Satellite Parts and Components Market Size

The satellite parts and components market is poised for significant growth, driven by advancements in technology and the increasing demand for small satellite components. The trend towards satellite miniaturization is enhancing the appeal of small satellites for various applications, while additive manufacturing is gaining traction for its cost-reducing capabilities in producing complex parts. The use of commercial-off-the-shelf components is also on the rise, as it offers benefits in reducing development time and costs. These trends are indicative of the market's expansion as it adapts to evolving demands and fosters innovation.

INSTANT ACCESS

Market Size of satellite parts and components Industry

Satellite Parts and Components Market Summary
share button
Icons Lable Value
svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 244.93 Billion
svg icon Market Size (2029) USD 389.69 Billion
svg icon Largest Share by Orbit Class LEO
svg icon CAGR (2024 - 2029) 9.73 %
svg icon Largest Share by Region North America
svg icon Market Concentration High

Major Players

major-player-company-image

*Disclaimer: Major Players sorted in no particular order

Key Players

WHY BUY FROM US?

1. CRISP & INSIGHTFUL
2. TRUE BOTTOM-UP
3. EXHAUSTIVENESS
4. TRANSPARENCY
5. CONVENIENCE

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

Icon image

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

Icon image

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

Icon image

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

Icon image

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

Icon image

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.

Satellite Parts and Components Industry Segmentation

Asia-Pacific, Europe, North America are covered as segments by Region.

Region
Asia-Pacific
Europe
North America
Rest of World
customize-icon Need A Different Region Or Segment?
Customize Now

Satellite Parts and Components Market Size Summary

The satellite parts and components market is poised for significant growth, driven by technological advancements and increasing demand for satellite technology across various applications. The trend of satellite miniaturization has led to a surge in demand for small satellite components, such as propulsion systems, power systems, and antennas. This shift is largely due to the cost-effectiveness and enhanced capabilities of small satellites, which can perform tasks traditionally handled by larger satellites at a fraction of the cost. The adoption of additive manufacturing, or 3D printing, is also gaining traction, allowing for the production of complex satellite parts while reducing manufacturing costs. Major space agencies, including NASA and the European Space Agency, are at the forefront of these innovations, emphasizing the development of advanced technologies like high-performance electronics, advanced sensors, and lightweight materials.

The market landscape is characterized by a robust demand for satellite parts and components, particularly in North America, where government expenditure on space programs is at an all-time high. The region's strong focus on space innovation and research, supported by entities like NASA, positions it as a leader in the global satellite industry. The increasing use of commercial-off-the-shelf components is also contributing to the market's growth by reducing development time and costs. As companies invest in research and development to meet the specific requirements of communication, navigation, and earth observation applications, the market is expected to expand significantly. The industry is fairly consolidated, with major players like General Dynamics, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales, and The Boeing Company dominating the market.

Explore More >

Satellite Parts and Components Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Region

      1. 1.1.1 Asia-Pacific

      2. 1.1.2 Europe

      3. 1.1.3 North America

      4. 1.1.4 Rest of World

Satellite Parts and Components Market Size FAQs

The Satellite Parts and Components Market size is expected to reach USD 244.93 billion in 2024 and grow at a CAGR of 9.73% to reach USD 389.69 billion by 2029.

In 2024, the Satellite Parts and Components Market size is expected to reach USD 244.93 billion.

Satellite Parts and Components Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029