Medium And Large Satellite Global Market
Overview and Scope
Medium and large satellites refer to is a man-made object or vehicle that is placed into orbit around a celestial body, such as the Earth or another planet. Medium satellites are those that weigh between 500 kilograms (about 1,100 pounds) to 1,000 kilograms (about 2,200 pounds), and large satellites are generally classified as weighing more than 1,000 kilograms. They are designed to perform tasks such as providing communications, monitoring navigation, and high-bandwidth data connectivity to service providers, government agencies, and commercial enterprises, among others.
Sizing and Forecast
The medium and large satellite market size has grown strongly in recent years. It will grow from $203.36 billion in 2023 to $214.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increasing demand for military reconnaissance and communication applications, increasing demand for medium and large satellites from the space industry, increasing demand for satellite-based services, rising investment in the space industry, increasing demand for broadband internet access.
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Segmentation & Regional Insights
The medium and large satellite market covered in this report is segmented –
1) By Propulsion Type: Chemical Propulsion, Electrical Propulsion
2) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Orbit (GEO), Other Orbits
3) By Application: Earth Observation, Navigation And Global Positioning, Communication, Other Applications
4) By End User: Commercial, Government, Military
North America was the largest region in the medium and large satellite market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medium and large satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing need for better communication infrastructure is expected to propel the growth of the medium and large satellite market going forward. Communication infrastructure refers to the backbone of the communications system, encompassing various networks and technologies that enable the seamless exchange of information. The continuous development of technology, including the rise of the internet of things (IoT), artificial intelligence, and 5G networks, requires a robust communication infrastructure. Communication infrastructure enables faster and more reliable data transmission between satellites and ground stations, facilitating real-time monitoring and control of satellite operations. For instance, in 2022, according to the GSM Association, a UK-based, non-profit industry organization, at the close of 2021, the number of mobile internet users had reached 4.3 billion, marking a rise of nearly 300 million from the previous year-end. Therefore, the growing need for better communication infrastructure is driving the growth of the medium and large satellite market.
Key Industry Players
Major companies operating in the medium and large satellite market are The Boeing Company, The Lockheed Martin Corporation, Airbus SE, China Aerospace Science and Technology Corporation, Northrop Grumman Corporation, Mitsubishi Electric Corporation , National Aeronautics and Space Administration, Safran Electronics & Defense, Thales Group, L3Harris Technologies Inc., Singapore Technologies Engineering Ltd., Israel Aerospace Industries, Space Exploration Technologies Corp., Honeywell Aerospace Technologies, EchoStar Corporation, Sierra Nevada Corporation, DigitalGlobe, Maxar Technologies Inc., RUAG Space, OHB SE, Rocket Lab USA Inc., Arianespace SA, UrtheCast, AMOS Spacecom, Ball Aerospace & Technologies Corp., GomSpace Aps, Surrey Satellite Technology Ltd
The medium and large satellite market report table of contents includes:
1. Executive Summary
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