Satellite Market size to grow by USD 14.52 billion from 2023 to 2028; Accelerating demand for satellite navigation equipment to drive the growth- Technavio

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.

Get a glance at the market contribution of the segments, Request a Sample Report 

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. 

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

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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.

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SOURCE Technavio