Geostationary Satellites Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Communication System, Power System, Propulsion System, and Others), Application (Communicatio

Geostationary Satellites Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Communication System, Power System, Propulsion System, and Others), Application (Communications, Space Exploration, Navigation, Earth Observation, and Others), and Geography

The geostationary satellites market is projected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023; the market is expected to register a CAGR of 3.7% during 2023-2031.

In 2023, the US government's space budget reached ~US$ 117 billion, recording an upsurge of 15% compared to 2022. Nearly US$ 59 billion of this investment was made in defense expenditures, including satellite launches. The US leads the geostationary satellite market owing to the prominent presence of several geostationary satellite system manufacturers and government investments in the space sector. Moog Inc., Northrop Grumman Corporation, Lockheed Martin, and AQST Canada Inc. are among the major manufacturers of geostationary satellite solutions in North America. The Government of Canada invests significant resources in the space sector. In 2023, the government announced a multi-year plan to support the privately built rocket launching initiatives in the country. Thus, a surge in investments by governments in the space industry and new product innovations in the space sector are the factors anticipated to propel the geostationary satellite market growth in North America.

The space sector in the US has witnessed significant investments in satellite launches. For instance, in January 2024, the US government launched a satellite constellation award worth US$ 10 billion in the Pentagon, US. The scope of this award includes the launch of more than 400 satellites in space, including the geostationary orbit (GEO) as well as lower earth orbit (LEO). This contract was awarded to some of the major manufacturers, including Northrop Grumman, Lockheed Martin, and L3Harris. The US led the market in terms of satellite launches in 2023. SpaceX independently launched 98 of the 109 satellite launch attempts made by the US in 2023, and 1,937 of the 2,234 US-built satellites were successfully orbited. The growing number of satellite launches, along with a rise in product development in the satellite industry, is fueling the geostationary satellite market progress in the US. In January 2024, the Geostationary Operational Environmental Satellite U (GOES-U) was ready to launch in Florida, US. The satellite was developed by NASA and the National Oceanic and Atmospheric Administration (NOAA) in continuation of the GOES-R Series for weather observation and environmental monitoring. The GOES-R Series satellite landed enables forecasters to observe, predict, and track local weather events such as thunderstorms, wildfires, hurricanes, and solar storms for public safety. Thus, the emphasis on satellite launches and an upsurge in government budget allocations for the space sector drive the geostationary satellite market growth.

In May 2024, the European Defense Organization announced the funds of US$ 7 million to launch an autonomous Bodyguard satellite in the geosynchronous earth orbit. With a strong emphasis on satellite launches for earth observation and other research activities, European countries have emerged as key players in advancing geostationary satellite technologies. Leading aerospace and space companies such as Airbus and Thales Alenia Space, which are renowned for their expertise in developing cutting-edge geostationary satellite systems, are the prime contributors to the space sector in Europe. Several space research and earth observation programs are being introduced to launch new satellites in Europe. In 2022, the European Space Programme was launched to bolster the European space sector with a budget of ~US$ 14 billion, with a particular focus on fields such as satellite navigation, connectivity, earth observation, and space research. The European Space Programme is expected to promote the launch of new satellites, thereby creating significant opportunities for the geostationary satellite market in the region.

COPERNICUS is the European Earth observation system aimed to provide support in the management of the environment, mitigation of climate change impact, and ensuring civil security across Europe. Further, GALILEO is a global satellite navigation and positioning system (GNSS) launched in Europe to support various sectors of the European Union's economy, including transport, agriculture, border management, and search and rescue. In February 2022, the European Commission launched two new flagship initiatives to boost satellite-based connectivity and manage space traffic. Such initiatives and a surge in investments in the space sector are the major factors propelling the geostationary satellite market in Europe.

The global geostationary satellites market is segmented into component, application, and region. On the basis of component, the geostationary satellites market is segmented into communication system, power system, propulsion system, and others. Based on application, the geostationary satellites market is categorized into communications, space exploration, navigation, earth observation, and others. On the basis of region, the geostationary satellites market is categorized into North America, Europe, Asia Pacific, and Rest of the World.

Based on component type, the propulsion system segment is growing at a rapid pace with the increasing advancement in the system by key players and government organizations. For instance, in March 2024, the Indian Space Research Organization (ISRO) planned to demonstrate the use of electric propulsion systems on its satellites. The system consists of a thruster of 300 millinewtons (mN). Growing adoption of advanced propulsion systems drives the geostationary satellite market growth. Geostationary satellites are equipped with transponders that amplify, receive, and retransmit radio signals to and from Earth. These signals are used for a wide range of applications, including broadcasting, telecommunications, remote sensing, and navigation.

Based on application, communication segment has a largest share in 2023.The most common application of geostationary satellites is to provide effective telecommunication services. Geostationary satellites are equipped with transponders that receive, amplify, and retransmit radio signals to and from Earth. These signals are used for a wide range of applications, including broadcasting, telecommunications, remote sensing, and navigation purposes. The communications segment held the largest share in 2023, owing to the increasing investment by several countries' government organizations to launch communication satellites into space.

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