Satellite Market is Estimated to Register a CAGR of Nearly 13.00% by 2032

August, 2023 - Market Research Future has published a Research Report on the Global Satellite Market.

Satellite Market Size Valued at USD 11.26 Billion,Grow at a CAGR Of 13.00% by 2023 - 2032.

The growth of the global satellite market can be attributed to the increasing adoption of CubeSats as they offer advanced functionalities such as automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. Furthermore, increasing investments by various governments in space projects are propelling the market growth. However, the rigid design structure of satellites is expected to hamper the market growth as the new players, planning to enter the satellite market, do not possess the required technology for manufacturing the specific satellites.

The global satellite market has been segmented based on type, application, end user, and region.

On the basis of type, the global satellite market has been divided into nanosatellite, micro satellite, mini satellite, and large satellite. The nanosatellite segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2023 to 2032. Nanosatellites weigh less than 1.33 kgs per unit and assist in various activities, such as space research and earth observation. These lightweight satellites offer various benefits such as easy construction of satellites and cost-effectiveness.

By application, the global satellite market has been categorized as earth observation and remote sensing, scientific research, communication, direct broadcast, mapping and navigation, weather forecasting, and surveillance and security. The communication segment dominated the market in 2022. However, the earth observation and remote sensing segment is expected to be the fastest-growing during the forecast period. Satellites such as Aeolus manufactured by the aeronautics company, Airbus SAS offers capabilities such as Doppler wind LiDAR that assists in accurately measuring global wind patterns from space.

On the basis of end user, the global satellite market has been bifurcated into military and defense and commercial. The commercial segment is expected to account for the larger market share and register the higher CAGR during the forecast period of 2023 to 2032 owing to the growth in the telecommunication industry.

Based on region, the global satellite market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American market accounted for the largest market share in 2022. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of satellites for offering enhanced network connectivity to consumers in rural areas is driving the market growth in the region. For example, in January 2019, China launched the Chang'e 4, a satellite that assists in offering Internet connectivity in rural areas.

Key Players

The key players in the global satellite market are Airbus SAS (Netherlands), Ball Corporation (US), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Intelsat (Luxembourg), Boeing (US), Northrop Grumman Corporation (US), SES SA (Luxembourg), Space Exploration Technologies Corp (US), Space Systems/Loral, LLC (US), Thales Group (France), Viasat, Inc. (US), Israel Aerospace Industries Ltd (Israel), and Safran (France).