Geostationary Satellites Market Research Reports 2023 Global Industry Size, Share, InDepth Qualitative Insights, Explosive Growth Opportunity, Regional Analysis Forecast to 2031

The Geostationary Satellites Market is projected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023; the market is expected to register a CAGR of 3.7% during 2023-2031.

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 satellite 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.

The Government of Canada invests significant resources in the space sector. In 2023, the government announced a multi-year plan to support the privately built rocket launching initiatives in the country. Thus, a surge in investments by governments in the space industry and new product innovations in the space sector are the factors anticipated to propel the geostationary satellite market growth in North America.

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Analysis of the Top Market Players:

1. Airbus SE
2. The Boeing Company
3. Ball Corporation
4. Korea Aerospace Industries Ltd
5. Lockheed Martin Corporation
6. Maxar Technologies Inc
7. Northrop Grumman Corporation
8. Thales Group
9. Israel Aerospace Industries Ltd
10. OHB SE

In this report, the market has been segmented on the basis of:

Component
• Communication System
• Power System
• Propulsion System

Application
• Communications
• Space Exploration
• Navigation
• Earth Observation

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The space sector in the US has witnessed significant investments in satellite launches. For instance, in January 2024, the US government launched a satellite constellation award worth US$ 10 billion in the Pentagon, US. The scope of this award includes the launch of more than 400 satellites in space, including the geostationary orbit (GEO) as well as lower earth orbit (LEO). This contract was awarded to some of the major manufacturers, including Northrop Grumman, Lockheed Martin, and L3Harris. The US led the market in terms of satellite launches in 2023. SpaceX independently launched 98 of the 109 satellite launch attempts made by the US in 2023, and 1,937 of the 2,234 US-built satellites were successfully orbited.

The growing number of satellite launches, along with a rise in product development in the satellite industry, is fueling the geostationary satellite market progress in the US. In January 2024, the Geostationary Operational Environmental Satellite U (GOES-U) was ready to launch in Florida, US. The satellite was developed by NASA and the National Oceanic and Atmospheric Administration (NOAA) in continuation of the GOES-R Series for weather observation and environmental monitoring. The GOES-R Series satellite landed enables forecasters to observe, predict, and track local weather events such as thunderstorms, wildfires, hurricanes, and solar storms for public safety. Thus, the emphasis on satellite launches and an upsurge in government budget allocations for the space sector drive the geostationary satellite market growth.

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