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 global satellite manufacturing market is expected to grow at a rapid pace, driven by increasing demand for satellite-based services across various sectors, including telecommunications, defense, and earth observation. These sectors are looking for satellites to process their services efficiently. Here, LEO is one of the frequently used satellites in these industries. Some of the communication applications like the Iridium phone system that employs 66 LEO satellites for global mobile communication, always need a satellite that is closer, orbiting the earth at an altitude of nearly 500–1500 km.

Additionally, technological advancements such advanced payload systems refer to a sophisticated technologies integrated into satellites to improve the satellite functionality and performance. These systems include high-throughput transponders, flexible frequency bands, and reconfigurable antennas. The result is enhanced data transmission rates, greater coverage flexibility, and improved communication reliability. These advanced payload systems are essential for meeting the growing demand for reliable and high-capacity satellite communication services.

SkyQuest’s comprehensive analysis indicates that the global satellite manufacturing market has shown great potential in the last decade. The number of patent application has grown from 39,218 in 2014 to 73,692 in 2023, that is an 88% increase and shows that the rate of innovation has been improving over the years because of the advancement in technology and vast uses of satellite technologies. The increasing involvement of companies such as SpaceX, Blue origin and other private companies have made the environment favorable for new inventions. The increasing number of patent applications reveals the intense competition between key players in this market. This reflects the increasing number of innovations in this market, which will further drive the market growth during the forecast period.

US Satellite Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.