NEW YORK, Dec. 6, 2023 /PRNewswire/ — In a recent Technavio report titled Satellite Market is projected to grow at a rapid pace in the coming years. The market size is projected to grow by USD 14.53 billion, accelerating at a CAGR of almost 3.31% during the forecast period. It is revealed that North America is estimated to contribute 38% to the growth between 2023 -2028.
Technavio has announced its latest market research report titled Global Satellite Market 2024-2028
The increasing demand for satellite navigation equipment arises from their diverse applications in surveillance, reconnaissance, and navigation missions. Satellites play a significant role in monitoring enemy activities, detecting missile launches, and strategically placing military assets. Ongoing development projects are creating opportunities for command-and-control solutions to monitor these satellites, leading to a focus on local development of appropriate systems. These advancements are expected to boost the growth of the global satellite market during the forecast period. Download the sample report here
The US, Canada, and Mexico are key markets for satellites due to their advanced infrastructures and involvement in space programs like NASA and SpaceX. These countries are investing heavily in R&D, particularly in advanced military satellites, which is expected to drive the demand for satellites and consequently boost the satellite market’s growth during the forecast period.
Technavio highlights the emerging trends of Satellite Market:
Growing demand for satellite-based telemetry driven by reliable infrastructure needs.
Diverse applications across municipal, economic, governmental, and military sectors utilizing satellite telemetry.
Utilization in tracking animal and bird movements through orbiting satellites receiving radio signals from attached transmitters.
Deployment of specialized reconnaissance satellites like SBIRS enhancing strategic missile warning capabilities for the US.
Advancements in systems like the Air Force Satellite Control Network ensuring operational readiness, contributing to the global satellite market’s growth.
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, South America)
The civil segment is expected for substantial market share growth during the forecasts period. Satellites play a significant role in economic progress by facilitating infrastructure development for commercial enterprises, government bodies, as well as the telecommunications and space sectors. These satellites differ in frequency, orbit, and mission objectives.
Learn more about the factors assisting the growth of the market, Buy the full report here
Companies like Gilat Satellite Networks Ltd. Mitsubishi Electric Corp., and Airbus SE, Ball Corp. are major players in the Satellite Market.
Download now to uncover successful business strategies deployed by Companies of satellite market – Download Latest Free Sample Report in Minutes
The satellite market is set for significant growth driven by increased demand for satellite navigation equipment and expanding applications like satellite-based telemetry. Despite cost challenges, countries such as the US, China, Russia, France, and Japan play pivotal roles in advancing satellite technology. Major segments like civil applications and large satellites for communications and Earth observations are expected to lead this growth, supported by key players’ strategic initiatives. Overall, the satellite market is expected for substantial expansion due to technological advancements and expanding applications.
Related Reports:
Satellite Phone Market: The satellite phone market size is estimated to grow at a CAGR of 4.2% between 2022 and 2027. The market size is forecast to increase by USD 137.43 million.
Satellite-Based Augmentation Systems Market: The satellite-based augmentation systems market is estimated to grow at a CAGR of 4.53% between 2022 and 2027. The size of the market is forecast to increase by USD 169.15 million.
TOC
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
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.
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SOURCE Technavio