Geostationary Satellites Market Size Worth $8.28 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

PR Newswire · 10/17 14:45

The geostationary satellites market size is projected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023 to register a CAGR of 3.7% during 2023–2031.

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global geostationary satellites market is observing healthy growth owing to the rising need for satellite-based military communications and broadcasting.

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Global Geostationary Satellites Market experiences increase in demand for long-range communication coverage through satellite network. Browse Detailed Insights: https://www.theinsightpartners.com/reports/geostationary-satellites-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, Geostationary satellites revolve in the geostationary orbits that are ~36,000 km above the Earth's equator. These satellites are best known for a wide range of applications, including telecommunication, earth observation, and space exploration. In telecommunication, these satellites are used to improve connectivity and increase internet speed.

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Overview of Report Findings:

1.  Market Growth: The geostationary satellites market size is expected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023, at a CAGR of 3.7% during the forecast period. Increasing demand for long range communication coverage is one of the major factors driving the growth for geostationary satellites market. The rising need for longer coverage satellites for satellite-based communication operations is driving the demand for geostationary satellites. Several countries have been pushing their respective investments for the procurement of GEO satellites for scheduled space launch programs.

2.  Technological Innovations: Deployment of software-defined electric systems is one of the major factors pushing the market growth. Many of the satellite component manufacturers operating across different regions have been focusing on the development of software-based electric systems that can be deployed and operated remotely to achieve maximum output from the satellite systems. Moreover, there is an increase in the deployment of software-defined payload systems. For instance, in June 2024, Turkish Aerospace announced that its first domestically manufactured telecommunications geostationary satellite "Turksat 6A," which is scheduled for launch in July 2024, comprises small geostationary product components, including all-electric propulsion systems and software-defined payloads.

3.  Growing Need for Satellite-Based Military Communications: The rising demand for electronic warfare has been pushing the deployment of satellite-based communication systems for military applications across different regions. This is further supported by the increasing military investments in the procurement of military SATCOM systems across different regions. Such factors have been pushing the demand for direct-to-cell satellite services among the military forces. For instance, in 2023, the US Space Force announced that it has been exploring the use of small geostationary satellites in order to enhance the military communications network to improve their respective military operations.

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4.  Development of Small Satellites for Geostationary Orbit: Satellite manufacturers such as Maxar Space Systems, Astranis, Terran Orbital, SWISSto12, and Saturn Satellite Network have already been focusing on the development of small satellites that can be deployed into the GEO orbit. This will further provide relief to the satellite operators and launch companies, reducing their operational costs for placing a satellite into the GEO orbit with lesser size, weight, and cost of manufacturing.

5.  Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

Market Segmentation:

  • Based on component, the geostationary satellites market is segmented into communication system, power system, propulsion system, and others. The communication system segment held a larger share of the geostationary satellites market in 2023.

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  • By application, the geostationary satellites market is segmented into communications, space exploration, navigation, earth observation, and others. The communications segment held the largest share of the geostationary satellites market in 2023.
  • The geostationary satellites market is segmented into four major regions: North America, Europe, Asia Pacific, and Rest of the World.

Competitive Strategy and Development:

  • Key Players: A few major companies operating in the geostationary satellites market include Airbus SE, The Boeing Company, Ball Corporation, Korea Aerospace Industries Ltd, Lockheed Martin Corporation, Maxar Technologies Inc, Northrop Grumman Corporation, Thales Group, Israel Aerospace Industries Ltd, and OHB SE.
  • Trending Topics: Satellite Constellation, Satellite-Based Broadcasting, Communication Satellites.

Global Headlines on Geostationary satellites market:

  • "Yahsat contracted Airbus Defence and Space to build two new Geostationary (GEO) satellites."
  • "NASA, on behalf of the National Oceanic and Atmospheric Administration (NOAA), selected Ball Aerospace & Technologies Corporation of Boulder, to develop the sounder instrument for a Geostationary Extended Observations (GeoXO) satellite program."

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  • "Thales Alenia Space Signed a contract with LIG Nex1 Co Ltd to provide a state-of-the-art Digital Processor for the GEO-KOMPSAT-3 communications satellite."
  • "Boeing and MT Aerospace AG, part of OHB SE, signed a new partnership agreement in Augsburg"

In May 2024, the European Defense Organization announced the funds of US$ 7 million to launch an autonomous Bodyguard satellite in the geosynchronous earth orbit. With a strong emphasis on satellite launches for earth observation and other research activities, European countries have emerged as key players in advancing geostationary satellite technologies. Leading aerospace and space companies such as Airbus and Thales Alenia Space, which are renowned for their expertise in developing cutting-edge geostationary satellite systems, are the prime contributors to the space sector in Europe. Several space research and earth observation programs are being introduced to launch new satellites in Europe. In 2022, the European Space Programme was launched to bolster the European space sector with a budget of ~US$ 14 billion, with a particular focus on fields such as satellite navigation, connectivity, earth observation, and space research. The European Space Programme is expected to promote the launch of new satellites, thereby creating significant opportunities for the growth of the geostationary satellite market size.

COPERNICUS is the European Earth observation system aimed to provide support in the management of the environment, mitigation of climate change impact, and ensuring civil security across Europe. Further, GALILEO is a global satellite navigation and positioning system (GNSS) launched in Europe to support various sectors of the European Union's economy, including transport, agriculture, border management, and search and rescue. In February 2022, the European Commission launched two new flagship initiatives to boost satellite-based connectivity and manage space traffic. Such initiatives and a surge in investments in the space sector are the major factors propelling the geostationary satellite market growth in Europe.

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A communication system is a major component in geostationary satellites. It plays an important role in improving the navigation systems communication network and providing information on the Earth's environment via satellites. Electromagnetic waves are the major signal carriers in the satellite communication system. These signals carry audio, voice, video, or other related data between the ground center and space. The increase in investments by various countries across the globe in improving communication networks is the major driving factor for this segment. The communication system in the geostationary satellite offers three types of communication services: broadcasting, telecommunications, and data communications. Various countries have their own communication satellites to improve the connectivity of their telecom industry. For instance, the Indian National Satellite (INSAT) system is the largest domestic communication satellite system across Asia Pacific, with nine operational communication satellites placed in geostationary orbit.

The propulsion system segment is growing rapidly with the increasing advancement in the system by key players and government organizations. For instance, in March 2024, the Indian Space Research Organization (ISRO) planned to demonstrate the use of electric propulsion systems on its satellites. The system consists of a thruster of 300 millinewtons (mN). The growing adoption of advanced propulsion systems drives the geostationary satellite market growth. Geostationary satellites are equipped with transponders that amplify, receive, and retransmit radio signals to and from Earth. These signals are used for a wide range of applications, including broadcasting, telecommunications, remote sensing, and navigation.

Conclusion:

The geostationary satellite market is witnessing strong growth and development globally in the space sector, owing to their rising adoption in spacecraft. Increased funding and investments in satellite launching programs reflect a growing focus on space exploration, satellite deployment, and space-based services. The public sector propels the demand for heavy- and super-heavy-lift space launch services, whereas the private sector leads the demand for small- and medium-lift satellites. For instance, in April 2023, The Indian Space and Research Organization (ISRO) successfully launched GSAT-29, one of the Geostationary communication satellites, through the Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III). GSLV Mk III has successfully launched the satellite in geosynchronous transfer orbit (GTO), which is further placed in the geostationary orbit.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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