The geostationary satellites market size is projected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023. The market is expected to register a CAGR of 3.7% during 2023–2031. Deployment of software-defined electric systems is likely to remain a key trend in the market.
The increasing investment in the space sector boosts the geostationary satellites market growth. For instance, in May 2024, SKY Perfect JSAT, the Japanese flagship operator, ordered a communications satellite from Europe's Thales Alenia Space for launching in 2027. This geostationary satellite will provide broadband connectivity across Japan, Australia, New Zealand, Southeast Asia, and Pacific island countries. JSAT-31 will be based on Thales Alenia Space's software-defined Space INSPIRE (Instant Space In-orbit Reconfiguration) platform, which would enable the operator to adjust its Ka and Ku-band capacity while in GEO to meet changing mission needs. Eiichi Yonekura, SKY Perfect JSAT's president and CEO, said JSAT-31 would have nearly 50 gigabits per second of capacity, the largest in its fleet of 17 satellites.
The geostationary satellites 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.
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.
The space sector is driven by the rising number of satellite launches and the increasing investments by private and government authorities. In addition, the growing focus on deploying satellites in geostationary orbits is boosting the geostationary satellites market growth.
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. For instance:
Therefore, the increasing demand for long-range communication coverage through satellite networks is boosting the procurement and launch of GEO satellites, propelling the growth of the geostationary satellites market across different regions.
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 . 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. During the conference of" SATELLITE 2020," several satellite companies announced that they have been focusing on the development of smallsat constellations for geostationary orbits that can be deployed through small satellite-specialized launch vehicles, which will ultimately reduce the overall cost of satellite launches and orbit placement of satellites into the GEO orbits. The development of small satellites for deployment into geostationary orbit is likely to generate new opportunities for market vendors in the coming years.
Key segments that contributed to the derivation of the geostationary satellites market analysis are component and application.
The geographic scope of the geostationary satellites market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America region is further classified into US, Canada, and Mexico. In 2023, the US government's space budget reached ~US$ 117 billion, recording an upsurge of 15% compared to 2022. Nearly US$ 59 billion of this investment was made in defense expenditures, including satellite launches. The US leads the geostationary satellites market owing to the prominent presence of several geostationary satellite system manufacturers and government investments in the space sector. Moog Inc., Northrop Grumman Corporation, Lockheed Martin, and AQST Canada Inc. are among the major manufacturers of geostationary satellite solutions in North America. The Government of Canada invests significant resources in the space sector. In 2023, the government announced a multi-year plan to support the privately built rocket launching initiatives in the country. Thus, a surge in investments by governments in the space industry and new product innovations in the space sector are anticipated to propel the geostationary satellites market growth in North America.
The space sector in the US has witnessed significant investments in satellite launches. For instance, in January 2024, the US government launched a satellite constellation award worth US$ 10 billion in the Pentagon, US. The scope of this award includes the launch of more than 400 satellites in space, including the geostationary orbit (GEO) and lower earth orbit (LEO). This contract was awarded to major manufacturers, including Northrop Grumman, Lockheed Martin, and L3Harris. The US led the market in terms of satellite launches in 2023. SpaceX independently launched 98 of the 109 satellite launch attempts made by the US in 2023, and 1,937 of the 2,234 US-built satellites were successfully orbited. The growing number of satellite launches, along with a rise in product development in the satellite industry, is fueling the geostationary satellites market progress in the US. In January 2024, the Geostationary Operational Environmental Satellite U (GOES-U) was ready to launch in Florida, US. The satellite was developed by NASA and the National Oceanic and Atmospheric Administration (NOAA) in continuation of the GOES-R Series for weather observation and environmental monitoring. The GOES-R Series satellite enables forecasters to observe, predict, and track local weather events such as thunderstorms, wildfires, hurricanes, and solar storms. Thus, the emphasis on satellite launches and an upsurge in government budget allocations for the space sector drive the geostationary satellites market growth.
The regional trends and factors influencing the Geostationary Satellites Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Geostationary Satellites Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.19 Billion |
| Market Size by 2031 | US$ 8.28 Billion |
| Global CAGR (2023 - 2031) | 3.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Geostationary Satellites Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Geostationary Satellites Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The geostationary satellites market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the geostationary satellites market are listed below:
The "Geostationary Satellites Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Geostationary Satellites Market
The geostationary satellites market is likely to register of 3.7% during 2023-2031.
The estimated value of the geostationary satellites market by 2031 would be around US$ 8.28 billion.
North America region dominated the geostationary satellites market in 2023.
Increasing demand for long-range communication coverage through satellite network and growing need for satellite-based military communications are some of the factors driving the growth for geostationary satellites market.
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 are some of the key players profiled under the report.
Deployment of software-defined electric systems is one of the major trends of the market.