Satellites Market – Trends Forecast Till 2031

Market Snapshot

Market Overview

The global Satellites Market size was estimated at USD 17,840 million in 2024 and is projected to reach USD 41,453.2 million in 2031 at a CAGR of 12.8 % during the forecast period 2025-2031.

The satellites market encompasses the design, manufacturing, and deployment of artificial satellites for a wide range of applications, including communication, navigation, earth observation, scientific research, and defense. Satellites play a crucial role in modern telecommunications, weather forecasting, remote sensing, and global positioning systems (GPS). The market has witnessed significant advancements due to technological innovation, reducing costs, and the increasing demand for data-driven services across various industries. As space technology continues to evolve, satellite systems are becoming more efficient, compact, and affordable.

The scope of the satellites market is vast, extending across multiple sectors such as commercial, government, defense, and scientific research. In the commercial sector, satellites are used for broadband internet services, TV broadcasting, and mobile communications. The government and defense sectors utilize satellites for national security, weather forecasting, and global surveillance. Additionally, Earth observation satellites are increasingly being used for climate monitoring, agricultural management, disaster monitoring, and urban planning. The market is also growing in the small satellite and CubeSat segments, which offer more cost-effective and flexible solutions.

The market is influenced by several key trends that shape its development. One of the most significant trends is the rise of small satellites or nanosatellites, which have become more popular due to their lower cost and shorter development time compared to traditional large satellites. The growing demand for satellite-based internet, particularly in remote and underserved areas, is also driving innovation in satellite constellations. Another important trend is the integration of advanced technologies such as artificial intelligence (AI) and machine learning, which are enhancing satellite data analytics and operational efficiency.

Several factors are driving the growth of the satellites market. Increased reliance on satellite-based communication for global connectivity, especially in regions with limited terrestrial infrastructure, is a major driver. The demand for real-time data for applications like precision agriculture, environmental monitoring, and disaster management is also fueling market expansion. Moreover, advancements in rocket launch capabilities and the reduction in satellite manufacturing costs have made space more accessible to private companies. These factors, combined with a greater focus on national security and space exploration, are expected to continue propelling the market forward in the coming years.

Delvens Industry Expert's Standpoint

Experts in the Satellites Market highlight several key trends driving growth and innovation. The satellites market involves the development and deployment of artificial satellites for various applications, including communication, navigation, earth observation, and defense. It spans multiple sectors such as commercial, government, and scientific research, with growing demand for satellite-based services like broadband and global positioning. Key trends include the rise of small satellites and the use of advanced technologies like AI for improved data analytics. Drivers of growth include the increasing need for global connectivity, real-time data for sectors like agriculture and disaster management, and advancements in satellite manufacturing and rocket launch capabilities. These factors are fuelling the market's expansion and innovation.

Market Portfolio

Key Findings

• By satellite mass, Large satellites are crucial for high-capacity communication networks, defense systems, and weather monitoring applications that require advanced technologies. The demand for large satellites is being driven by the need for increased bandwidth and high-definition images in telecommunications and Earth observation, necessitating satellites with greater payload capacities. This, in turn, is encouraging significant investments from governments and defense agencies. Public-private partnerships are also being formed to support large-scale satellite infrastructure, fostering technological innovation and improved satellite designs. Global operators are expanding their fleets of geostationary large satellites to improve coverage and communication, especially in under-served regions. Furthermore, favorable space policies and satellite launch regulatory approvals in various countries are accelerating the development of large satellite constellations, particularly for military, scientific research, and climate monitoring. Additionally, the growing trend in space exploration and deep-space communications is elevating the role of large satellites as a key enabler for future space missions and long-term explorations.

• In the application segment, the increasing demand for reliable global connectivity, particularly in remote and underserved regions where terrestrial networks are absent, is driving the need for satellites. This segment is further propelled by the surge in data consumption, which necessitates broadband internet services, 5G networks, and IoT applications. Communication satellites play a critical role in enabling high-capacity data transmission, supporting various forms of internet, voice, and video communication across both commercial and government sectors. The growing demand for satellite-based broadband services for mobile platforms, including aviation, maritime, and military usage, is further strengthening this segment.

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America region is projected to hold the largest market share. Factors such as increasing demand for communication and broadband services, advancements in satellite technology, rising applications in Earth observation and remote sensing, expanding space exploration activities, government investments in space infrastructure, growth in commercial satellite launches, increasing demand for navigation and geolocation services, and rising adoption of satellite-based internet services have triggered the Satellites Market in the region.

Regional Analysis

North America to Dominate the Market

• North America, particularly the United States, dominates the satellite market due to its strong technological capabilities, robust space infrastructure, and substantial government and commercial investments. The U.S. government’s space agencies, such as NASA and the Department of Defense, play a vital role in satellite operations, while private companies like SpaceX, Boeing, and Iridium Communications drive innovations in satellite technology. The growing demand for communication, Earth observation, and satellite internet services has bolstered the region's position as the leading player in the global satellite market.

• Europe’s satellite market is characterized by a strong collaboration between government space agencies and private companies. The European Space Agency (ESA) and the European Union (EU) fund several satellite programs, focusing on Earth observation, navigation, and telecommunications. Companies such as Airbus Defence and Space and SES are key contributors to the market. The region is increasingly focused on leveraging satellites for sustainability and environmental monitoring, with a growing interest in small satellite constellations for global connectivity and data services.

• The Asia-Pacific region is one of the fastest-growing satellite markets, driven by the rapid technological advancement in countries like China, India, Japan, and South Korea. Government-led initiatives, such as India's GSAT series and China's Tiangong space station, play a significant role in satellite infrastructure development. The region's increasing demand for broadband connectivity, disaster management, and agricultural monitoring is boosting satellite deployment. Private sector growth, including companies like OneWeb and SES’s partnerships, is expected to accelerate the region’s satellite market further.

Competitive Landscape

• SPACEX
• Lockheed Martin Corporation
• Airbus Defence and Space
• Northrop Grumman
• Thales Alenia Space
• L3Harris Technologies, Inc.
• Terran Orbital Corporation
• SNC
• MDA
• OHB SE
• RTX
• Maxar Technologies
• Mitsubishi Electric Corporation (MELCO)
• Planet Labs PBC
• York Space Systems
• Boeing

Recent Developments

• In October 2023, the US Space Force granted a $70 million contract to SpaceX to develop a satellite for Starlink Internet services. The contract, which included a one-year task order, outlined undisclosed requirements set by the US Department of Defense.

• In January 2024, the US Space Development Agency (SDA) awarded Lockheed Martin Corporation a Tranche 2 contract to build 18 satellites for the Space Tracking Layer, with a contract value of $890 million.

• Also, in January 2024, Airbus Defence and Space acquired the remaining 50% stake in Eutelsat OneWeb, becoming the sole owner of the satellite manufacturing facility on Merritt Island, Florida. This acquisition aimed to improve the efficiency and competitiveness of satellites used by commercial, institutional, and national security space customers.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Satellites Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope