Market Size of Satellite Component Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.16 Billion |
| Market Size (2029) | USD 4.37 Billion |
| CAGR (2024 - 2029) | 6.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Satellite Components Market Analysis
The Satellite Component Market size is estimated at USD 3.16 billion in 2024, and is expected to reach USD 4.37 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
- The global satellite component market has faced unprecedented challenges due to the COVID-19 pandemic. The space sector witnessed challenges such as shortages of raw materials, delayed satellite launch programs, and supply chain disruptions due to strict government regulations. The market showcased a strong recovery after the pandemic. Increased expenditures on the space sector and rising small satellite launches drive the market growth post-COVID.
- The satellite components consist of the communications system, power systems, power systems, and others. The communication system includes antennas and transponders that receive and retransmit signals. The propulsion system consists of rockets that propel the satellite, and the power system includes solar panels that provide power. An increasing number of satellite launches and growing expenditure on the space sector drive the market growth. According to the United Nations Office for Outer Space Affairs (UNOOSA) index 2022, there were 8,261 individual satellites orbiting the Earth, with an increase of 11.84% compared to April 2021.
Satellite Components Industry Segmentation
The satellite components include command and data handling, guidance and stabilization, housing, antennas, thermal control systems, power systems, and transponders. The parts of satellites vary as per their functions, but the typical components include communication systems, power, and propulsion systems.
The satellite component market is segmented based on components and geography. By components, the market is segmented into antennas, transponders, power systems, propulsion systems, and others. Others include sensors and thermal control systems. The report also covers the market sizes and forecasts for the satellite component market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Component | |
| Antennas | |
| Power Systems | |
| Propulsion Systems | |
| Transponders | |
| Other Components |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Satellite Component Market Size Summary
The satellite components market is poised for significant growth, driven by increased expenditures in the space sector and a surge in small satellite launches. The market, which includes essential elements such as communication systems, power systems, and propulsion systems, has shown resilience and recovery following the challenges posed by the COVID-19 pandemic. The demand for advanced communication systems, particularly in the antenna segment, is expected to contribute to substantial market expansion. This growth is fueled by the rising number of satellite launches for diverse applications, including communications, broadcasting, navigation, and weather forecasting. The market's trajectory is further supported by the ongoing deployment of commercial satellites and the strategic partnerships and contracts among key industry players.
North America remains a dominant force in the satellite components market, bolstered by significant investments in space research and development, as well as numerous satellite launches by entities like NASA and SpaceX. The region's leadership is underscored by substantial government spending on space programs and the establishment of advanced manufacturing facilities. The market is characterized as semi-consolidated, with major players such as THALES, Viking Satcom, Lockheed Martin Corporation, Northrop Grumman Corporation, and Honeywell International Inc. holding significant shares. These companies are increasingly focusing on the design and development of next-generation satellite components, driven by growing competition and the need for innovative solutions in space applications.
Satellite Component Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component
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2.1.1 Antennas
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2.1.2 Power Systems
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2.1.3 Propulsion Systems
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2.1.4 Transponders
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2.1.5 Other Components
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Latin America
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2.2.5 Middle East and Africa
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Satellite Component Market Size FAQs
How big is the Satellite Component Market?
The Satellite Component Market size is expected to reach USD 3.16 billion in 2024 and grow at a CAGR of 6.70% to reach USD 4.37 billion by 2029.
What is the current Satellite Component Market size?
In 2024, the Satellite Component Market size is expected to reach USD 3.16 billion.
