At 4.0% CAGR, North America Geostationary Satellites Market is Projected to be Worth US$ 4,481.24 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America geostationary satellites market was valued at US$ 3,282.13 million in 2023 and is expected to reach US$ 4,481.24 million by 2031, registering a CAGR of 4.0% from 2023 to 2031. Deployment of software-defined electric systems and increasing demand for long-range communication coverage through satellite network are among the critical factors attributed to drive the North America geostationary satellites 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. Further, the demand for software-defined systems for geostationary satellites is expected to rise with the expected deliveries of GEO satellites in the coming years. For instance, according to Business Market Insights analysis, more than 150 geostationary satellites are expected to be delivered during the forecast period, which will further drive the deployment of software-defined electric systems into the geostationary satellite products across different regions. Therefore, the increasing deployment of software-defined electric systems into satellites is expected to be a major trend in the geostationary satellites market.

On the flip side, incidents of geostationary satellite failures and decline in orders of geostationary satellites hamper the growth of North America geostationary satellites market.

Based on product, the North America geostationary satellites market is segmented into communication system, power system, propulsion system, and others. The communication system segment held 52.1% market share in 2023, amassing US$ 1,708.97 million. It is projected to garner US$ 2,255.34 million by 2031 to register 3.5% CAGR during 2023-2031.

By application, the North America geostationary satellites market is segmented into communications, space exploration, navigation, earth observation, and others. The communications segment held 55.7% share of North America geostationary satellites market in 2023, amassing US$ 1,827.97 million. It is anticipated to garner US$ 2,603.64 million by 2031 to expand at 4.5% CAGR during 2023-2031.

Based on country, the North America geostationary satellites market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 71.1% share of North America geostationary satellites market in 2023. It was assessed at US$ 2,332.63 million in 2023 and is likely to hit US$ 3,288.45 million by 2031, registering a CAGR of 4.4% during 2023-2031.

Key players operating in the North America geostationary satellites market are Airbus SE, Ball Corp, Israel Aerospace Industries Ltd, Lockheed Martin Corp, Maxar Technologies Inc, Northrop Grumman Corp, Thales SA, and The Boeing Co, among others.

• In 2023, Ball Aerospace is celebrating the successful launch of its Tropospheric Emissions: Monitoring of Pollution (TEMPO) instrument aboard a commercial satellite from Cape Canaveral Space Force Station in Florida. TEMPO is NASA's first Earth Venture instrument mission and will provide critical data on air pollution across North America. The TEMPO instrument uses a geostationary ultraviolet/visible spectrometer to determine the concentration and hourly variations of pollutants such as ozone, nitrogen dioxide and more in the atmosphere.

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