PUBLISHER: The Business Research Company | PRODUCT CODE: 1484997
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484997
A GEO (Geostationary Orbit) satellite is a satellite that orbits the Earth at an altitude where its orbital period matches the Earth's rotational period. These satellites move in sync with the Earth's rotation, appearing stationary from the perspective of an observer on the ground. GEO satellites play a vital role in various applications, including communication, navigation, weather forecasting, earth observation, and national security efforts.
The main types of propulsion technology for GEO satellites are electric, gas-based, and liquid fuel. Gas-based propulsion involves fuels derived from gases, either naturally occurring or manufactured through chemical processes. GEO satellites come in various mass categories, including 10-100kg, 100-500kg, 500-1000kg, and above 1000kg. They find applications in communication, earth observation, navigation, and space exploration, serving various end-users such as commercial, military, government, and others.
The geo satellite market research report is one of a series of new reports from The Business Research Company that provides geo satellite market statistics, including geo satellite industry global market size, regional shares, competitors with a geo satellite market share, detailed geo satellite market segments, market trends and opportunities, and any further data you may need to thrive in the geo satellite industry. This geo satellite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The GEO satellite market size has grown strongly in recent years. It will grow from $16.46 billion in 2023 to $17.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historical period can be attributed to the increasing demand for communication services, the expansion of global navigation systems, and the rapid transmission of communication and data.
The GEO satellite market size is expected to see strong growth in the next few years. It will grow to $20.94 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The anticipated growth in the forecast period can be attributed to the escalating demand for broadband connectivity, the proliferation of Internet of Things (IoT) applications, the increasing need for high-resolution imaging, and the growing demand for secure communication channels. Major trends expected in the forecast period encompass the integration of artificial intelligence and machine learning technologies, a resurgence of interest in space tourism, the emergence of new markets for GEO satellites, and the development of enhanced security solutions for satellites.
The increasing demand for telecommunications services is poised to drive the growth of the GEO satellite market in the foreseeable future. Telecommunications services encompass a variety of communication services, including voice, data, and multimedia transmission over long distances using electronic means. This growing demand for telecommunications services stems from the escalating need for connectivity, digitalization, and innovation in a rapidly evolving global economy. GEO satellite networks play a pivotal role by providing redundancy and resilience to terrestrial telecommunications infrastructure, thereby helping mitigate the impact of natural disasters, network outages, or cyberattacks. For example, as per reports published by The Office of Communications, a UK-based communications services company, in April 2023, mobile telephony services generated £3.3 billion ($4.15 billion) in retail revenues in 2022, reflecting a £161.1 million ($202.66 million) increase, marking a 5.2% rise from the previous year. Consequently, the escalating demand for telecommunications services acts as a catalyst for the growth of the GEO satellite market.
Key players in the GEO satellite market are strategically focusing on developing new technologies to meet the growing demands of various sectors. One such example is the INSAT-3DS meteorological satellite, designed to monitor the earth's surface and improve meteorological services across sectors such as agriculture, aviation, and disaster management by providing more accurate and timely data for weather predictions and emergency response efforts. For instance, in February 2024, the Indian Space Research Organisation (ISRO) launched the INSAT-3D meteorological satellite. Equipped with various sensors and instruments, these satellites capture crucial data such as temperature, humidity, wind speed, cloud cover, precipitation, and atmospheric composition. Placed in geostationary orbit (GEO), meteorological satellites ensure continuous monitoring of weather patterns and atmospheric conditions, offering valuable insights for weather forecasting and climate research on a global scale.
In May 2023, Viasat Inc., a US-based global communication company, completed the acquisition of Inmarsat Global Ltd. for an undisclosed sum. This strategic move aims to enhance Viasat Inc.'s scale and scope in the satellite communications industry, driving growth in the global satellite connectivity sector and fostering innovation to meet the increasing demands for speed, flexibility, reliability, coverage, and security in global satellite connectivity. Inmarsat Global Ltd., a UK-based company, specializes in manufacturing GEO satellites, thereby complementing Viasat Inc.'s portfolio and strengthening its position in the satellite communications market.
Major companies operating in the geo satellite market are Lockheed Martin Corporation, Airbus Defense and Space Company, Northrop Grumman Corporation, Boeing Company, Thales Group, Ball Aerospace & Technologies Corp., Singtel Optus Pty Limited, Thaicom Public Company Limited, Intelsat S.A., SES S.A., EchoStar Corporation, Inmarsat plc, Eutelsat Communications S.A., OHB System AG, Telesat Corp., Al Yah Satellite Communications Company, Asia Broadcast Satellite Pvt. Ltd., Avanti Communications Group plc, Russian Satellite Communications Company, China Satellite Communications Co. Ltd., AeroAstro Inc., JSC Information Satellite Systems Reshetnev, Loral LLC, O3b Networks Ltd., APT Satellite Holdings Limited
Asia-Pacific was the largest region in the GEO satellite market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the geo satellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the geo satellite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The GEO satellite market consists of revenues earned by entities by providing services such as broadcasting services, internet connectivity, weather monitoring, and forecasting. The market value includes the value of related goods sold by the service provider or included within the service offering. The satellite market also includes sales of satellite hardware, satellite payloads, and satellite-based services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.