Market Synopsis:
As per the analysis, the global Satellite Market is anticipated to reach USD 11.21% by 2030 at 13% CAGR during the forecast period 2020-2030. The growing demand for earth observation services in sectors; such as energy, agriculture, and defense, is expected to be a significant factor that can drive the satellite industry. The increasing application of Artificial Intelligence (AI) and IoT in the transportation sector is anticipated to expedite the Intelligent Transport System, which may actuate the satellite market size. Besides, the growing number of small satellites and low-Earth orbit (LEO) in the military and commercial communication sector is predicted to develop the satellite industry during the projection tenure.
On the other hand, expenses associated with the high cost of satellite development and imposition of strict rules and regulations regarding the manufacturing of satellites are anticipated to hamper the growth of the satellite industry. However, the growing demand for satellite-based television, along with aforementioned factors, can counter impeding factors that can boost the commercial satellite market in the review period.
Market Segmentation :
The segmental analysis of the global Satellite Market Insights is done by application, type, and end-user.
The application-based segments of the global market for satellite are earth observation and remote sensing, scientific research, communication, direct broadcast, mapping and navigation, weather forecasting, and surveillance and security. Among all, the communication segment is expected to dominate the market. On the other hand, the earth observation and remote sensing segment is likely to register the highest growth rate during the review period.
The type-based segments of the global market for satellite are nanosatellite, micro satellite, mini satellite, and large satellite. Among all, the nanosatellite segment is anticipated to dominate the global market and expand at the highest CAGR during the forecast period.
The end user-based segments of the global market for satellite are military and defense and commercial. Between the two, the commercial segment is expected to dominate the market and is likely to witness a higher CAGR as compared to the other segment.
Key Players :
Eminent players of the global market for satellite are Israel Aerospace Industries Ltd (Israel), Ball Corporation (US), Airbus SAS (Netherlands), Lockheed Martin Corporation (US), Intelsat (Luxembourg), Eutelsat Communications SA (France), Boeing (US), SES SA (Luxembourg), Northrop Grumman Corporation (US), Space Exploration Technologies Corp (US), Thales Group (France), Space Systems/Loral, LLC (US), Viasat, Inc. (US), and Safran (France).
Regional Analysis :
As per the Satellite Market Outlook report prepared by MRFR, North America is expected to acquire a significant market value and dominate the global market during the forecast period from 2020 to 2025. The region is likely to grow owing to the quick adoption of small satellites which is anticipated to provide various opportunities for market expansion. The growing digitalization, with the increasing demand for Earth observation satellites can augment the market in the coming period.
APAC is likely to witness the highest CAGR during the review period owing to the growing adoption of satellites for better network connectivity in rural areas. The rising investments by the government of emerging nations in space projects are likely to contribute significantly.
Europe is anticipated to acquire significant market value during the forecast period owing to the rising RD in the field. Furthermore, the rising application of small satellites can significantly favor the market growth.
MEA is expected to acquire the least market share owing to the presence of underdeveloped nations. However, the untapped market opportunities are expected to augment the trade in the coming period.
Related Reports:
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