Satellite Manufacturing Market Size, Share, Growth Analysis, By Size(Small, Medium, Large), By Satellite(LEO, MEO, GEO, Others), By Application(Communication, Earth Observation, Navigation, Space Observation), By Region - Industry Forecast 2024-2031

Global Satellite Manufacturing Market size was valued at USD 15.8 Billion in 2022 and is poised to grow from USD 17.2 Billion in 2023 to USD 27.4 Billion by 2031, at a CAGR of 5.91% during the forecast period (2024-2031). 

The satellite manufacturing market is highly competitive with companies such as Airbus Defence and Space, Lockheed Martin, Boeing and Northrop Grumman, and Thales Alenia Space. These key players utilize sophisticated technology and an expansive background to deliver a wide Satellite Solutions Sphere which includes Low Earth Orbit satellites, to Geostationary satellites. The market has high levels of innovation and differentiated competition involving research and development activities, key alliances, and acquisitions to improve competence and market coverage. There is also new players and space startups investing in the market which will help in the competition. This is because, with the advancement of satellite-based services such as communications, earth observation and navigation there is competition as well as advancement in technology. Furthermore, the type of contracts and collaborations signed between the governments of different countries and satellite manufacturing companies contribute a lot towards the competitiveness of the satellite manufacturing industry. 'Lockheed Martin Corporation ', 'Boeing ', 'RTX Corporation ', 'Airbus ', 'Northrop Grumman ', 'Thales SA ', 'Mitsubishi Electric Corporation ', 'CASC ', 'L3Harris Technologies Inc ', 'Ball Corporation ', 'Safran ', 'ISRO ', 'Reshetnev ', 'Maxar Technologies Inc. ', 'Israel Aerospace Industries Ltd (IAI) ', 'SpaceX ', 'Blue Origin ', 'ISISpace ', 'Berlin Space Technologies (BST) ', 'NovaWurks'

The satellite manufacturing market is rapidly expanding because the world needs modern connectivity and communication services. Companies such as SpaceX, Amazon, and OneWeb are placing mega constellations of SmallSats for the provision of worldwide internet connectivity, earth imaging, and communication systems. This large-scale production of SmallSats that are being fueled by the availability of multiple satellite launch, is making manufacturing of satellite at fast pace. Our analysis reveals that this trend is expected to continue for the foreseeable future, fueling growth in the global satellite manufacturing market. 

Rising Demand for Satellite IoT Connectivity: Based on SkyQuest’s analysis, we found that the expanding Internet of Things (IoT) market is contributing to the satellite connectivity market. Sectors such as agriculture, logistics, oil and gas need connectivity in the areas where the terrestrial networks are not accessible. Our analysis also reveals the satellite IoT connectivity is instrumental in generating information on asset tracking, performance improvement, and safety. This demand is making satellite manufacturers to invest in and launch small cheap satellites that are suitable for IoT applications and thus creating the market. 

Our analysis reveals that North America has dominated the global market for satellite manufacturing in 2023 by holding 60.09%. The existence of significant satellite producers and operators, as well as significant public and private sector investments in satellite technology, are principally responsible for this supremacy. Many of the top satellite businesses and organizations are based in the United States, which has been essential in fostering innovation and market dominance. Additionally, government support also a key factor contributing the growth of this region. For instance, the U.S. Department of Defense is investing in small satellite constellations for improved communication and surveillance capabilities. This initiative is also playing a pivotal role in the growth of this region.