Press release
Satellite Component Industry Expected to Reach $3.91 Billion by 2029 at 7.1% CAGR
Satellite Component
Satellite Component Market Value Projection: How Much Will the Market Size by 2025?
In recent times, we've seen a robust expansion in the satellite component sector. The market size, currently standing at $2.78 billion in 2024, is projected to increase to $2.97 billion in 2025, displaying a compound annual growth rate (CAGR) of 6.7%. This upswing during the historic period is a result of factors like escalating defense spending, a surge in demand for earth surveillance, boosts in the frequency of satellite launches, development of the commercial satellite services sector, and enhancements in the miniaturization of satellites.
What Will Be the Market Growth Forecat for Satellite Component in 2029?
The satellite component sector is anticipated to witness substantial expansion in the upcoming years, projected to reach $3.91 billion in 2029 with a 7.1% compound annual growth rate (CAGR). The surge during the predicted period can be accredited to the proliferating satellite internet services, escalation in private sector investment, growing demand for high-throughput satellites, amplified focus on space sustainability, and an upswing in the requirement for secure communication systems. The forecast period is expected to witness a number of significant trends such as progressions in satellite communication, reusable launch technology innovations, the inclusion of artificial intelligence in satellite operations, advances in electric propulsion, and collaboration between public and private space organizations.
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What Are the Core Competitive Drivers in the Satellite Component Industry?
The growth of the satellite component market is anticipated to be propelled by the increasing demand for 5G and Internet of Things (IoT) connectivity. 5G and IoT denote a speedy wireless network that connects smart devices, enabling immediate data sharing. These technologies facilitate the efficient and smooth operation of everyday appliances, machines, and systems. The surging data consumption and requirement for high-speed internet to facilitate high-bandwidth applications like streaming, gaming, and cloud computing are intensifying the demand for 5G. Moreover, the escalating utilization of smart devices in residential areas, cities, and industrial sectors is augmenting the need for IoT since smooth, low-latency communication is crucial for these devices to perform efficiently. As the need for global coverage of 5G and IoT amplifies, satellites will be essential in widening connectivity beyond traditional land-based infrastructure, thereby increasing the necessity for satellite components. For instance, IoT Business News, an independent online media platform from France, reported that the total number of IoT connected devices is predicted to rise by 13%, from 18.8 billion in 2024 to 40 billion by 2030, in September 2024. Consequently, the escalating demand for 5G and IoT connectivity is triggering the growth of the satellite component market.
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Which Satellite Component Market Segment Is Projected to See the Fastest Growth?
The satellite component market covered in this report is segmented -
1) By Component: Antennas, Power Systems, Propulsion Systems, Transponders, Other Components
2) By Satellite Type: Small Satellite, Medium Satellite, Large Satellite
3) By Orbits: Geostationary Orbit, Low Earth Orbit, Medium Earth Orbit, Polar Orbit
4) By Application: Communication, Earth Observation, Technology Development, Navigation, Space Science, Other Applications
5) By End Use: Commercial, Government And Military, Scientific And Research Institutions
Subsegments:
1) By Antennas: Parabolic Antennas, Phased Array Antennas, Reflector Antennas, Flat Panel Antennas
2) By Power Systems: Solar Panels, Battery Systems, Power Distribution Units, Power Conversion Units
3) By Propulsion Systems: Chemical Propulsion Systems, Electric Propulsion Systems, Hybrid Propulsion Systems, Ions and Hall Effect Thrusters
4) By Transponders: C-band Transponders, Ku-band Transponders, Ka-band Transponders, L-band Transponders
5) By Other Components: Thermal Systems, Structural Systems, Communication Systems, On-board Data Handling Systems
Which Trends Are Opening New Opportunities in the Satellite Component Market?
Leading corporations in the satellite component market are concentrating their efforts on product innovation, such as the development of satellite buses, to boost satellite efficiency, cut costs, increase payload capacity, and expedite deployment. A satellite bus is essentially a satellite's main structure, accommodating and assisting with various ancillary components like power, propulsion, thermal control, and communication systems. This crucial framework ensures the satellite's smooth operation and the effective functioning of its payloads, whether they're sensors or communication equipment. For example, Apex Space Systems, a private aerospace and satellite manufacturing firm based in the US, introduced the Nova satellite bus in September 2024. This innovative platform is flexible and scalable, custom-made for a wide range of space missions. The standard Nova model has a weight of 250 kilograms and is designed to handle payloads up to 300 kilograms. This makes it ideal for various tasks, such as observing Earth, scientific investigation, and showcasing technology. Anticipating missions with heavier requirements, Apex has also engineered a robust version of Nova, weighing 400 kilograms and capable of supporting up to 500 kilograms worth of payloads.
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Who Are the Leaders in the Satellite Component Market?
Major companies operating in the satellite component market are RTX Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Mitsubishi Electric Corporation, Northrop Grumman Corporation, Honeywell International Inc., BAE Systems plc, Boeing Defense Space & Security, Thales Group, L3Harris Technologies Inc., IHI Corporation, Teledyne Technologies Incorporated, Space Exploration Technologies Corp. (SpaceX), Leonardo S.p.A., QinetiQ Group plc, Maxar Technologies Inc., Airbus Defence and Space, Sierra Nevada Corporation, OHB SE, Cobham Limited, JONSA TECHNOLOGIES CO. LTD., Sat-Lite Technologies LLC, Challenger Communications LLC
Which Regional Satellite Component Markets Offer the Greatest Growth Potential?
North America was the largest region in the satellite component market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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