(MENAFN- America News Hour) Increased demand for communications, high-speed internet, and global connectivity is expected to fuel the growth of the SATCOM equipment market for space across the globe.
The
satcom equipment market
for space is projected to grow from USD 2.8 billion in 2023
to USD 7.0 billion by 2033, at a CAGR of 16.8% from 2023-2033. One of the major factors expected to fuel market growth is the rising demand for high-speed internet, global connectivity, and communications.
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The commercial segment is estimated to grow at the highest CAGR during the forecast period
By end user, the commercial segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased launch of satellites to cater to the demand for communications, earth observation, and navigation. For instance, according to an article in January 2023 by Pixalytics Ltd, the Russian Soyuz rocket from the Vostochny Cosmodrome in Russia launched 27 EO satellites in orbit on 27 December 2022. The article also mentioned six scheduled launches of EO satellites in February 2019 from countries such as Canada, Egypt, and Italy, among others.
The earth observation & remote sensing segment is estimated to lead the SATCOM equipment market for space in 2023
By application, the earth observation & remote sensing segment is estimated to account for the largest share of the SATCOM equipment market for space in 2019. Need for agriculture monitoring, monitoring of weather patterns, environmental monitoring, ocean monitoring, and terrain mapping, among others, is driving the demand for EO satellites. Data related to determining soil moisture content and understanding the Earth's water cycle is in demand. This data can be derived using remote sensing satellites.
The increased use of CubeSats for testing new technologies will drive the SATCOM equipment market for space during the forecast period
By satellite type, the CubeSat (0.25U–27U) segment is estimated to grow at the highest CAGR during the forecast period. The usage of CubeSats for various applications has increased over the years due to the miniaturization of technology and the cost-saving benefits of using CubeSats for Low Earth Orbit missions. Most CubeSats are launched for EO missions as well as scientific experiments and testing of new technologies. For instance, the Estonian Space Agency plans to launch a CubeSat in 2019 to test advanced technologies such as plasma brake (for deorbiting satellites) and electric sail propulsion. The increasing launch of CubeSats for such missions will drive the SATCOM equipment market for space.
North America is estimated to account for the largest share of the SATCOM equipment market for space in 2023
The North American region is estimated to lead the SATCOM equipment market for space in 2023. The market in this region is highly competitive, owing to the presence of a large number of Original Component Manufacturers (OCMs) and Original Equipment Manufacturers (OEMs), such as Harris Corporation, General Dynamics Corporation, and Maxar Technologies. An increase in satellite launches in the US is expected to drive the growth of the SATCOM equipment market for space in North America during the forecast period.
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The break-up of the profiles of primary participants in the SATCOM equipment market for space is as follows:
. By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%
. By Designation: C Level Executives–35%, Directors–25%, and Others–40%
. By Region: North America–45%, Europe–20%, Asia Pacific–30% and the Middle East & Africa and South America–5%
Major players operating in the SATCOM equipment market for space include Airbus SE (Netherlands), Maxar Technologies (US), Mitsubishi Electric Corporation (Japan), General Dynamics Corporation (US), Honeywell International Inc. (US), Harris Corporation (US), ISIS – Innovative Solutions in Space B.V. (Netherlands), and Oxford Space Systems (UK).
Research Coverage:
This market study covers the SATCOM equipment market for space across various segments and subsegments. It aims at estimating the market size and growth potential of this market across different segments based on satellite type, end user, application, component, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report:
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall SATCOM equipment market for space and its segments. This study is also expected to provide region wise information about the applications, wherein SATCOM equipment is used. This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their business, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
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