GEO Satellite Market Size
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 18.21 Billion |
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Market Size (2029) | USD 21.79 Billion |
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Largest Share by Propulsion Tech | Liquid Fuel |
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CAGR (2024 - 2029) | 3.65 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
GEO Satellite Market Analysis
The GEO Satellite Market size is estimated at USD 18.21 billion in 2024, and is expected to reach USD 21.79 billion by 2029, growing at a CAGR of 3.65% during the forecast period (2024-2029).
18.21 Billion
Market Size in 2024 (USD)
21.79 Billion
Market Size in 2029 (USD)
-19.61 %
CAGR (2017-2023)
3.65 %
CAGR (2024-2029)
Largest Market by Propulsion Tech
73.93 %
value share, Liquid Fuel, 2022
Due to its high efficiency, controllability, reliability, and long lifespan, liquid fuel-based propulsion technology is an ideal choice for space missions. It can be used in various orbit classes for satellites.
Largest Market by Application
47.82 %
value share, Communication, 2022
Governments, space agencies, defense agencies, private defense contractors, and private space industry players are emphasizing the enhancement of the communication network capabilities for various public and military reconnaissance applications.
Largest Market by Satellite Subsystem
NaN %
value share, Structures, Harness & Mechanisms, Harness & Mechanisms
The demand for these propulsion systems is driven by the launch of mass satellite constellations into space. They are used for transferring the spacecraft to the orbit.
Largest Market by region
64.23 %
value share, Asia-Pacific, 2022
Government collaborations with private players are emphasizing the growth of GEO Satellite in the Asia-Pacific region. In addition, continuous investments towards the development of these satellites by China and India is also prompting to the increased growth.
Leading Market Player
47.98 %
market share, China Aerospace Science and Technology Corporation (CASC), 2022
China Aerospace Science and Technology Corporation is the largest player in the global GEO satellites market. CASC offers a wide range of launch vehicles and adopts a competitive pricing strategy to attract customers globally.
Liquid fuel propulsion is expected to surge during the forecast period
- A satellite's propulsion system plays a key role in changing its speed and direction. It is also used to adjust the position of the spacecraft in orbit. After entering orbit, the spacecraft requires attitude control to correct its orientation with respect to the Earth and the Sun. In some cases, it is necessary to move the satellite out of orbit, and without the ability to adapt to orbit, the satellite is considered dead. Therefore, the importance of powertrain systems is expected to drive market growth. Different types of fuel are used for different purposes. Liquid propellants use rocket engines that use liquid propellants. Gas fuels can also be used but are less popular due to their low density and difficulty using conventional pumping methods. In 2020, the market was declined by 44%, impacted by the manufacturing and operational challenges faced by the pandemic.
- The liquid system that made it possible has proven to be highly efficient and reliable. These include hydrazine systems, single or dual propulsion systems, hybrid systems, cold/hot air systems, and solid propellants. It is used when strong thrust or quick maneuvering is required. Therefore, liquid systems will continue to be the space propulsion technology of choice if their total thrust capacity is sufficient to meet mission requirements.
- On the other hand, electric propulsion is commonly used to hold stations for commercial communications satellites, and its high specific impulse makes it the primary propulsion for some space exploration missions. The utilization of electric propulsion systems is expected to surge during 2023-2029, and the overall market is expected to surge by 22%. New satellite launches are expected to accelerate market growth during the forecast period.
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Liquid fuel propulsion is expected to surge during the forecast period
- The global GEO satellite market is expected to grow significantly in the coming years, driven by various satellite applications across different industries. The market can be analyzed concerning North America, Europe, and Asia-Pacific, which are the major regions in terms of market share and revenue generation. Between 2017 and 2022, 147 satellites were manufactured and launched by various operators in this segment into GEO. Of these 147 satellites, nearly 75% were launched for communication purposes.
- North America is expected to dominate the global GEO satellite market due to the presence of several leading market players, such as Boeing, Lockheed Martin, and Northrop Grumman. The increasing demand for high-speed internet, navigation services, and remote sensing applications in the region is expected to fuel market growth. Between 2017 and 2022, the region accounted for 30% of the total satellites manufactured and launched into GEO.
- In Europe, the GEO satellite market is expected to grow significantly due to the increasing demand for high-speed internet and communication services. The ESA has been investing heavily in the development of advanced satellite technology, which is expected to further drive the growth of the market in the region. During 2017-2022, the region accounted for 11% of the total satellites manufactured and launched into GEO.
- In Asia-Pacific, increasing investments in the development of satellite technology and infrastructure by governments and private organizations in the region are expected to further boost the growth of the market. During 2017-2022, the region accounted for 59% of the total satellites manufactured and launched into GEO.
Global GEO Satellite Market Trends
Satellites are equipped with more sophisticated communication devices, advanced imaging capabilities, and advanced sensors that, in addition to other functions, contribute to their mass
- The mass of GEO (geostationary Earth orbit) satellites can vary depending on their specific design, purpose, and the technological advancements integrated. However, certain trends and general considerations have shaped the mass of GEO satellites over time. Over the years, there has been a general trend of increasing the mass of GEO satellites, mainly due to advances in technology and the increasing complexity of satellite payloads. Satellites now carry more advanced communications equipment, high-resolution imaging systems, and sophisticated sensors that, among other capabilities, contribute to their overall mass.
- High-throughput satellites (HTS) are designed to provide enhanced data capacity and faster communication speeds. These satellites employ advanced antenna systems, multiple spot beams, and frequency reuse techniques to maximize their communication capabilities. The additional complexity and larger communication payloads of HTS can result in higher satellite masses.
- GEO satellites primarily serve as relays for communications, providing services such as television broadcasting, internet connectivity, and telecommunications. The size and volume of the communication payload have increased as the demand for higher bandwidth and more advanced services has increased. To accommodate larger and more powerful communications equipment, GEO satellites have become heavier. During 2017-2022, over 140 satellites were launched in GEO globally. The surge in the number of military satellites is expected to aid the GEO satellite segment in the forecast period.
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The growth of the global market is expected to be supported by indigenous space capabilities
- A geostationary orbit is a circular orbit located at an altitude of approximately 35,786 km above the Earth's equator. GEO satellites offer a range of market applications and services such as communications, navigation, surveillance, remote sensing, weather forecasting, satellite broadcasting, and internet services. Between 2017 and May 2022, over 145+ GEO satellites were launched globally.
- The Canadian space industry adds USD 2.3 billion to the country's GDP and employs 10,000 people, according to the government. The government reports that 90% of Canadian space firms are small- and medium-sized businesses. The Canadian Space Agency's (CSA) budget is modest, with its budgetary spending for 2022-23 estimated at USD 329 million.
- In Asia-Pacific, currently, only China, India, and Japan have full end-to-end space capacity and complete space infrastructure and technology for all communication, Earth observation (EO), and navigation satellites, including for the manufacturing of satellites, rockets, and spaceports. Other countries in the region rely on international cooperation to carry out their respective space programs. However, this trend is expected to change to some extent over the coming years, although many countries in the region are developing indigenous space capabilities as part of their latest agile strategies. In June 2022, South Korea launched the Nuri rocket, putting six satellites into orbit, making it the seventh country in the world to successfully launch a payload weighing more than one ton.
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GEO Satellite Industry Overview
The GEO Satellite Market is fairly consolidated, with the top five companies occupying 88.46%. The major players in this market are Airbus SE, China Aerospace Science and Technology Corporation (CASC), Lockheed Martin Corporation, Maxar Technologies Inc. and Thales (sorted alphabetically).
GEO Satellite Market Leaders
Airbus SE
China Aerospace Science and Technology Corporation (CASC)
Lockheed Martin Corporation
Maxar Technologies Inc.
Thales
Other important companies include Indian Space Research Organisation (ISRO), Japan Aerospace Exploration Agency (JAXA), Mitsubishi Heavy Industries, Northrop Grumman Corporation, The Boeing Company.
*Disclaimer: Major Players sorted in alphabetical order.
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GEO Satellite Market News
- February 2023: China sent the Zhongxing-26 communications satellite into orbit,it is expected to be a military satellite
- January 2023: Airbus was awarded to build a geostationary telecommunications satellite by Inmarsat. The Airbus-built Inmarsat-6 telecommunications satellite (I-6 F2) has brought on board an Airbus Beluga at the Kennedy Space Center in Florida ready for its launch in February 2023.
- December 2022: Airbus has successfully achieved the System Critical Design Review on the EGNOS V3 (European Geostationary Navigation Overlay Service) satellite-based augmentation system. The new V3 generation of EGNOS being developed by Airbus will introduce new services based on multiple frequencies of multiple constellations (GPS, Galileo), and will embed sophisticated security protection against cyber-attacks.
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We offer a comprehensive set of global and local metrics that illustrate the fundamentals of the satellites industry. Clients can access in-depth market analysis of various satellites and launch vehicles through granular level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on satellite launches, satellite mass, application of satellites, spending on space programs, propulsion systems, end users, etc., are available in the form of comprehensive reports as well as excel based data worksheets.
GEO Satellite Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Satellite Mass
- 4.2 Spending On Space Programs
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4.3 Regulatory Framework
- 4.3.1 Global
- 4.3.2 Australia
- 4.3.3 Brazil
- 4.3.4 Canada
- 4.3.5 China
- 4.3.6 France
- 4.3.7 Germany
- 4.3.8 India
- 4.3.9 Iran
- 4.3.10 Japan
- 4.3.11 New Zealand
- 4.3.12 Russia
- 4.3.13 Singapore
- 4.3.14 South Korea
- 4.3.15 United Arab Emirates
- 4.3.16 United Kingdom
- 4.3.17 United States
- 4.4 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Application
- 5.1.1 Communication
- 5.1.2 Earth Observation
- 5.1.3 Navigation
- 5.1.4 Space Observation
- 5.1.5 Others
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5.2 Satellite Mass
- 5.2.1 10-100kg
- 5.2.2 100-500kg
- 5.2.3 500-1000kg
- 5.2.4 above 1000kg
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5.3 End User
- 5.3.1 Commercial
- 5.3.2 Military & Government
- 5.3.3 Other
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5.4 Propulsion Tech
- 5.4.1 Electric
- 5.4.2 Gas based
- 5.4.3 Liquid Fuel
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5.5 Region
- 5.5.1 Asia-Pacific
- 5.5.2 Europe
- 5.5.3 North America
- 5.5.4 Rest of World
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 Airbus SE
- 6.4.2 China Aerospace Science and Technology Corporation (CASC)
- 6.4.3 Indian Space Research Organisation (ISRO)
- 6.4.4 Japan Aerospace Exploration Agency (JAXA)
- 6.4.5 Lockheed Martin Corporation
- 6.4.6 Maxar Technologies Inc.
- 6.4.7 Mitsubishi Heavy Industries
- 6.4.8 Northrop Grumman Corporation
- 6.4.9 Thales
- 6.4.10 The Boeing Company
7. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter's Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- SATELLITE MASS (ABOVE 10KG) GLOBALLY, NUMBER OF SATELLITES LAUNCHED, GLOBAL, 2017 - 2022
- Figure 2:
- SPENDING ON SPACE PROGRAMS GLOBALLY, USD, GLOBAL, 2017 - 2022
- Figure 3:
- GLOBAL GEO SATELLITE MARKET, VALUE, USD, 2017 - 2029
- Figure 4:
- VALUE OF GEO SATELLITE MARKET BY APPLICATION, USD, GLOBAL, 2017 - 2029
- Figure 5:
- VALUE SHARE OF GEO SATELLITE MARKET BY APPLICATION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 6:
- VALUE OF COMMUNICATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 7:
- VALUE OF EARTH OBSERVATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 8:
- VALUE OF NAVIGATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 9:
- VALUE OF SPACE OBSERVATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 10:
- VALUE OF OTHERS MARKET, USD, GLOBAL, 2017 - 2029
- Figure 11:
- VALUE OF GEO SATELLITE MARKET BY SATELLITE MASS, USD, GLOBAL, 2017 - 2029
- Figure 12:
- VALUE SHARE OF GEO SATELLITE MARKET BY SATELLITE MASS, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 13:
- VALUE OF 10-100KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 14:
- VALUE OF 100-500KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 15:
- VALUE OF 500-1000KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 16:
- VALUE OF ABOVE 1000KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 17:
- VALUE OF GEO SATELLITE MARKET BY END USER, USD, GLOBAL, 2017 - 2029
- Figure 18:
- VALUE SHARE OF GEO SATELLITE MARKET BY END USER, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 19:
- VALUE OF COMMERCIAL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 20:
- VALUE OF MILITARY & GOVERNMENT MARKET, USD, GLOBAL, 2017 - 2029
- Figure 21:
- VALUE OF OTHER MARKET, USD, GLOBAL, 2017 - 2029
- Figure 22:
- VALUE OF GEO SATELLITE MARKET BY PROPULSION TECH, USD, GLOBAL, 2017 - 2029
- Figure 23:
- VALUE SHARE OF GEO SATELLITE MARKET BY PROPULSION TECH, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 24:
- VALUE OF ELECTRIC MARKET, USD, GLOBAL, 2017 - 2029
- Figure 25:
- VALUE OF GAS BASED MARKET, USD, GLOBAL, 2017 - 2029
- Figure 26:
- VALUE OF LIQUID FUEL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 27:
- VALUE OF GEO SATELLITE MARKET BY REGION, USD, GLOBAL, 2017 - 2029
- Figure 28:
- VALUE SHARE OF GEO SATELLITE MARKET BY REGION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 29:
- VALUE OF GEO SATELLITE MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 30:
- VALUE SHARE OF GEO SATELLITE MARKET BY APPLICATION, %, ASIA-PACIFIC, 2017 - 2029
- Figure 31:
- VALUE OF GEO SATELLITE MARKET, USD, EUROPE, 2017 - 2029
- Figure 32:
- VALUE SHARE OF GEO SATELLITE MARKET BY APPLICATION, %, EUROPE, 2017 - 2029
- Figure 33:
- VALUE OF GEO SATELLITE MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 34:
- VALUE SHARE OF GEO SATELLITE MARKET BY APPLICATION, %, NORTH AMERICA, 2017 - 2029
- Figure 35:
- VALUE OF GEO SATELLITE MARKET, USD, REST OF WORLD, 2017 - 2029
- Figure 36:
- VALUE SHARE OF GEO SATELLITE MARKET BY APPLICATION, %, REST OF WORLD, 2017 - 2029
- Figure 37:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, GLOBAL GEO SATELLITE MARKET, ALL, 2017 - 2029
- Figure 38:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, GLOBAL GEO SATELLITE MARKET, ALL, 2017 - 2029
- Figure 39:
- MARKET SHARE OF GLOBAL GEO SATELLITE MARKET, %, ALL, 2022
GEO Satellite Industry Segmentation
Communication, Earth Observation, Navigation, Space Observation, Others are covered as segments by Application. 10-100kg, 100-500kg, 500-1000kg, above 1000kg are covered as segments by Satellite Mass. Commercial, Military & Government are covered as segments by End User. Electric, Gas based, Liquid Fuel are covered as segments by Propulsion Tech. Asia-Pacific, Europe, North America are covered as segments by Region.
- A satellite's propulsion system plays a key role in changing its speed and direction. It is also used to adjust the position of the spacecraft in orbit. After entering orbit, the spacecraft requires attitude control to correct its orientation with respect to the Earth and the Sun. In some cases, it is necessary to move the satellite out of orbit, and without the ability to adapt to orbit, the satellite is considered dead. Therefore, the importance of powertrain systems is expected to drive market growth. Different types of fuel are used for different purposes. Liquid propellants use rocket engines that use liquid propellants. Gas fuels can also be used but are less popular due to their low density and difficulty using conventional pumping methods. In 2020, the market was declined by 44%, impacted by the manufacturing and operational challenges faced by the pandemic.
- The liquid system that made it possible has proven to be highly efficient and reliable. These include hydrazine systems, single or dual propulsion systems, hybrid systems, cold/hot air systems, and solid propellants. It is used when strong thrust or quick maneuvering is required. Therefore, liquid systems will continue to be the space propulsion technology of choice if their total thrust capacity is sufficient to meet mission requirements.
- On the other hand, electric propulsion is commonly used to hold stations for commercial communications satellites, and its high specific impulse makes it the primary propulsion for some space exploration missions. The utilization of electric propulsion systems is expected to surge during 2023-2029, and the overall market is expected to surge by 22%. New satellite launches are expected to accelerate market growth during the forecast period.
| Application | Communication |
| Earth Observation | |
| Navigation | |
| Space Observation | |
| Others | |
| Satellite Mass | 10-100kg |
| 100-500kg | |
| 500-1000kg | |
| above 1000kg | |
| End User | Commercial |
| Military & Government | |
| Other | |
| Propulsion Tech | Electric |
| Gas based | |
| Liquid Fuel | |
| Region | Asia-Pacific |
| Europe | |
| North America | |
| Rest of World |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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