New York, United States , Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Global Medium and Large Satellite Market Size to Grow from USD 192.8 Billion in 2023 to USD 250.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.64% during the forecast period.
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Medium and large satellites are crucial parts of global communication networks because they carry phone, data, and multimedia services to government agencies, telecommunications companies, and internet service providers. Geostationary communication satellites and high-throughput satellites (HTS) are two prominent examples in this field. By providing communication, reconnaissance, intelligence, surveillance, and reconnaissance (ISR), and reconnaissance capabilities, medium and large satellites support defence and surveillance operations. These satellites provide situational awareness in addition to monitoring key locations and hotspots and assisting with military operations. Among the commercial services that medium and large satellites may offer are satellite broadcasting, geospatial analytics, satellite imaging, and remote sensing data services.
Medium And Large Satellite Market Value Chain Analysis
Satellite manufacturers and space agencies invest in research and development to build new technologies, materials, and systems for satellites. The purpose of R&D is to improve satellite performance, cost-effectiveness, and reliability in response to shifting market demands. Satellite engineering and design include conceptualization, design, and system optimisation. Together, scientists and engineers design satellite designs, subsystems, and components that meet mission-specific requirements while taking payload capacity, power generation, communication capabilities, and thermal control into consideration. Satellite components and subsystems include solar panels, batteries, propulsion systems, communication antennae, payload instrumentation, and onboard computers, to name a few. Spacecraft assembly and integration facilities assemble and integrate separate satellite components to form complete spacecraft. Satellite operators supervise mission operations to ensure the effective utilisation and operation of their fleets of satellites. End users utilise satellite services and data for a wide range of purposes, including national security, agriculture, weather forecasting, broadcasting, telecommunications, Earth observation, and environmental monitoring.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on The "Global Medium And Large Satellite Market Size By Mass (500 kg -1000 kg (Medium satellites), and >1000 kg ( Large Satellites)), By Application (Navigation and Mapping, Communication, Others), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Mass
The fixed wing segment accounted for the largest market share over the forecast period 2023 to 2033. Medium-sized satellites, which have payload capacities ranging from several metric tonnes to 500 kg, are perfect for a number of applications, including communication, Earth observation, scientific research, and navigation. The growing need for medium-capacity satellites, particularly in emerging countries, is driving the market's expansion. Emerging industries including satellite broadband, Internet of Things (IoT) connectivity, and Earth observation analytics are driving the need for medium satellites. Satellite operators are creating opportunities for the industry by putting medium satellites into service to suit the expanding needs of applications such as precision agriculture, environmental monitoring, disaster monitoring, and rural connectivity.
Insights by Application
The communication segment accounted for the largest market share over the forecast period 2023 to 2033. The need for high-speed broadband access is rising worldwide, particularly in remote and developing areas with inadequate or nonexistent terrestrial infrastructure. Large and medium-sized satellites make it easier for household, business, and industrial clients to access broadband internet, which in turn spurs growth in the communication market. Medium- and large-sized satellites are essential backhaul lines for mobile and cellular networks, bringing coverage to remote and rural areas where using terrestrial backhaul would be prohibitively expensive. The ability of mobile operators to reach more consumers, improve the quality of their services, and expand their networks through satellite-based backhaul solutions is what drives the demand for communication satellite capacity.
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Insights by Region
North America is anticipated to dominate the Medium And Large Satellite Market from 2023 to 2033. Prominent multinational commercial satellite providers, such Intelsat, SES, and ViaSat, are headquartered in North America and provide broadband internet access, satellite communication services, and Earth observation data. These operators serve a variety of markets and industries with excellent services by utilising medium- and large-sized satellites. Numerous businesses in North America, including national security, broadcasting, telecommunications, navigation, and Earth observation, have considerable demand for satellite services. The region's complex infrastructure, varied economy, and extensive terrain necessitate the use of satellite-based systems for communication, networking, and surveillance. Space travel, lunar exploration, satellite servicing, and on-orbit assembly are among the new satellite market segments that are becoming available for venture capital in North America.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Startups and satellite operators in the Asia-Pacific area are providing investment for satellite constellation projects in order to provide broadband internet coverage globally, remote sensing services, and networking solutions. Businesses such as SpaceX, OneWeb, and Starlink are attempting to bridge the digital divide by deploying large and medium-sized satellite constellations to underserved areas. Environmental problems, such as natural disasters, urbanisation, and climate change, are driving demand for satellite-based Earth observation data and analytics in the Asia-Pacific region. Governments, educational institutions, and private companies all employ medium and large satellites to monitor environmental changes, manage natural resources, and support disaster relief efforts.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Players in the Global Medium and Large Satellite Market Size include EchoStar Corporation, Airbus D&S, Lockheed Martin Corporation, Space Exploration Technologies Corp., Inmarsat PLC, AMOS Spacecom, and Other Key Vendors.
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Recent Market Developments
- In May 2023, the first satellite of the international ViaSat-3 constellation was successfully launched by NASA's Kennedy Space Centre in Florida.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Medium And Large Satellite Market, Mass Analysis
- 500 kg -1000 kg (Medium satellites),
- >1000 kg (Large Satellites)
Medium And Large Satellite Market, Application Analysis
- Navigation and Mapping
- Communication
- Others
Medium And Large Satellite Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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