Satellites Market worth $35.95 billion by 2030 - Exclusive Report by MarketsandMarkets™

Browse in-depth TOC on "Satellites Market" 
229 – Tables
76 – Figures
306 – Pages

Satellites Market Report Scope:

By orbit, the LEO segment is projected grow the fastest during the forecast period.

Low Latency enables the LEO segment to be popular in satellite markets, especially on applications that require real-time services, such as broadband internet, IoT connectivity, and video conferencing, and those remote and underserved regions. With less mass, launch costs are much lower for smaller LEO satellites, thereby making them more cost-efficient and accessible to commercial players, which enhances innovation and competition. Besides, LEO is great for Earth observation, surveillance, and even reconnaissance because of high resolution imagery offered for government and defense applications. Companies such as SpaceX and OneWeb are expanding large LEO constellations to allow for global coverage, which further enhances growth. It is easier to replenish and upgrade LEO satellites more frequently, which supports continuous technological advancements. Therefore, the LEO orbit will be a key driver in the expansion of the satellite market.

By end user, the commercial segment is expected to grow the most during the forecast period.

Commercial end-users are particularly on the fast growth trend in the satellite market as global connectivity demanded increases in underserved regions in which satellite networks play a critical role in upgrading broadband internet services. Communication via satellite is highly in demand for Telecommunications, Aviation, Maritime, and Logistics industries as they require assured real-time data transfer. LEO constellations are being enabled by firms such as SpaceX's Starlink and OneWeb, becoming cost-effective with low latency, thus encouraging more commercial use. Other industries, for instance, in agriculture and mining, utilize the capabilities of satellite-based remote sensing and data analytics to optimize operations and to monitor the environment. Growing "satellite as a service" along with flexible access to satellite capabilities is broadening the commercial ecosystem and making these services accessible, thereby driving fast-paced growth in this segment.

By application, Earth observation & Remote Sensing are projected to be second highest during the forecast period.

The earth observation and remote sensing segment is booming in the satellite market mainly due to the fact that organizations as well as governments are searching for real-time data to help handle the ever-increasing environmental monitoring, disaster management, and climate change assessment, among others. Agriculture, mining, and energy industries emphasize the use of satellite data in managing resources, precision agriculture, and improving efficiency and productivity. The added pressure on defense is also propelling surveillance and intelligence gathering because of the underpinning geopolitical tensions and insecurity. Greater accuracy and resolution in SAR and hyperspectral imaging are raising the level of relevance and usefulness of data obtained from remote sensing in different industries. Additionally, with the commercialization of space, another vector is created as access to data from satellites increases as well.

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Europe holds the highest growth rate in the region for the Satellites market.

Europe is the fastest-growing region in the satellites industry, with large government investment, increasing commercial space activities, and a fast-increasing demand for satellite-based services. Investment by France, Italy, and UK in telecom, defense, and earth observation satellites will be key drivers of regional growth. Broadband connectivity to unserved regions is increasingly being enforced and supported by LEO constellations. The region also hails the application of satellite-based navigation, remote sensing, and weather forecasting to effectively aid in disaster management and environmental monitoring. Public-private partnerships, beneficial government policies, as well as increased cooperation amongst space agencies strengthen technological innovation as well as fast market growth over Europe.

The report profiles key players in satellites companies such as SPACEX (US), Lockheed Martin Corporation (US), Airbus Defence and Space (Germany), Northrop Grumman (US), Thales Alenia Space (France), L3Harris Technologies, Inc., (US) Terran Orbital Corporation (US), SNC (US), MDA (Canada), OHB SE (Germany), RTX (US), Maxar Technologies (US), Mitsubishi Electric Corporation (MELCO) (Japan), and Planet Labs PBC (US), York Space Systems (US) and Boeing (US) among others.

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