Press release
Geostationary Satellites Market Receive a Fillip Owing to Burgeoning Demand During the Forecast Period 2031
The geostationary satellites market size is projected to reach US$ 8,279.82 million by 2031 from US$ 6,187.26 million in 2023. The market is expected to register a CAGR of 3.7% during 2023-2031. of software-defined electric systems is likely to remain a key trend in the market.The geostationary satellites market is witnessing strong growth and development globally in the space sector, owing to their rising adoption in spacecraft. Increased funding and investments in satellite launching programs reflect a growing focus on space exploration, satellite deployment, and space-based services.
The public sector propels the demand for heavy- and super-heavy-lift space launch services, whereas the private sector leads the demand for small- and medium-lift satellites. For instance, in April 2023, The Indian Space and Research Organization (ISRO) successfully launched GSAT-29, one of the Geostationary communication satellites, through the Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III). GSLV Mk III has successfully launched the satellite in geosynchronous transfer orbit (GTO), which is further placed in the geostationary orbit.
The List of Companies - Geostationary Satellites Market
Airbus SE
The Boeing Company
Ball Corporation
Korea Aerospace Industries Ltd
Lockheed Martin Corporation
Maxar Technologies Inc
Northrop Grumman Corporation
Thales Group
Israel Aerospace Industries Ltd
OHB SE
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The space sector is driven by the rising number of satellite launches and the increasing investments by private and government authorities. In addition, the growing focus on deploying satellites in geostationary orbits is boosting the geostationary satellites market growth.
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Geostationary Satellites Market Share Analysis by Geography
The North America region is further classified into US, Canada, and Mexico. In 2023, the US government's space budget reached ~US$ 117 billion, recording an upsurge of 15% compared to 2022. Nearly US$ 59 billion of this investment was made in defense expenditures, including satellite launches.
The US leads the geostationary satellites market owing to the prominent presence of several geostationary satellite system manufacturers and government investments in the space sector. Moog Inc., Northrop Grumman Corporation, Lockheed Martin, and AQST Canada Inc. are among the major manufacturers of geostationary satellite solutions in North America.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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