Satellite Market Research Report - Global Forecast till 2027

Satellite Market Research Report: Information by Type (Nanosatellite, Micro Satellite, Mini Satellite and Large Satellite), Application (Earth Observation and Remote Sensing, Scientific Research, Communication, Direct Broadcast, Mapping and Navigation, Weather Forecasting and Surveillance and Security), End User (Military and Defense and Commercial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Global Forecast till 2027

ID: MRFR/A&D/6553-HCR | October 2022 | Region: Global | 133 Pages         

Satellite Market

Satellite Market Size Valued at USD 11.21 Billion, market Grow at a CAGR Of 13% by 2020 -2030

Segmentation

By Type Nanosatellite Micro Satellite Mini Satellite Large Satellite
By Application Earth Observation And Remote Sensing Scientific Research Communication Direct Broadcast Mapping And Navigation Weather Forecasting Surveillance And Security
By End User Military And Defense Commercial

Key Players

  • Sierra Nevada Corporation (US)
  • Northrop Grumman Corporation (US)
  • L3 Harris Technologies (US)
  • Lockheed Martin Corporation (US)

Drivers

  • High requirement for high-resolution Earth imaging that has increased across various market verticals.
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Satellite Market Overview


Satellite Market size has been segmented based on a series of factors that are inclusive of Mass, Subsystem, Application, NGEO Orbit, and others like End User, Frequency, and Region. The global satellite market is estimated to register a CAGR of nearly 19.23% during the forecast period of 2019 to 2024.


The global growth of the market is driven by various factors, such as the growing and expanded demand for LEO-based services followed by the propelling demand for Earth observation imagery and analytics. Also, the global market is likely to propel because of the increase in the number of space exploration missions. These factors are likely to emerge as major drivers for the global satellite market during the forecast period that will be ending in 2028.


 COVID Analysis


 The satellite market has been one of those markets that had been affected by the sudden outbreak of the novel coronavirus pandemic that hit the international borders in 2020. The market players have been facing losses due to the mismatch in the market forces of demand and supply that are responsible for maintaining market equilibrium through the global market premises.


 The market has been facing a series of issues and challenges that are hampering its ability to meet the rising needs of the target audience followed by the rising discomfort that is hampering the market skill to dwell amid the globally rising competition. The outbreak has been a major cause of concern and hence, the lack of skilled labor and resources is further, hampering the ability of the market manufacturers and producers. Also, the global market growth is at stake as the imposition of temporary and permanent lockdowns in various locations across the globe has either pushed the businesses to settle and work or pushed them to give up and shut their businesses because of non-functionality and losses. The space stations and other centers were non-functional and hence, there were no new developments to support the global needs and expectations that have been set for the forecast period that will be ending in 2028.


 However, the market players of the satellite market size during the forecast period that will be ending in 2028 are enhancing the funding and investment that will help carry the functions of the research and development departments and hence, reach what it takes and hence, help the market grow as per its predictions by the business chiefs for the forecast period.


 Market Dynamics


Drivers


Earth observation services include processes like monitoring of agricultural fields, detection of climatic changes, followed by others like disaster mitigation, meteorology, and several other resources. There has been a high requirement for high-resolution Earth imaging that has increased across various market verticals. This is because the images can be used for various purposes like precise management of land, and other sources like water and forest.


 Restraints


The global government policies at the nation-state and international levels directly or indirectly are influencing the evolution of the satellite communications market, ecosystem, and industry. Currently, there is no comprehension regarding the global or domestic on-orbit regulation regime. There are propelling regulations that are related to the launch, re-launch, and re-entry of satellites in the spectrum. Also, the market is witnessing the emergence of products like remote sensing in the US market. For example, there are no regulations that are related to on-orbit activities, like rendezvous and other proximity operations, space-based Space Situational Awareness (SSA), or RF mapping.


 Technology Analysis


 For many developing countries, the government investments, generally in the research and development initiatives and startups, are seen not being witnessed as a way to address societal challenges but also introduce facilitation of the independence from imports, and hence, become a global provider of solutions in the global market sectors such as space. The global governments are also recognizing that they do not have access to a well-developed venture sector like the one in the US market, and so the governments provide venture capital (VC) funds.


 Study Objectives



  • The global satellite market report has been prepared to study the mushrooming market scenarios that are likely to occur after the outbreak of the novel coronavirus pandemic. The market report conducts an in-depth market analysis of the rising market trends that will either be beneficial for the market or will restrain the market from growing as per the predictions that have been set for the period.



  • The satellite market report has been prepared to help the market investors understand the market functioning followed by the basis on which the global market has been segmented. The report helps in understanding the potential that is held by the market segments that will be beneficial in meeting the needs of the target audience followed by the rising ability to reach the set revenue figure for the period ending in 2028.



  • The global market report also aims to serve as a source to understand the rising market competition that is a result of the constant efforts and the recent developments that have been undertaken by the market during the ongoing forecast period. The market report also helps in understanding the industry analysis so that there is better clarity on the functioning and the resource availability to help and meet the audience that is spread in various market locations.


Segment Overview


The satellite radio market share has been propelling and hence, there has been an increase in the market share because of the segments that are mentioned as follows:


 By Application


The satellite market has been segmented based on the applications and includes:



  • Communication

  • Earth Observation and Remote Sensing

  • Scientific Research & Exploration

  • Mapping & Navigation

  • Surveillance & Security

  • Meteorology

  • Space Observation


By End-Use


The end-user segment of the market has been segmented and includes the following:



  • Commercial

  • Satellite Operators/Owners

  • Media & Entertainment

  • Energy Industry

  • Scientific Research & Development

  • Others like - Government & Defense

  • Department Of Defense & Intelligence Agencies

  • National Space Agencies

  • Search and Rescue Entities

  • Academic & Research institutions

  • National Mapping & Topographic Agencies

  • Dual USe (COMMERCIAL, GOVERNMENT, and MILITARY)


By Frequency


The satellite market share has been segmented based on the frequency and includes:



  • L-band

  • C-band

  • S-band

  • X-band

  • Ka-band

  • Ku-band

  • HF/VHF/UHF-band

  • Q/V-band


By NGEO Orbit


The NGEO segment of the market includes the following:



  • Traditional LEO and MEO Satellites

  • LEO high throughput Satellites

  • MEO high throughput Satellites


 Regional Analysis


 The North American market is projected to attain the highest market CAGR rate for the satellite market during the forecast period that will be ending in 2028. North America is emerging as a leading region for the rising adoption of small satellites and further, provides reliable expansion opportunities for the growth of the overall market during the period. The market region has always been lauded for being an early adopter of new technologies or software.


 Competitive Landscape


 The satellite data services market is enhancing because of the prominent market players mentioned below:



  • Sierra Nevada Corporation (US)

  • Northrop Grumman Corporation (US)

  • L3 Harris Technologies (US)

  • Lockheed Martin Corporation (US)


  Recent Developments



  • The US government, as a part of the growing North American market, is likely to emerge as the largest purchaser, in the present market scenario, as a part of the global forecast period that ends in 2028. For this reason, most of the small satellite companies, both US-based and others, are perceiving the US government in the form of a stable and long-term customer to get started with and opt for subsequent expansion during the ongoing forecast period.



  • Recently, one of the prominent players of the satellite market, Cape Analytics (US) was emerging as leveraging satellite-based imagery to underwrite property values; and further, the UBS Investment Research and JP Morgan (US) is gaining momentum for providing business intelligence in the global retail market by making a qualitative use of the Orbital Insights capabilities.



  • In the future, another company - Descartes Labs (US) is planning to provide services like agriculture crop yield projections and get the aggregate data from several large government satellites and small satellite operators. Planet Labs (US) and BlackSky (US) are prominent players that are planning to integrate data from small and operated in-house places with data from social media feeds to provide insights on socio-political trends.


 Report Overview


The small satellite market growth can be attributed to the growing market trends that have been mentioned in the report that has been curated for the ongoing forecast period of 2021-2028. The global market report helps make major investment decisions followed by the rising need of the market to opt for better and innovative market products and services.


 


 



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Frequently Asked Questions (FAQ) :

Global Satellite Market’s CAGR is calculated to be 19.23%.

The growth of the Global Satellite Market is from 2019 to 2024.

The market USP of the Global Satellite Market is the upward demand for satellites for military operations and an increase in their use in satellite communication (SATCOM) for the facilitation of wide-area telecommunication.

Global Satellite Market’s segments are type, platform, and end-user.