Medium and Large Satellite Market to Reach USD 9.52 Billion by 2030 | At a CAGR of 4.7%
Key Companies Covered in Medium and Large Satellite Market are Airbus SAS (Netherlands), Lockheed Martin Corporation (U.S.), L3Harris Technologies Inc. (U.S.), SpaceX (U.S.), NASA (U.S.), Northrop Grumman Corporation (U.S.), Sierra Nevada Corporation (U.S.), ST Engineering (Singapore), The Boeing Company (U.S.), Thales Group (France), and more players profiles.
Pune, India, July 18, 2023 (GLOBE NEWSWIRE) — The global medium and large satellite market size was valued at USD 7.90 billion in 2022 and is anticipated to expand from USD 6.91 billion in 2023 to USD 9.52 billion by 2030, exhibiting a CAGR of 4.7% over the study period. The expansion is driven by the rising product deployment for complex missions that require various capabilities such as global communication, advanced scientific research, deep space exploration, and others.
Fortune Business Insights™ provides this information in its research report, titled “Medium and Large Satellite Market, 2023-2030”.
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List of Key Players Profiled in the Medium and Large Satellite Market Report:
- Airbus SAS (Netherlands)
- Lockheed Martin Corporation (U.S.)
- L3Harris Technologies Inc. (U.S.)
- SpaceX (U.S.)
- NASA (U.S.)
- Northrop Grumman Corporation (U.S.)
- Sierra Nevada Corporation (U.S.)
- ST Engineering (Singapore)
- The Boeing Company (U.S.)
- Thales Group (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.7% |
| 2030 Value Projection | USD 9.52 Billion |
| Market Size in 2023 | USD 6.91 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Medium and Large Satellite Market Growth Drivers | Increased Demand for Military Reconnaissance and Communication Applications to Drive Market Growth |
| Rising Utility of Satellite Imaging for Homeland Security and Defense to Impel Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/medium-and-large-satellite-market-106278
Segments:
LEO Segment to Lead Owing to an Increase in the Number of Targeting Missions
On the basis of orbit, the market is subdivided into MEO, LEO, GEO, and others. The LEO segment dominated the market and is expected to expand at the highest CAGR over the forecast period. The surge is driven by an increase in the number of missions targeting the lower earth orbit.
Earth Observation Segment to Gain Traction Impelled by Upsurge in Environmental Monitoring Activities
Based on application, the market for medium and large satellites is fragmented into earth observation, communication, navigation and global positioning, and others. The earth observation segment held a dominating share in the market and is expected to grow at the highest CAGR over the study period. The surge is impelled by the increasing concerns associated with climate change and the rising need for earth observation.
Military Segment to Register Notable Upsurge Driven by Enhanced Features
On the basis of end user, the market is classified into government, commercial, and military. The military segment is estimated to dominate the market, exhibiting an appreciable CAGR over the analysis period. The growth can be credited to the advantage of improved features.
Up to 5,000 kg Segment to Depict Appreciable Surge Impelled by Growing Demand for Miniaturized Components
By payload, the market for medium and large satellites is segmented into up to 5,000 kg, 5,000 to 10,000 kg, and above 10,000 kg. The up to 5,000 kg segment is expected to gain notable traction over the estimated period. The expansion is propelled by the soaring demand for improved data collection and high resolution imaging.
Based on geography, the market for medium and large satellites has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Russia-Ukraine War Impact:
Growing Security Concerns due to Russia-Ukraine War Hampered Market Growth
The Russia-Ukraine war negatively affected the satellite communication infrastructure in certain areas. The damaged assets constituted antennas, satellite ground stations, and other facilities. The war also created tension for joint space missions, collaborative space projects, and others.
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Report Coverage:
The report provides an analysis of the key trends impelling the global business outlook over the coming years. It further gives an insight into the major factors driving the industry expansion over the study period. The report also delves into the pivotal initiatives and strategies adopted by leading companies for gaining a strong market foothold.
Drivers and Restraints:
Soaring Military Reconnaissance and Communication Demand to Propel Industry Expansion
The demand for military reconnaissance and communication applications has registered an upsurge over the past few years. The demand is rising from defense agencies, space agencies, private space industry players, and private defense contractors. These factors are set to propel medium and large satellite market growth over the coming years.
However, the high cost associated with satellite components and their installation may hamper industry expansion to some extent.
Regional Insights:
North America to Hold a Prominent Share Owing to Rising Government Expenditure
The presence of major players such as Northrop Grumman, Lockheed Martin Corporation, Boeing, L3Harris Technologies, Inc., and others and growing space expenditure by governments in the region are expected to propel market growth in North America. North America is expected to dominate the medium and large satellite market share, exhibiting a major market value over the forecast period.
The Europe market is estimated to expand at a considerable CAGR over the study period. The rise is driven by the growing space exploration expenditure from France, Germany, the U.K., and other countries in the region.
Competitive Landscape:
Major Companies Formulate New Strategies to Strengthen Industry Footing
Leading industry participants focus on developing new strategies for strengthening the positions of their businesses. These comprise merger agreements and the launch of new products. Several companies are directing their efforts toward collaborations and partnership agreements for the expansion of their product reach.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of COVID-19 Pandemic on Global Medium and Large Satellite Market
- Quantitative Insights – Impact of Russia-Ukraine War on Global Medium and Large Satellite Market
- Global Medium and Large Satellite Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Orbit
- LEO
- MEO
- GEO
- Others
- Market Analysis, Insights and Forecast – By Application
- Earth Observation
- Navigation and global positioning
- Communication
- Others
- Market Analysis, Insights and Forecast – By End User
- Commercial
- Government
- Military
- Market Analysis, Insights and Forecast – By Payload
- Upto 5000 kg
- 5000 kg to 10000 kg
- above 10000 kg
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medium and Large Satellite Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Orbit
- LEO
- MEO
- GEO
- Others
- Market Analysis, Insights and Forecast – By Application
- Earth Observation
- Navigation and global positioning
- Communication
- Others
- Market Analysis, Insights and Forecast – By Orbit
TOC Continued…!
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Key Industry Development:
January 2023 – Raytheon Intelligence & Space was awarded a key contract for the development of a prototype MTC (Missile Track Custody) system for the U.S. Space Force. Under the deal, the company will serve as the key contractor and develop a space vehicle with a missile tracking mission payload.
Read Related Insights:
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Satellite Imaging Market to Reach USD 84.6 Billion by 2030 | At CAGR of 19.12%
Military Satellite Market Size Hit USD 22.0 Million by 2028 | Military Satellite Industry Striking Growth 7.10% CAGR
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