GEO Satellite Market to Reach $8.28 Billion by 2031
Driven by Increasing Demand from Military, Broadcasters
The market for geostationary satellites is projected to grow to $8.28 billion by 2031, according to a new report from The Insight Partners. The report credits the growth forecast to the rising demand for satellite-based military communications and broadcasting.
The geostationary satellites market size is expected to reach $ 8.28 billion by 2031, up from $ 6.19 billion in 2023, at a CAGR of 3.7% during the forecast period. Increasing demand for long range communication coverage is one of the major factors driving the growth for the geostationary satellite market. The rising need for longer coverage satellites for satellite-based communication operations is driving the demand for geostationary satellites. Several countries have been pushing their respective investments for the procurement of GEO satellites for scheduled space launch programs.
Deployment of software-defined electric systems is one of the major factors pushing the market growth. Many of the satellite component manufacturers operating across different regions have been focusing on the development of software-based electric systems that can be deployed and operated remotely to achieve maximum output from the satellite systems. Moreover, there is an increase in the deployment of software-defined payload systems. At the same time, the rising demand for electronic warfare has been pushing the deployment of satellite-based communication systems for military applications across different regions. This is further supported by the increasing military investments in the procurement of military SATCOM systems across different regions. Such factors have been pushing the demand for direct-to-cell satellite services among the military forces.
In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
The communication system segment held a larger share of the geostationary satellites market in 2023.