The report SATCOM Equipment Market is projected to grow from USD 2.8 billion in 2019 to USD 7.0 billion by 2025, at a CAGR of 16.8% from 2019 to 2025. The growth of the market across the globe can be attributed to the increasing launch of satellites for applications such as earth observation, communication, and navigation.
Based on application, the earth observation & remote sensing segment is projected to lead the SATCOM equipment market for space during the forecast period.
Based on application, the SATCOM equipment market for space is projected to be led by the earth observation & remote sensing segment from 2019 to 2025. According to an article published by SpaceNews in December 2018, the demand for earth observation (EO) is growing, due to a growing focus on analytics from high-resolution and medium-resolution imagery. Technology for analyzing data gathered from EO satellites such as big data analytics is expected to grow four times over the decade.
The increasing use of CubeSats for earth observation and remote sensing is expected to drive the SATCOM equipment market for space from 2019 to 2025.
Based on satellite type, the CubeSat (0.25U–27U) segment is projected to grow at the highest CAGR during the forecast period. The SATCOM equipment market for CubeSats is expected to grow during the forecast period due to an increase in the volume of CubeSats launched and scheduled for launch during the forecast period. CubeSats are used for a variety of missions, have a small form factor, and cost substantially less to develop and launch in comparison to large satellites. The increase in the launch of CubeSats can be attributed to the rising demand for EO.
North America and Asia Pacific are projected to be high growth potential markets for SATCOM equipment for space during the forecast period.
The SATCOM equipment market for space in the North American region is expected to witness substantial growth during the forecast period due to increased launch and scheduled launch of satellites.
According to an article published in The New York Times in May 2019, SpaceX launched a batch of 60 internet communication satellites, as a part of the Starlink Megaconstellation Project. According to an article published by Future US, Inc., SpaceX has received permission from the Federal Communications Commission (FCC) to launch an estimated total of 12,000 Starlink satellites. Major players such as Amazon (US), OneWeb (US), and Telesat (Canada) are also expected to launch satellites during the forecast period.
Some of the major players in the SATCOM equipment market for space include Airbus SE (Netherlands), Maxar Technologies (US), Mitsubishi Electric Corporation (Japan), General Dynamics Corporation (US), Honeywell International Inc. (US), Harris Corporation (US), ISIS - Innovative Solutions in Space B.V. (Netherlands), and Oxford Space Systems (UK).
Source: ASDReports - Market Research
Date: Jul 16, 2019