Satcom Equipment Market for Space to Post High Growth Through 2025
Dublin, Ireland, Aug. 27, 2019 — Increased demand for communications, high-speed internet, and global connectivity is expected to fuel the growth of the satcom equipment market for space across the globe. Research and Markets said its recent findings show that by end-user, the commercial segment is estimated to grow at the highest CAGR during the forecast period. The satcom equipment market for space is projected to grow from US$ 2.8 billion in 2019 to US$ 7.0 billion by 2025, at a CAGR of 16.8% from 2019 to 2025.
One of the major factors expected to fuel the market growth includes the increasing launch of satellites for a variety of applications, such as navigation, communication, Earth observation, and remote sensing.
For instance, according to an article in January 2019 by Pixalytics Ltd, the Russian Soyuz rocket from the Vostochny Cosmodrome in Russia launched 27 EO satellites in orbit on 27 December 2018. The article also mentioned six scheduled launches of EO satellites in February 2019 from countries such as Canada, Egypt, and Italy, among others.
By application, the earth observation & remote sensing segment is estimated to account for the largest share of the satcom equipment market for space in 2019. Need for agriculture monitoring, monitoring of weather patterns, environmental monitoring, ocean monitoring, and terrain mapping, among others, is driving the demand for EO satellites. Data related to determining soil moisture content and understanding the Earth’s water cycle is in demand. This data can be derived using remote sensing satellites.
By satellite type, the CubeSat (0.25U–27U) segment is estimated to grow at the highest CAGR during the forecast period. The usage of CubeSats for various applications has increased over the years due to the miniaturization of technology and the cost-saving benefits of using CubeSats for Low Earth Orbit missions. Most CubeSats are launched for EO missions as well as scientific experiments and testing of new technologies. For instance, the Estonian Space Agency plans to launch a CubeSat in 2019 to test advanced technologies such as plasma brake (for deorbiting satellites) and electric sail propulsion. The increasing launch of CubeSats for such missions will drive the satcom equipment market for space.
According to the latest report, the North American region is estimated to lead the satcom equipment market for space in 2019. The market in this region is highly competitive, owing to the presence of a large number of Original Component Manufacturers (OCMs) and Original Equipment Manufacturers (OEMs), such as Harris Corporation, General Dynamics Corporation, and Maxar Technologies. An increase in satellite launches in the US is expected to drive the growth of the satcom equipment market for space in North America during the forecast period.
The report is intended to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall satcom equipment market for space and its segments. This study is also expected to provide region wise information about the applications, wherein satcom equipment is used. The report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their business and plan suitable go-to-market strategies.
Among the companies mentioned in the report are: Airbus SE, Antwerp Space, Ball Aerospace and Technologies Corporation, Cobham PLC, General Dynamics Corporation, Gomspace A/S, Harris Corporation, Honeywell International Inc.
and ISIS - Innovative Solutions in Space B.V., among others.
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