Market Size of satellite parts and components Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 244.93 Billion |
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Market Size (2029) | USD 389.69 Billion |
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Largest Share by Orbit Class | LEO |
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CAGR (2024 - 2029) | 9.73 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Satellite Parts and Components Market Analysis
The Satellite Parts and Components Market size is estimated at USD 244.93 billion in 2024, and is expected to reach USD 389.69 billion by 2029, growing at a CAGR of 9.73% during the forecast period (2024-2029).
244.93 Billion
Market Size in 2024 (USD)
389.69 Billion
Market Size in 2029 (USD)
13.38 %
CAGR (2017-2023)
9.73 %
CAGR (2024-2029)
Largest Market by Region
69.89 %
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 North American LEO satellite market.
Fastest-Growing Market by Region
12.49 %
Projected CAGR, Asia-Pacific, 2023-2029
Government collaborations with private players are emphasizing the growth of satellite parts and components market 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
29.08 %
market share, General Dynamics, 2022
General Dynamics Corporation is the largest player in the global satellite parts and components market. The company is one of the major suppliers of mission payloads for different manufacturers and space agencies in the United States.
Second Leading Market Player
24.15 %
market share, Northrop Grumman Corporation, 2022
The company provides satellite components for a broad range of customers like NASA, the Department of Defense (DoD), the US Air Force, the US Space Force, and a wide range of commercial companies. This has prompted the company to occupy and significant share in the satellite parts and components market.
Third Leading Market Player
20.03 %
market share, Lockheed Martin Corporation, 2022
The company is expanding its presence in the space business by establishing manufacturing facilities and having its geographical footprint across Europe and other regions is prompting it to occupy a significant markte share.
The adaptation of new satellite manufacturing techniques is expected to open new scope of opportunities
- The global satellite parts and components industry has been experiencing several trends in recent years. With the advancements in technology, small satellites have become more capable and cost-effective, making them an attractive option for various applications. The trend of satellite miniaturization resulted in an increasing demand for small satellite components, such as propulsion systems, power systems, and antennas.
- Additive manufacturing, or 3D printing, has been gaining popularity in the satellite industry due to its ability to produce complex parts and reduce manufacturing costs. This technology is being used to produce satellite components such as antennas, brackets, and engine parts. The major space agencies such as NASA and the European Space Agency have emphasized that. One of the major players in the global space industry, the United States, is a trendsetter in the development of advanced technologies for satellite communications, remote sensing, and space exploration. These innovative technologies include high-performance electronics, advanced sensors, lightweight materials, and propulsion systems. Another trend is the increasing use of pre-existing components and subsystems commercial-off-the-shelf (COTS) in satellite design and development. COTS components can significantly reduce development time and costs while improving reliability and performance.
- Between 2017 and May 2022, around 4300+ satellites were manufactured and launched globally. Overall, these trends are shaping the future of the global satellite parts and components industry as companies work to meet the demands of an ever-changing market while also driving innovation in the field. The global satellite parts and components market is expected to grow by 40% between 2023 and 2029.
