The satellite market is projected to experience a growth of USD 14.52 billion from 2023 to 2028, with a compound annual growth rate (CAGR) of 3.31% during the forecast period. The market is divided into segments based on end-users (civil and defense), types (large, medium satellite, and small satellite), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
One of the key factors driving market growth is the increasing demand for satellite navigation equipment. Satellites are essential for mission profiles such as surveillance, reconnaissance, and navigation. Additionally, there are various projects that create opportunities for command-and-control solutions to monitor these satellites. This has led to a focus on developing adequate command and control systems.
The report highlights several key players in the satellite market, including 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.
Despite the positive outlook, there are significant challenges limiting market growth. The high cost of satellite hardware and components is a major hurdle. Satellites are becoming larger, more complex, and more expensive to build, launch, and monitor. The cost to run a satellite at 36 MHz bandwidth can exceed 1.5 million dollars per year.
The market is expected to observe a year-on-year (YOY) growth of 2.94% in 2024. The civil segment is projected to experience significant growth during the forecast period. Satellites play a crucial role in the development of infrastructure for businesses, governments, telecommunications, and space industries. Civilian users, including scientists and explorers, rely on satellites for various applications such as GPS receivers and civil aviation navigation services.
The satellite market is fragmented in nature, and the report also covers upcoming trends and challenges in the market. Overall, the market presents opportunities for growth, but limitations such as high costs need to be addressed to achieve its full potential.