broadband connectivity to unserved regions is increasingly being enforced and supported by LEO constellations. The region also hails the application of satellite-based navigation, remote sensing, and weather forecasting to effectively aid in disaster management and environmental monitoring. Public-private partnerships, beneficial government policies, as well as increased cooperation amongst space agencies strengthen technological innovation as well as fast market growth over Europe.
The report profiles key players in satellites companies such as SPACEX (US), Lockheed Martin Corporation (US), Airbus Defence and Space (Germany), Northrop Grumman (US), Thales Alenia Space (France), L3Harris Technologies, Inc., (US) Terran Orbital Corporation (US), SNC (US), MDA (Canada), OHB SE (Germany), RTX (US), Maxar Technologies (US), Mitsubishi Electric Corporation (MELCO) (Japan), and Planet Labs PBC (US), York Space Systems (US) and Boeing (US) among others.
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