Press release
Telecommunications Boom Fueling Growth In The GEO Satellite Market: Powering Innovation and Expansion in the GEO Satellite Market by 2025
GEO Satellite
What Is the Expected CAGR for the GEO Satellite Market Through 2025?
In the past few years, the GEO satellite market has displayed robust growth. Projections indicate that its size will increase from $17.24 billion in 2024 to $18.15 billion in 2025, implying a compound annual growth rate (CAGR) of 5.2%. The past growth can be credited to factors such as the heightened demand for communication services, intensification of global navigation systems, rising need for communication amenities, and the speed of communication and data transmission.
What's the Projected Size of the Global GEO Satellite Market by 2029?
It is anticipated that the GEO satellite market will experience consistent expansion in the upcoming years, reaching a value of $21.93 billion by 2029. This comes with an expected compound annual growth rate (CAGR) of 4.8%. The predicted growth during the forecast timeframe is largely due to the escalating demand for broadband connectivity, growth in IoT (internet of things) applications, need for high-definition imaging, and the requirement for secure communication. Other key trends that are projected for the forecast period encompass the integration of AI and machine learning, a revived interest in space tourism, the inception of new geo satellite markets, and improved satellite security solutions.
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Top Growth Drivers in the GEO Satellite Industry: What's Accelerating the Market?
The surge in the need for telecommunications services is predicted to stimulate the expansion of the GEO satellite market in the future. Telecommunications services encompass a range of communication offerings such as voice, data, and multimedia transmission across vast distances through electronic methods. This surge is attributed to an escalating requirement for connectivity, digitalization, and innovation in an advancing global economy that is quickly evolving. GEO satellite systems offer redundancy and resilience to land-based telecommunications infrastructure, which helps reduce the effects of natural calamities, network failures, or cyberattacks. To illustrate, The Office of Communications, a UK-based communications services firm, reported in April 2023 that mobile telephony services yielded £3.3 billion ($4.15 billion) in retail revenues in 2022, marking a hike of £161.1 million ($202.66 million), a 5.2% jump from the prior year. As a result, the burgeoning need for telecommunications services is fueling the expansion of the GEO satellite market.
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What Trends Will Shape the GEO Satellite Market Through 2029 and Beyond?
Leading businesses in the GEO satellite market are concentrating on the development of innovative technologies like the INSAT-3DS meteorological satellite, intended for earth's surface observation. Such technological advancements aim to enhance meteorological services in numerous sectors like agriculture, aviation, and disaster management by providing more precise and timely information for weather forecasts and emergency interventions. For example, the INSAT-3D meteorological satellite was launched in February 2024 by the Indian Space Research Organization (ISRO), India's national space agency. These satellites are fitted with various instruments and sensors to record data such as temperature, humidity, wind velocity, cloud cover, rainfall, and atmospheric makeup. When these meteorological satellites are positioned in the geostationary orbit (GEO), they continuously monitor weather and atmospheric conditions, providing significant data for global weather prediction and climate studies.
What Are the Main Segments in the GEO Satellite Market?
The GEO satellite market covered in this report is segmented -
1) By Propulsion Tech: Electric, Gas based, Liquid Fuel
2) By Satellite Mass:10-100kg, 100-500kg, 500-1000kg, Above 1000kg
3) By Application: Communication, Earth Observation, Navigation, Space Observation, Other Application
4) By End User: Commercial, Military and Government, Other End User
Subsegments:
1) By Electric Propulsion: Ion Thrusters, Hall Effect Thrusters, Electrostatic Propulsion Systems
2) By Gas-based Propulsion: Cold Gas Thrusters, Hybrid Propulsion Systems
3) By Liquid Fuel Propulsion: Monopropellant Propulsion, Bipropellant Propulsion, Cryogenic Propulsion Systems
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Which Top Companies are Driving Growth in the GEO Satellite Market?
Major companies operating in the GEO satellite market are 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
Which Regions Will Dominate the GEO Satellite Market Through 2029?
Asia-Pacific was the largest region in the GEO satellite market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the GEO satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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