The Satellite Component Market size is estimated at USD 3.16 billion in 2024, and is expected to reach USD 4.37 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
The satellite component market is moderately consolidated in nature, with a handful of players holding significant shares in the market. Some prominent market players are THALES, Viking Satcom, Lockheed Martin Corporation, Northrop Grumman Corporation, and Honeywell International Inc. With the growing competition, major original equipment manufacturers (OEMs) are focusing on the design and development of advanced satellite components and systems for space applications. Growing expenditure on research and development and design and development of next-generation satellite antennas, transponders, propulsion systems, and others will create better opportunities in the coming years.
For instance, in October 2021, the European Space Agency (ESA), French space agency CNES and Thales Alenia Space, a satellite manufacturer, announced it would jointly develop a cooling system that will maintain the temperature of big satellites in orbit. It will be the first mechanically pumped loop to be used on large commercial telecommunications satellites.
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