Press release
GEO Satellite Market 2024: Global Trends, Industry Insights, and Forecast
GEO Satellite Market 2024
According to The Business Research Company's, The GEO satellite market size has grown strongly in recent years. It will grow from $16.46 billion in 2023 to $17.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to demand for communication services, expansion of global navigation systems, increasing demand for communication services, rapid communication and data transmission.
The GEO satellite market size is expected to see strong growth in the next few years. It will grow to $20.94 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The growth in the forecast period can be attributed to increased demand for broadband connectivity, rise in iot (internet of things) applications, demand for high-resolution imaging, demand for secure communication. Major trends in the forecast period include integration of ai and machine learning, renewed interest in space tourism, emergence of new geo satellite markets, enhanced satellite security solutions.
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Market Drivers and Trends:
The growing demand for telecommunications services is expected to propel the growth of the GEO satellite market going forward. Telecommunications services refer to the provision of various communication services, including voice, data, and multimedia transmission, over long distances using electronic means. The growing demand for telecommunications services is due to the increasing need for connectivity, digitalization, and innovation in a rapidly evolving global economy. GEO satellite networks provide redundancy and resilience to terrestrial telecommunications infrastructure, helping mitigate the impact of natural disasters, network outages, or cyberattacks. For instance, in April 2023, according to reports published by The Office of Communications, a UK-based communications services company, mobile telephony services generated £3.3 billion ($4.15 billion) in retail revenues in 2022, a £161.1 million ($202.66 million), a 5.2% increase from a year previously. Therefore, the growing demand for telecommunications services is driving the growth of the GEO satellite market.
Major companies operating in the GEO satellite market are focusing on developing new technologies, such as the INSAT-3DS meteorological satellite, to monitor the earth's surface. This aims to improve meteorological services across various sectors such as agriculture, aviation, and disaster management by offering more accurate and timely data for weather predictions and emergency response efforts. For instance, in February 2024, the Indian Space Research Organisation (ISRO), the national space agency of India, launched the INSAT-3D meteorological satellite. These satellites are equipped with various sensors and instruments to capture data such as temperature, humidity, wind speed, cloud cover, precipitation, and atmospheric composition. Meteorological satellites, when placed in geostationary orbit (GEO), provide continuous monitoring of weather patterns and atmospheric conditions, offering valuable data for weather forecasting and climate research on a global scale.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Lockheed Martin Corporation, Airbus Defense and Space Company, Northrop Grumman Corporation, Boeing Company, Thales Group, Ball Aerospace & Technologies Corp, Singtel Optus Pty Limited, Thaicom Public Company Limited, Intelsat S.A, SES S.A, EchoStar Corporation, Inmarsat plc, Eutelsat Communications S.A, OHB System AG, Telesat Corp, Al Yah Satellite Communications Company, Asia Broadcast Satellite Pvt. Ltd, Avanti Communications Group plc, Russian Satellite Communications Company, China Satellite Communications Co. Ltd, AeroAstro Inc, JSC Information Satellite Systems Reshetnev, Loral LLC, O3b Networks Ltd, APT Satellite Holdings Limited
GEO Satellite Market 2024 Key Insights:
• The GEO satellite market size is expected to see strong growth in the next few years. It will grow to $20.94 billion in 2028 at a compound annual growth rate (CAGR) of 5%.
• Telecommunications Boom Fuelling Growth In The GEO Satellite Market
• Advancing Weather Monitoring Innovations In The GEO Satellite Market
• Asia-Pacific was the largest region in the GEO satellite market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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