Satellite Market to grow $14.53B (2023-2028) | Rising demand for navigation equipment propels market expansion, reports Technavio.
Industry: Transportation & Logistics
Driving Forces: Accelerating Demand for Satellite Navigation Equipment
New York, NY (PRUnderground) December 11th, 2023
In a recent report by Technavio, the Satellite Market is anticipated to experience rapid growth in the forthcoming years, with a projected market size increase of USD 14.53 billion and a CAGR acceleration of nearly 3.31% during the forecast period. North America is poised to contribute significantly, accounting for 38% of the growth between 2023 and 2028.
The escalating demand for satellite navigation equipment is driven by its versatile applications in surveillance, reconnaissance, and navigation missions. Satellites play a crucial role in monitoring activities, detecting missile launches, and strategically placing military assets. Ongoing development projects create opportunities for command-and-control solutions, fostering local development of suitable systems. These advancements are expected to propel the global satellite market’s growth.
The United States, Canada, and Mexico emerge as key markets for satellites due to their advanced infrastructures and participation in space programs like NASA and SpaceX. These countries heavily invest in R&D, particularly in advanced military satellites, driving the demand for satellites and subsequently boosting market growth.
Technavio identifies emerging trends in the Satellite Market, including a growing demand for satellite-based telemetry due to reliable infrastructure needs, diverse applications across various sectors, utilization in tracking animal and bird movements through orbiting satellites, and the deployment of specialized reconnaissance satellites enhancing strategic capabilities.
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 to garner a substantial market share, playing a crucial role in economic progress by facilitating infrastructure development for commercial enterprises, government bodies, telecommunications, and space sectors.
Key players in the Satellite Market, such as Gilat Satellite Networks Ltd., Mitsubishi Electric Corp., Airbus SE, and Ball Corp., are poised to contribute significantly. Despite cost challenges, the market is set for substantial growth, driven by increased demand for satellite navigation equipment and expanding applications like satellite-based telemetry. Pivotal countries like the US, China, Russia, France, and Japan are crucial in advancing satellite technology, with major segments like civil applications and large satellites expected to lead growth, supported by strategic initiatives from key players. Overall, the satellite market is on the brink of significant expansion due to technological advancements and expanding applications.
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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 Technavio Research
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.
