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Space Ground Station Equipment Global Market Report 2024 Market Outlook, Size, Insights And Overview 2024-2033
Space Ground Station Equipment Global Market Report
According to The Business Research Company's, The space ground station equipment market size has grown strongly in recent years. It will grow from $9.49 billion in 2023 to $10.35 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to satellite communication expansion, increased satellite constellations, earth observation and remote sensing, scientific and space exploration missions, commercial satellite services.
The space ground station equipment market size is expected to see strong growth in the next few years. It will grow to $14.66 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to emergence of small satellite market, rise in satellite mega-constellations, increased space traffic and management, global 5g deployment from space, government and defense space programs. Major trends in the forecast period include utilization of cloud-based ground stations, focus on cybersecurity measures, deployment of deep learning for signal processing, integration of automated tracking and telemetry systems, rise of interoperable ground station architectures.
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Market Drivers and Trends:
The increasing demand for satellite communication networks is expected to propel the growth of the space ground station equipment market going forward. The satellite communication network is a man-made satellite network that sends information via a transponder by opening a channel between a transmitter and a receiver at various Earth points. This allows a ground station to monitor a satellite's location and manage its propulsion, thermal, and other systems. Hence, the increasing demand for satellite communication networks contributes to the growth of space ground station equipment. For instance, in March 2022, according to Pixalytics Ltd, a UK-based earth observation company, there were 3135 communication network satellites in 2022, an increase of 71.12% from December 2020. Therefore, the increasing demand for satellite communication networks is driving the growth of the space ground station equipment market.
Technological advancements are a key trend gaining popularity in the space ground station equipment market. Companies operating in the space ground station equipment market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Terrasat Communications, a US-based company that designs and manufactures innovative RF solutions for Satellite Communications systems, launched new Cyber Hardened Intelligent BUCs. The new IBUCs efficiently provide security management control through encrypted authentication, privacy, and access control to ensure end-to-end message delivery by preventing session hijacking, password attacks, and eavesdropping.
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:
EchoStar Corporation; AAC Clyde Space; Comtech Telecommunication Corporation; Analog Devices Inc.; GomSpace; Infostellar Inc.; Inmarsat Global Limited; Kongsberg Satellite Services AS; Marlink Gmbh; Swedish Space Corporation; Thales Group; Viasat Inc.; Gilat Satellite Networks; Harris Corporation; Kratos Defense & Security Solutions Inc.; VT iDirect Inc.; Advantech Wireless Technologies Inc.; Norsat International Inc.; Terrasat Communications Inc.; Iridium Communications Inc.; Orbcomm Inc.; Globalstar Inc.; Speedcast International Limited; Northrop Grumman Corporation; L3Harris Technologies Inc.; General Dynamics Corporation; Raytheon Technologies Corporation; Lockheed Martin Corporation; Space Exploration Technologies Corp.; Hughes Network Systems LLC
Space Ground Station Equipment Market 2024 Key Insights:
• The space ground station equipment market will grow to $14.66 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Surging Demand For Satellite Communication Networks Fuels Space Ground Station Equipment Market
• Terrasat Communications Takes A Leap With Cyber-Hardened Intelligent Bucs
• North America was the largest region in the space ground station equipment market in 2023
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Learn More About The Business Research Company
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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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