Satellite Manufacturing Market To Reach $52.66 Billion By 2030

Satellite Manufacturing Market Growth & Trends

The global satellite manufacturing market size is anticipated to reach USD 52.66 billion by 2030 and is projected to grow at the CAGR of 15.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is undergoing substantial growth primarily owing to increasing demand for satellites for research & development activities and various applications across industries. Several industries, including mining, construction, oil & gas, energy & utilities, agriculture, transportation, etc., are adopting satellite communication solutions to monitor on-site operations and conduct research activities remotely. For instance, geostationary satellites are extremely useful in weather monitoring as they provide a constant view of the same surface area of the earth. Such important applications are substantiating the market growth.

The considerable rise in the number of space exploration activities leading to increased demand for efficient infrastructure for manufacturing satellites and other equipment is creating lucrative growth opportunities for the global market. Several leading manufacturers are taking profound steps to strengthen their infrastructure and production capabilities to cater to the rising demand. For instance, in November 2023, Thales Alenia Space, a joint venture between Thales and Leonardo, launched its project to construct the Space Smart Factory in Europe. This facility is one of the biggest reconfigurable and digital facilities in the region and will join the interconnected space factories in Italy, leveraging advanced technologies to develop satellites for applications.

The expansion of the market is being further expedited by supportive government initiatives to collaborate with private players operating in space technology. For instance, in January 2024, Maxar Technologies received a contract to deliver a Precision3DTM Data Suite bundle to the National Geospatial-Intelligence Agency covering 160,000 square kilometers within the U.S. Indo-Pacific Command area of responsibility. Such initiatives are expected to transform the market outlook over the upcoming years.

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Satellite Manufacturing Market Report Highlights

• Based on category, the geostationary orbit (GEO) segment is expected to grow at the fastest CAGR over the forecast period. The satellites in geostationary orbit play a crucial role in weather monitoring as they provide a constant view of the same surface area

• Based on mass, the medium-sized satellites segment led the market with the largest revenue share of 69.29% in 2023, on account of the advantages associated with them. These satellites facilitate low costs and short production cycles as compared to the traditional ones

• Based on type of business, the commercial segment is estimated to grow at the fastest CAGR over the forecast period, owing to increasing investment in space exploration activities and the development of satellites by private players

• Based on application, the communication segment led the market with the largest revenue share of 48.22% in 2023. Satellite communication is gaining immense prominence with increased adoption of sat phones and broadband satellite data terminals across various industries

• North America dominates the market with the significant revenue share of 54.14% in 2023, due to the growing space industry in the region and ongoing expansion of various private aerospace companies

• In July 2023, ATS Corporation acquired Yazzoom BV, a Belgium-based company specializing in artificial intelligence (AI) and machine learning (ML) tools for industrial production. This acquisition is anticipated to contribute to the enhancement of the company's productivity and efficiency by leveraging advanced AI and ML technologies in industrial processes

Satellite Manufacturing Market Segmentation

Grand View Research has segmented the global satellite manufacturing market report based on category, mass, type of business, application, and region.

Satellite Manufacturing Category Outlook (Revenue, USD Million, 2018 - 2030)

• Low Earth Orbit (LEO)

• Medium Earth Orbit (MEO)

• Geostationary Orbit (GEO)

• Others

Satellite Manufacturing Mass Outlook (Revenue, USD Million, 2018 - 2030)

• Large Satellites

• Medium-Sized Satellites

• Nano Satellites

• Others

Satellite Manufacturing Type of Business Outlook (Revenue, USD Million, 2018 - 2030)

• Government

• Commercial

Satellite Manufacturing Application Outlook (Revenue, USD Million, 2018 - 2030)

• Communication

• Earth Observation and Remote Sensing

• Navigation

• Research and Development

• Military Surveillance

• Others

Satellite Manufacturing Region Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Satellite Manufacturing Market

• Airbus

• ArianeGroup

• Beijing Spacecraft Manufacturing Co., Ltd. (BSC)

• Boeing

• Dhruva Space Private Limited

• Gilmour Space Technologies

• INVAP

• Lockheed MartinCorporation

• Maxar Technologies Inc

• Mitsubishi Electric Corporation

• Northrop Grumman

• RTX Corporation

• Sierra Nevada Corporation

• SpaceX

• Thales