Geostationary Satellite Market is expected to reach US$ 8.28 Billion by 2031

Deployment of Software-Defined Electric Systems to Boost Geostationary Satellite Market Growth

According to our latest study on "Geostationary Satellite Market Analysis and Forecast to 2031 – by Component, Application" the market is expected to grow from US$ 6.19 billion in 2023 to US$ 8.28 billion by 2031; it is anticipated to record a CAGR of 3.7% from 2023 to 2031. The report includes growth prospects owing to the current geostationary satellite market trends and their foreseeable impact during the forecast period.

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. Further, the demand for software-defined systems for geostationary satellites is expected to rise with the expected deliveries of GEO satellites in the coming years. According to The Insight Partners analysis, more than 150 geostationary satellites are expected to be delivered during 2024–2031, which will further drive the deployment of software-defined electric systems into the geostationary satellite products across different regions. Therefore, the increasing deployment of software-defined electric systems into satellites is expected to be a major trend in the geostationary satellites market.

Geostationary Satellite Market

Based on component, the geostationary satellite market is segmented into communication system, power system, propulsion system, and others. In terms of application, the market is categorized into communications, space exploration, navigation, earth observation, and others.

Based on application, the market is divided into communications, space exploration, navigation, Earth observation, and others. The communication system segment held the largest geostationary satellite market share in 2023, accounting for ~55.6% in 2023. The most common application of geostationary satellites is to provide effective telecommunication services. Geostationary satellites are equipped with transponders that receive, amplify, 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 purposes. The communications segment held the largest share in 2023, owing to the increasing investment by several countries' government organizations to launch communication satellites into space.

The communications segment held the largest share in 2023, owing to the increasing investment by several countries' government organizations to launch communication satellites into space. For instance, in September 2022, Thales Alenia Space, in collaboration with Thales and Leonardo, built the EUTELSAT KONNECT VHTS communications satellite. They have successfully launched the EUTELSAT KONNECT VHTS satellite propelled by an Ariane 5 rocket from the Kourou, French Guiana Space Center Europe. EUTELSAT is built to deliver high-speed broadband internet and mobile connectivity across European, North African, and Middle Eastern countries. It has a Ka-band capacity of 500 Gbps, which is a high-speed geostationary communications satellite built in Europe. The increasing launch of communication satellites to improve internet connectivity across the globe drives the market growth for this segment.

The scope of the geostationary satellite market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Key factors bolstering the geostationary satellite market size in Europe include the rising government spending on space technology across Europe and increasing instances of satellite launches. The Europe geostationary satellite market benefits from collaborative initiatives facilitated by organizations such as the European Space Agency (ESA). The partnerships foster research and development, encouraging the exchange of knowledge and expertise among member states, which also acts as a major driver for the geostationary satellite market. For instance, in May 2024, the European Defense Organization funded 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.

The Asia Pacific geostationary satellite market is growing owing to product innovation and strategic collaborations. With a strong focus on satellite launches, countries in Asia Pacific, such as China, India, Australia, and Japan, have emerged as key players in geostationary satellite technologies. The Asia Pacific geostationary satellite market benefits from several initiatives facilitated by organizations such as the Japan Aerospace Exploration Agency, Indian Space Research Organization (ISRO), SmartSat Cooperative Research Centre, and the South Korean Ministry of Science and Technology. The partnerships between government agencies and research organizations accelerate research and development and other activities supporting the space-related projects of member states. Further, in February 2024, China launched the TJS-11 satellite in the geostationary orbit. This satellite was launched from the Wenchang Satellite Launch Center on Hainan Island on February 23, 2024. This satellite was launched by the Chinese Aerospace Science and Technology Corp. (CASC) and is mainly used for high-speed satellite communication.

The geostationary satellite market growth in the region is driven by technological innovation and strategic collaborations in the Middle East & Africa, and South America. With a strong emphasis on satellite communication and Earth observation, countries in the region, such as the UAE, Saudi Arabia, and Brazil, have emerged as key contributors in advancing geostationary satellite technologies. In addition, growing government focus and rising initiatives in the space sector contribute to the growing geostationary satellite market size.

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 among the key players profiled in the geostationary satellite market report. Companies operating in the market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com