The geostationary satellites market size is projected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023 to register a CAGR of 3.7% during 2023–2031.

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global geostationary satellites market is observing healthy growth owing to the rising need for satellite-based military communications and broadcasting.

Global Geostationary Satellites Market experiences increase in demand for long-range communication coverage through satellite network. Browse Detailed Insights: https://www.theinsightpartners.com/reports/geostationary-satellites-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, Geostationary satellites revolve in the geostationary orbits that are ~36,000 km above the Earth's equator. These satellites are best known for a wide range of applications, including telecommunication, earth observation, and space exploration. In telecommunication, these satellites are used to improve connectivity and increase internet speed.

Download Sample Report: https://www.theinsightpartners.com/sample/TIPRE00025490/

Overview of Report Findings:

1.  Market Growth: The geostationary satellites market size is expected to reach US$ 8.28 billion by 2031 from US$ 6.19 billion in 2023, at a CAGR of 3.7% during the forecast period. Increasing demand for long range communication coverage is one of the major factors driving the growth for geostationary satellites market. The rising need for longer coverage satellites for satellite-based communication operations is driving the demand for geostationary satellites. Several countries have been pushing their respective investments for the procurement of GEO satellites for scheduled space launch programs.

2.  Technological Innovations: Deployment of software-defined electric systems is one of the major factors pushing the market growth. Many of the satellite component manufacturers operating across different regions have been focusing on the development of software-based electric systems that can be deployed and operated remotely to achieve maximum output from the satellite systems. Moreover, there is an increase in the deployment of software-defined payload systems. For instance, in June 2024, Turkish Aerospace announced that its first domestically manufactured telecommunications geostationary satellite "Turksat 6A," which is scheduled for launch in July 2024, comprises small geostationary product components, including all-electric propulsion systems and software-defined payloads.

3.  Growing Need for Satellite-Based Military Communications: The rising demand for electronic warfare has been pushing the deployment of satellite-based communication systems for military applications across different regions. This is further supported by the increasing military investments in the procurement of military SATCOM systems across different regions. Such factors have been pushing the demand for direct-to-cell satellite services among the military forces. For instance, in 2023, the US Space Force announced that it has been exploring the use of small geostationary satellites in order to enhance the military communications network to improve their respective military operations.

Identify The Key Trends Affecting This Market - Download Sample PDF: https://www.theinsightpartners.com/sample/TIPRE00025490/

4.  Development of Small Satellites for Geostationary Orbit: Satellite manufacturers such as Maxar Space Systems, Astranis, Terran Orbital, SWISSto12, and Saturn Satellite Network have already been focusing on the development of small satellites that can be deployed into the GEO orbit. This will further provide relief to the satellite operators and launch companies, reducing their operational costs for placing a satellite into the GEO orbit with lesser size, weight, and cost of manufacturing.

5.  Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.