Satellite Ground Station Market Worth $115.4 Billion by 2028: Report
The satellite ground Station market, estimated at $61.5 billion in 2023, is projected to reach $115.4 billion by 2028 at a CAGR of 13.4 percent through the period.
According to a new report by MarketsandMarkets, the growth can be attributed to the increasing need for secure satellite communications for commercial applications and military missions.
The Satellite Ground Station market is segmented into Ground Station as a Service, Equipment, software. Ground Station as a Service (GaaS) is a growing trend in the SGS industry that entails providing ground station services to satellite operators on a pay-per-use or subscription basis. GaaS allows satellite operators to obtain ground station services without investing in and maintaining their own infrastructure, making it a cost-effective alternative for both small and large-scale satellite operators. In the forecasted years, the global demand for satellite-based services and the rising number of satellite launches are likely to propel the SGS market, particularly the GaaS sector, to considerable growth.
Mobile Segment will Dominate the Satellite Ground Station Market
By platform, the market has been segmented into Fixed, Mobile and Portable. The mobile segment to hold the highest growth rate during the forecast period. These are widely adopted for the military and defense applications to provide real-time communication and situational awareness. Additionally, they can be easily employed in rural, or disaster-affected areas. Easy deployment and enhanced connectivity to drive the market for the segment.
Based on application, the market is divided into the communication, earth observation, navigation, space research and other sectors. The communication segment is expected to hold the highest market share as well as the highest growth rate during the forecast period. The rapid development in the miniaturization of space technology has made the deployment of communication satellites contributes to the growth of the market.
According to the report, major companies operating in the market include General Dynamics Corporation (US), Raytheon Technologies Corporation (US), Airbus SE (Netherlands), Lockheed Martin Corporation (US), and Kongsberg Gruppen ASA (Norway).
(Source: MarketsandMarkets news release. Image from file)