NEW YORK, Nov. 7, 2023 /PRNewswire/ -- The satellite market is expected to grow by USD 14.52 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 3.31% during the forecast period. 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, and South America).
Accelerating demand for satellite navigation equipment is a key factor driving market growth. For mission profiles, such as surveillance, reconnaissance, and navigation, it is generally necessary to use satellites. In addition, several projects will make possible market opportunities for command-and-control solutions that monitor these satellites. As a result, there is growing attention to the development of adequate command and control systems locally. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the satellite market: AAC Clyde Space AB, Airbus SE, Ball Corp., EnduroSat, Eutelsat SA, Gilat Satellite Networks Ltd., Intelsat US LLC, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Leidos Holdings Inc., Lockheed Martin Corp., Maxar Technologies Inc., Mitsubishi Electric Corp., Northrop Grumman Corp., OHB SE, Raytheon Technologies Corp., Safran SA, Sierra Nevada Corp., Space Exploration Technologies Corp., Terran Orbital Corp., Thales Group, and The Boeing Co.
- Satellite Market is fragmented in nature.
- Market to observe 2.94% YOY growth in 2024.
Market Dynamics:
Major Trend
- Growing satellite-based telemetry applications is a major trend in the market.
- There has been a growing demand for satellite-borne telemetry coupled with the need to ensure reliable infrastructure.
- The US also set up a satellite control network for the Air Force to monitor and perform launch and orbit tracking of its satellites, as well as various Defense Department satellites.
Significant Challenge
- The high cost of satellite hardware and components is a significant challenge restricting market growth.
- Satellites are getting bigger, and more complicated, and they're going up in price. To build such a complex machine, it will take a lot of resources and financial assistance for the design, manufacture, launch, and monitoring of satellites.
- In addition, it costs more than 1.5 million dollars a year to run the satellite at 36 MHz bandwidth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
- The market share growth of the civil segment will be significant during the forecast period. Satellites are an essential part of every economy, contributing to the development of infrastructure for businesses, governments telecommunications, and space industries. Civilian users, in particular scientists and explorers, are offered it by the GPS receiver manufacturers. In addition, satellites are also used in civil aviation and help to ensure the best possible navigation services for overflight information regions.
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Related Reports:
The LEO satellite market is estimated to grow at a CAGR of 15.92% between 2022 and 2027. The size of the market is forecast to increase by USD 7,131.09 million.
The Military Satellite Payloads and Subsystems market size is estimated to grow at a CAGR of 7.97% between 2022 and 2027. The market size is forecast to increase by USD 2,912.36 million.
Satellite Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.31% |
Market Growth 2024-2028 |
USD 14.52 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
2.94 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Russia, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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