Overview and Scope
A GEO (Geostationary Orbit) satellite refers to a satellite that orbits the Earth at an altitude where its orbital period matches the Earth’s rotational period. These satellites move in the same direction as the Earth at the same rate, appearing to remain stationary from the perspective of an observer on the ground. GEO satellites serve a wide range of purposes and applications, providing essential services and capabilities that benefit communication, navigation, weather forecasting, earth observation, and national security efforts.
Sizing and Forecast
The GEO satellite market size has grown strongly in recent years. It will grow from $16.46 billion in 2023 to $17.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to demand for communication services, expansion of global navigation systems, increasing demand for communication services, rapid communication and data transmission.
The GEO satellite market size is expected to see strong growth in the next few years. It will grow to $20.94 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The growth in the forecast period can be attributed to increased demand for broadband connectivity, rise in iot (internet of things) applications, demand for high-resolution imaging, demand for secure communication. Major trends in the forecast period include integration of ai and machine learning, renewed interest in space tourism, emergence of new geo satellite markets, enhanced satellite security solutions.
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Segmentation & Regional Insights
The GEO satellite market covered in this report is segmented –
1) By Propulsion Tech: Electric, Gas based, Liquid Fuel
2) By Satellite Mass:10-100kg, 100-500kg, 500-1000kg, Above 1000kg
3) By Application: Communication, Earth Observation, Navigation, Space Observation, Other Application
4) By End User: Commercial, Military and Government, Other End User
Asia-Pacific was the largest region in the GEO satellite market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the GEO satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing demand for telecommunications services is expected to propel the growth of the GEO satellite market going forward. Telecommunications services refer to the provision of various communication services, including voice, data, and multimedia transmission, over long distances using electronic means. The growing demand for telecommunications services is due to the increasing need for connectivity, digitalization, and innovation in a rapidly evolving global economy. GEO satellite networks provide redundancy and resilience to terrestrial telecommunications infrastructure, helping mitigate the impact of natural disasters, network outages, or cyberattacks. For instance, in April 2023, according to reports published by The Office of Communications, a UK-based communications services company, mobile telephony services generated £3.3 billion ($4.15 billion) in retail revenues in 2022, a £161.1 million ($202.66 million), a 5.2% increase from a year previously. Therefore, the growing demand for telecommunications services is driving the growth of the GEO satellite market.
Key Industry Players
Major companies operating in the GEO satellite market are Lockheed Martin Corporation, Airbus Defense and Space Company, Northrop Grumman Corporation, Boeing Company, Thales Group, Ball Aerospace & Technologies Corp., Singtel Optus Pty Limited, Thaicom Public Company Limited, Intelsat S.A., SES S.A., EchoStar Corporation, Inmarsat plc, Eutelsat Communications S.A., OHB System AG, Telesat Corp., Al Yah Satellite Communications Company, Asia Broadcast Satellite Pvt. Ltd., Avanti Communications Group plc, Russian Satellite Communications Company, China Satellite Communications Co. Ltd., AeroAstro Inc., JSC Information Satellite Systems Reshetnev, Loral LLC, O3b Networks Ltd., APT Satellite Holdings Limited
The geo satellite market report table of contents includes:
1. Executive Summary
2. Geostationary Orbit (GEO) Satellite Market Characteristics
3. Geostationary Orbit (GEO) Satellite Market Trends And Strategies
4. Geostationary Orbit (GEO) Satellite Market – Macro Economic Scenario
5. Global Geostationary Orbit (GEO) Satellite Market Size and Growth
…..
32. Global Geostationary Orbit (GEO) Satellite Market Competitive Benchmarking
33. Global Geostationary Orbit (GEO) Satellite Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geostationary Orbit (GEO) Satellite Market
35. Geostationary Orbit (GEO) Satellite Market Future Outlook and Potential Analysis
36. Appendix
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