Geostationary Satellites Market Size Worth $8.28 Billion, Globally
Geostationary Satellites Market Size Worth $8.28 Billion, Globally
The geostationary satellites market size is projected to reach US$ 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.
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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