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(Hosting-NewsWire.com, November 22, 2024 ) The Satellites Market is estimated to be USD 17.94 billion in 2024 and is projected to reach USD 35.95 billion by 2030, at a CAGR of 12.3% between 2024 and 2030. Asia Pacific is estimated to account for the largest satellites market share in 2024. The market for satellites is driven by increasing demand for real time data, communication services, and the expansion of satellite constellations for broadband coverage.
The satellite market remains radically changed owing to the advancement of technologies and evolving regulatory frameworks. The role of AI and Machine Learning is to enable autonomous operation of the satellite with predictability in analytics, which help in efficient and low-cost operations. Quantum communication is supposed to fundamentally change secure data transmission, especially among defense sectors, while 3D printing and additive manufacturing support faster and cheaper satellite production. Small and nano-satellites are miniaturized, which is driven into a plethora of industries, including applications in telecommunications and earth observation. Regulatory measures like STM, aimed at managing risks of space debris and collisions, have begun to be implemented. Spectrum allocation policies toward satellites face revisions to accommodate optimal radio frequency use in satellite communication, so that internet services can be powered by satellites. Together, the technology and regulatory shifts are quite significantly changing the outlook for the satellite market-innovation, economies of scale, and new business opportunities for companies to respond to challenges with agility in this changed business environment.
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Based on the satellite mass, the small satellites segment is expected to register highest CAGR during the forecast period.
The small satellite segment is expected to grow at the highest CAGR, due to cost efficiency and relatively lower manufacturing, launch, and operating costs as compared to large satellites. Affordability motivates more adoption among the commercial and government sectors, especially in LEO constellations that aim at improving global communication, IoT networks, and 5G deployments. Following the trend of miniaturization, small satellites can now perform jobs previously restricted to their larger siblings, including Earth observation, monitoring disaster, and scientific research; these activities have boosted their demand once more. With reusable rockets coming into development, the decreasing cost of launch services has made them more accessible to private players as well as startups. All this combines to drive the rapid expansion of the small satellite segment, now positioned as the fastest-growing category in the satellite market.
Based on the application, the communication segment is expected to register highest CAGR during the forecast period.
The communication segment shall have the highest CAGR in the satellite market. Demand for global connectivity continues to climb, particularly in underserved and isolation-intensive areas. LEO constellations like Starlink and OneWeb have revolutionized high-speed broadband low-latency services with the installation for 5G network-dependent industries and IoT applications. Maritime, aviation, and logistics industries rely on satellite-based communication to get an instant connection in remote locations. Growth in mobile satellite services and more reliance on cloud-based networks boost demand. Governments are also investing in safe satellite communication systems for defense, so the segment is strongly growing with the highest growth rate.
Based on region, Europe is estimated to have the highest CAGR from 2024 to 2030
Europe is likely to gain the highest CAGR in the satellite market during the forecast period due to considerable investments by major economies, particularly France, Italy, and Russia, in telecommunications, defence, and space exploration. The Russian space agency and ESA are driving massive satellite deployment, while growth is boosted by the increasing demand in this region for broadband services and high-speed internet, especially in many underserved areas. Most of the deployment of satellite infrastructures is focused on successful connectivity for 5G networks, smart cities, and IoT ecosystems. Furthermore, investments in defense satellites are made for security and surveillance purposes, while favourable regulatory frameworks and public-private partnerships are driving growth in the satellite market in the Europe region.
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Key Market Players
The report profiles key players such as SPACEX (US), Lockheed Martin Corporation (US), Airbus Defence and Space (Germany), Northrop Grumman (US), Thales Alenia Space (France), L3Harris Technologies, Inc., (US) Terran Orbital Corporation (US), SNC (US), MDA (Canada), OHB SE (Germany), RTX (US), Maxar Technologies (US), Mitsubishi Electric Corporation (MELCO) (Japan), and Planet Labs PBC (US), York Space Systems (US) and Boeing (US) among others.
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Source: EmailWire.Com 
Source: EmailWire.com
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