Accelerating demand for satellite navigation equipment to drive the market growth – Technavio
NEW YORK, NY, November 22, 2023 /24-7PressRelease/ — The Satellite Market size is anticipated to increase by USD 14.52 billion from 2023 to 2028. Technavio’s latest market research report estimates that the satellite market will be progressing at a CAGR of almost 3.31%. The satellite market is driven by the growing need for satellite navigation equipment, primarily utilized for various mission profiles like surveillance, reconnaissance, and navigation. Satellites offer continuous area coverage and play significant roles, including early detection of intercontinental ballistic missile launches. These satellites serve both strategic and tactical purposes, aiding in monitoring enemy weapon development and pre-planning the positioning of military resources in strategic locations during potential conflicts. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Buy the Full Report
Satellite Market 2024-2028: Segmentation
o Medium Satellite
o Small Satellite
o North America
o Middle East And Africa
o South America
There will be notable market share expansion in the civil segment during the forecast 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, download a free sample report
Satellite Market 2024-2028: Company Analysis and Scope
Some of the major companies of the satellite market include 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. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 companies operating in the market.
The satellite market is fragmented, and the degree of fragmentation will accelerate. The accelerating demand for satellite navigation equipment will offer immense growth opportunities. However, the high cost of satellite hardware and components will hamper satellite market growth.
Satellite Market 2024 – 2028: Market dynamics
Leading trends influencing the market
Growing satellite-based telemetry applications is the market trend. The demand for satellite-based telemetry has increased significantly due to the necessity for a reliable telemetry infrastructure. Satellite telemetry finds extensive application across municipal, economic, governmental, and military sectors. Researchers employ satellite telemetry to monitor the movements of animals and birds on Earth, utilizing orbiting satellites to track signals transmitted from devices attached to the subjects. Additionally, the US utilizes Space-Based Infrared System (SBIRS) reconnaissance satellites to enhance its strategic capabilities in detecting ballistic missile threats.
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Satellite Market 2024-2028: Key Highlights
• CAGR of the market during the forecast period 2024-2028
• Detailed information on factors that will assist satellite market growth during the next five years
• Estimation of the satellite market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the satellite market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of satellite market vendors
Download now to uncover successful business strategies deployed by Companies of satellite market – Download Latest Free Sample Report in Minutes
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.
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.
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by End-User
7. Market Segmentation by Type
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
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