Latest News- Satellite Market: Civil is expected to lead the End-user segment during 2024-2028

The Satellite Market is being driven by Accelerating demand for satellite navigation equipment

The Satellite Market is expected to grow at a CAGR of 3.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.53 billion. In the business realm, the significance of satellite-based telemetry has surged due to the increasing demand for robust telemetry infrastructure. A multitude of municipal, economic, governmental, and military applications utilize satellite telemetry. For instance, researchers employ this technology to monitor the movements of animals and avian species on Earth through the use of orbiting satellites. These satellites receive radio signals from transmitters affixed to the targeted subjects. By calculating the signal's time delay, the distance between the transmitter and the satellite is determined, allowing for the geometric calculation of the transmitter's location on the ground. This technology is indispensable for obtaining real-time, accurate information on the targeted subjects' movements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Civil
  • Defense
• Type
  • Large
  • medium satellite
  • Small satellite
• Geography
  • North America
    • US
  • Europe
    • France
    • Russia
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Accelerating demand for satellite navigation equipment
• Increasing usage of internet
• Increase in demand for compact satellites

However, the market also witnesses some limitations, which are as follows:

• High cost of satellite hardware and components
• Stringent government regulations in satellite operations and services
• Limitations of small satellites regarding payload accommodation

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Market Scope in Satellite Market Research Report

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Research Analysis Overview

The Satellite Market is experiencing significant growth due to the increasing demand for DTH services, digital television, internet access, and video distribution. Space-focused firms and communication service providers are leading the charge, with satellite enterprises launching mega constellations of Starlink satellites and high-throughput satellites to provide satellite-based internet services. Orbit type and function vary, from LEO satellites for communication and navigation to geostationary orbits for Earth observation and space exploration missions. Satellites play a crucial role in scientific research, voice communications, and internet connectivity. Small satellites are also gaining popularity due to their cost-effectiveness and versatility. Satellite data transmission is essential for space data and satellite imaging, which have applications in various industries, including agriculture, disaster management, and defense. Satellite-based warfare and navigation systems are critical components of national security. Orbits and functions continue to evolve, with an increasing focus on artificial satellites for scientific research, space exploration, and Earth observation. The satellite market trends indicate a digital divide between developed and developing countries, with the latter needing affordable satellite-based internet services to bridge the gap. Overall, the satellite market is poised for continued growth and innovation in the coming years.

Market Research Overview

According to Technavio, the global satellite market is a significant segment of the expansive global aerospace and defense market, which falls under the broader umbrella of the capital goods industry. The aerospace and defense market comprises entities involved in the manufacturing of commercial and general aviation aerial platforms, defense platforms for naval, land, and air applications, arms and ammunition, defense electronics, defense logistics equipment, and space platforms, equipment, and launch vehicles. Additionally, this market encompasses maintenance, repair, and overhaul (MRO) services for both commercial and defense sectors. The global capital goods market's size is determined by the collective revenue generated by manufacturers and providers in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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