Satellite Communications Market Size

Satellite Communications Market Analysis

The Satellite Communications Market size is estimated at USD 193.30 billion in 2024, and is expected to reach USD 297.25 billion by 2029, growing at a CAGR of 8.99% during the forecast period (2024-2029).

Want to share this? Click here to share on social media or embed it on your website.

193.30 Billion

Market Size in 2024 (USD)

297.25 Billion

Market Size in 2029 (USD)

15.35 %

CAGR (2017-2023)

8.99 %

CAGR (2024-2029)

Largest Market by Satellite Mass

80.32 %

value share, 100-500kg, 2022

Minisatellites with expanded capacity for enterprise data (retail and banking), oil, gas, and mining, and governments in developed countries pose high demand. The demand for minisatellites with a LEO is increasing due to their expanded capacity.

Fastest-Growing Market by Orbit class

13.91 %

Projected CAGR, GEO, 2023-2029

The increasing demand from governments for military applications is one of the major factors driving the demand for GEO satellites.

Largest Market by Orbit Class

85.79 %

value share, LEO, 2022

LEO satellites are increasingly being adopted in modern communication technologies. These satellites serve an important role in Earth observation applications.

Largest Market by region

77.67 %

value share, North America, 2022

The increasing investment in satellite equipment to enhance the defense and surveillance capabilities, critical infrastructure, and law enforcement agencies using satellite systems are expected to drive the LEO satellite market in the North American region.

Leading Market Player

74.82 %

market share, Space Exploration Technologies Corp., 2022

SpaceX is the leading player in the global satellite communication market. The company maintains its market share globally through its Starlink project in over 53 countries, and it produces 120 satellites per month.

LEO satellites are expected to comprise the leading segment

Rising demand for communication application is driving the demand in the market globally

Satellite Communications Industry Segmentation

10-100kg, 100-500kg, 500-1000kg, Below 10 Kg, above 1000kg are covered as segments by Satellite Mass. GEO, LEO, MEO are covered as segments by Orbit Class. Broadcasting, Mobile Communication, Satellite Phone, Others are covered as segments by Communication Type. Commercial, Military & Government are covered as segments by End User. Asia-Pacific, Europe, North America are covered as segments by Region.

• A satellite or spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey. There are three types of Earth orbits: geostationary orbit (GEO), medium Earth orbit (MEO), and low Earth orbit (LEO). Many weather and communications satellites tend to have high Earth orbits, which are farthest from the surface. Satellites in medium Earth orbit include navigational and specialized satellites designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
• The rapid development of small satellites and their deployment in low Earth orbit because of their added advantages are driving the growth of the LEO segment. During 2017-2019, the majority share of the market was occupied by GEO satellites. In 2020, LEO satellites gained momentum, and they are expected to continue their growth trajectory during the forecast period as well. The LEO segment is expected to occupy a market share of 79.5% in 2029, followed by GEO, with a share of 18%.
• The different satellites manufactured and launched have different applications. During 2017-2022, of the 57 satellites launched in MEO, eight were built for communication purposes. Similarly, of the 147 satellites in GEO, 105 were deployed for communication purposes. Around 4,131 LEO satellites manufactured and launched were owned by various organizations across the world. Of that, nearly 2,976 satellites were designed for communication purposes.