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(USGovernment-News.Com, July 24, 2019 ) [143 Pages Report] The SATCOM equipment market for space 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. 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.
By satellite type, the CubeSat (0.25U–27U) segment is projected to grow at the highest CAGR during the forecast period.
By satellite type, the CubeSat (0.25U—27U) segment of the SATCOM equipment market for space is projected to grow at the highest CAGR from 2019 to 2025. CubeSats are used for a variety of applications, including testing new technologies for space missions. A majority of the CubeSats launched is used for Earth observation and remote sensing applications. A rise in the demand for Earth observation applications is expected to drive the growth of the CubeSat (0.25U–27U) segment during the forecast period.
By end user, the commercial segment is expected to lead the market from 2019 to 2025.
Based on end user, the SATCOM equipment market for space has been segmented into commercial, government & military, and commercial, government, & military. The commercial segment is expected to lead the market due to the increasing launch of satellites for communication, Earth observation, and navigation.
By application, the Earth observation & remote sensing segment is projected to grow at the highest CAGR from 2019 to 2025.
Based on application, the SATCOM equipment market for space has been segmented into Earth observation & remote sensing, communication, scientific research & exploration, navigation, and others. The Earth observation & remote sensing segment is projected to grow at the highest CAGR during the forecast period. There is an increase in demand for Earth observation, global connectivity, navigation, and communication, among others. This demand is expected to have a significant impact on the market for SATCOM equipment for space.
By region, the market in North America is projected to grow at the highest CAGR from 2019 to 2025.
By region, the SATCOM equipment market for space in North America is projected to grow at the highest CAGR during the forecast period due to the increasing launch of satellites in the region for communications, scientific research & development, and Earth observation. Private companies such as OneWeb (US), SpaceX (US), and Amazon (US) are heavily invested in the launch of small satellites into Low Earth Orbit for communications. According to an article published by Via Satellite in November 2018, SpaceX has received approval from the Federal Communications Commission (FCC) to launch over 7,000 satellites for its Starlink constellation. Such launches are driving the SATCOM equipment market for space in North America.
Key Market Players
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). These players have adopted various growth strategies, such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements, to further expand their presence in the market.
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