MEO Satellite Market Size
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 47.44 Billion |
|
|
Market Size (2029) | USD 80.15 Billion |
|
Largest Share by Propulsion Tech | Liquid Fuel |
|
|
CAGR (2024 - 2029) | 11.06 % |
|
Largest Share by Region | Asia-Pacific |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in alphabetical order. |
MEO Satellite Market Analysis
The MEO Satellite Market size is estimated at USD 47.44 billion in 2024, and is expected to reach USD 80.15 billion by 2029, growing at a CAGR of 11.06% during the forecast period (2024-2029).
47.44 Billion
Market Size in 2024 (USD)
80.15 Billion
Market Size in 2029 (USD)
34.97 %
CAGR (2017-2023)
11.06 %
CAGR (2024-2029)
Largest Market by Satellite Mass
61.49 %
value share, above 1000kg, 2022
Large satellites have a higher demand due to their applications, such as satellite radio, communication, remote sensing, planetary security, and weather forecasting.
Largest Market by Propulsion Tech
73.93 %
value share, Liquid Fuel, 2022
Due to its high efficiency, controllability, reliability, and long lifespan, liquid fuel-based propulsion technology is an ideal choice for space missions. It can be used in various orbit classes for satellites.
Largest Market by End User
79.60 %
value share, Commercial, 2022
Increasing usage of MEO satellites for telecommunication services generates the need to deploy advanced communication satellites for commercial purposes thereby the requirement of these satellites has become more relevant.
Largest Market by region
95.56 %
value share, Asia-Pacific, 2022
Government collaborations with private players are emphasizing the growth of MEO Satellite in the Asia-Pacific region. In addition, continuous investments towards the development of these satellites by China and India is also prompting to the increased growth.
Leading Market Player
61.07 %
market share, Lockheed Martin Corporation, 2022
Lockheed Martin is the leading player in the global MEO satellites market. It has a strong product portfolio for military satellites. The company's civil and military customers include USAF, the US Navy, DARPA, NASA, and NOAA. This has facilitated the company in capturing the highest share of the market.
The liquid fuel propulsion system segment leads the market's growth
- A satellite's propulsion system is commonly used to propel a spacecraft into orbit and to coordinate the position of the spacecraft in orbit. Liquid propellants or liquid rockets use rocket engines that use liquid propellants. Gas propellants can also be used but are not common due to their low density and difficulty in applying conventional pumping methods. The liquid fuel propulsion system is the most adopted one of the three propulsion types because of its high density and specific impulse. It is expected to occupy a market share of 73.3% in 2023, which is anticipated to reach 69.5% in 2029.
- Electric propulsion is the second most adopted type of propulsion system, and it is commonly used to hold stations for commercial communication satellites. It is the main propulsion of some space science missions due to its high specific impulses. Northrop Grumman Corporation, Moog Inc., Sierra Nevada Corporation, SpaceX, and Blue Origin are some of the major providers of propulsion systems. The new launch of satellites is expected to accelerate market growth over the forecast period.
- Gas-based propulsion systems that enable movements have been proven efficient and reliable. These include hydrazine systems, other single or twin propulsion systems, hybrid systems, cold/hot air systems, and solid propellants. Typically, these systems are used when strong thrust or rapid maneuvering is required. Therefore, in some cases, gas-based systems continue to be the space propulsion technology of choice when their total impulse capacity is sufficient to meet the mission requirements. Cold gas thrusters are suitable for small satellites because of their low cost and complexity, but they are not ideal for large satellites.
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Europe is expected to open new scope of opportunities with significant new product developments in the region
- R&D expenditure on medium Earth orbit (MEO) satellites is an important factor in driving innovation and technology development in the satellite industry. MEO satellites are often used for specialized applications, such as providing global positioning system (GPS) services. As these applications become more critical to society, there may be more R&D investment to improve MEO satellite performance and capabilities.
- The Russian satellite industry is one of the most active and advanced in the world. ISS Reshetnev dominates the MEO satellite market in Russia. ISS Reshetnev is a leading Russian satellite manufacturer responsible for developing and producing most of the country's MEO satellites. ISS Reshetnev's most notable contribution to the MEO satellite market in Russia is its GLONASS series. The GLONASS system is a Russian counterpart to the American GPS system and provides global positioning services to users worldwide. All of these satellites are of the GLONASS series and were manufactured and launched by ISS Reshetnev.
- China has already launched a number of MEO satellites as part of this initiative and is expected to launch many more in the coming years. For instance, during 2017-2022*, 24 navigation and global positioning satellites weighing 800 kg each were placed in MEO for government and military purposes. These satellites were launched by China's Space Technology Research Institute (part of CASC) as part of China's BeiDou Navigation Satellite System (BDS), China's global navigation system. The Asia-Pacific region is expected to dominate during the forecast period.
Global MEO Satellite Market Trends
Satellite miniaturization for better fuel and operational efficiency witnessed in the market
- MEO satellites are located between LEO and GEO, typically at an altitude of about 2,000 to 36,000 kilometers (1,242 to 22,369 miles). MEO is commonly used for satellite navigation systems such as the Global Positioning System (GPS). The mass of MEO satellites can also vary depending on their specific applications, but they are generally lighter than GEO satellites due to their lower altitude.
- The mass of a satellite has a significant impact on its launch. This is because the heavier the satellite, the more fuel and energy will be required to launch it into space. The launch of a satellite involves accelerating it to a very high speed, typically around 28,000 kilometers per hour, in order to place it in orbit around the Earth. The amount of energy required to achieve this speed is proportional to the mass of the satellite.
- The mass of a satellite has a significant impact on its launch. Indeed, the heavier the satellite, the more fuel and energy it will need to be launched into space. The amount of energy required to achieve this speed is proportional to the mass of the satellite. Advancements in materials, manufacturing techniques, and technology have enabled the development of lighter and more efficient satellite components. This has resulted in a reduction in satellite mass while maintaining or even improving performance. During 2017-2022, around 55 satellites were launched into MEO globally.
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Increasing expenditure by different space agencies is expected to positively impact the MEO satellites segment
- The global trend in R&D expenditure on MEO satellites is not as well-defined as that for LEO or GEO satellites. This is because MEO satellites are not as widely used as LEO or GEO satellites, and their applications are somewhat limited in Europe. The UK Space Agency announced that it would be funding EUR 6.5 million to support 18 projects to boost its space industry. The funding aims to stimulate growth in the UK space industry by supporting high-impact, locally-led schemes and space cluster development managers. The 18 projects will pioneer various innovative space technologies to combat local issues, such as utilizing Earth observation (EO) data to enhance public services. In November 2022, the Government of Spain announced that it would allocate EUR 1.5 billion to the ESA over the next five years, which will reinforce Spain's leadership in space.
- In North America, government expenditure for space programs hit a record of approximately USD 22 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space globally. In the United States, federal agencies receive funds worth USD 32.33 billion from the government every year.
- R&D spending on MEO satellites can be somewhat irregular depending on specific applications and available funding. However, as with other satellite technologies, continued investment in R&D will likely lead to the development of new and improved MEO satellite technologies that can support different applications and promote industry growth over the forecast period.
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MEO Satellite Industry Overview
The MEO Satellite Market is fairly consolidated, with the top five companies occupying 100%. The major players in this market are China Aerospace Science and Technology Corporation (CASC), Information Satellite Systems Reshetnev, Lockheed Martin Corporation, OHB SE and Thales (sorted alphabetically).
MEO Satellite Market Leaders
China Aerospace Science and Technology Corporation (CASC)
Information Satellite Systems Reshetnev
Lockheed Martin Corporation
OHB SE
Thales
*Disclaimer: Major Players sorted in alphabetical order.
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MEO Satellite Market News
- January 2023: Thales Alenia Space offers a revolutionary technology for satellite search and rescue called MEOLUT Next. The solution will be deployed as part of the global COSPAS-SARSAT system.
- September 2022: China successfully sent two BeiDou satellites (BDS) into space from the Xichang Satellite Launch Center. The new satellites and boosters were developed by the China Academy of Space Technology (CAST) and the China Academy of Launch Vehicle Technology under the China Aerospace Science and Technology Corporation.
- March 2022: Lockheed Martin announced that its first mid-sized satellite, LM 400, had entered the final stage of testing; it is expected to be launched later this year. The multi-mission space bus rolled off the production line at the company's Digital Factory. The LM 400 is the first satellite developed by Lockheed Martin as part of a series of missions to demonstrate the LM 400 technology in its regularly scheduled orbit.
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MEO Satellite Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Satellite Mass
2.2. Spending On Space Programs
2.3. Regulatory Framework
2.3.1. Global
2.3.2. Australia
2.3.3. Brazil
2.3.4. Canada
2.3.5. China
2.3.6. France
2.3.7. Germany
2.3.8. India
2.3.9. Iran
2.3.10. Japan
2.3.11. New Zealand
2.3.12. Russia
2.3.13. Singapore
2.3.14. South Korea
2.3.15. United Arab Emirates
2.3.16. United Kingdom
2.3.17. United States
2.4. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
3.1. Application
3.1.1. Communication
3.1.2. Earth Observation
3.1.3. Navigation
3.1.4. Others
3.2. Satellite Mass
3.2.1. 100-500kg
3.2.2. 500-1000kg
3.2.3. above 1000kg
3.3. End User
3.3.1. Commercial
3.3.2. Military & Government
3.3.3. Other
3.4. Propulsion Tech
3.4.1. Electric
3.4.2. Gas based
3.4.3. Liquid Fuel
3.5. Region
3.5.1. Asia-Pacific
3.5.2. Europe
3.5.3. North America
3.5.4. Rest of World
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
4.4.1. China Aerospace Science and Technology Corporation (CASC)
4.4.2. Information Satellite Systems Reshetnev
4.4.3. Lockheed Martin Corporation
4.4.4. OHB SE
4.4.5. Thales
5. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter's Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- SATELLITE MASS (ABOVE 10KG) GLOBALLY, NUMBER OF SATELLITES LAUNCHED, GLOBAL, 2017 - 2022
- Figure 2:
- SPENDING ON SPACE PROGRAMS GLOBALLY, USD, GLOBAL, 2017 - 2022
- Figure 3:
- GLOBAL MEO SATELLITE MARKET, VALUE, USD, 2017 - 2029
- Figure 4:
- VALUE OF MEO SATELLITE MARKET BY APPLICATION, USD, GLOBAL, 2017 - 2029
- Figure 5:
- VALUE SHARE OF MEO SATELLITE MARKET BY APPLICATION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 6:
- VALUE OF COMMUNICATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 7:
- VALUE OF EARTH OBSERVATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 8:
- VALUE OF NAVIGATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 9:
- VALUE OF OTHERS MARKET, USD, GLOBAL, 2017 - 2029
- Figure 10:
- VALUE OF MEO SATELLITE MARKET BY SATELLITE MASS, USD, GLOBAL, 2017 - 2029
- Figure 11:
- VALUE SHARE OF MEO SATELLITE MARKET BY SATELLITE MASS, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 12:
- VALUE OF 100-500KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 13:
- VALUE OF 500-1000KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 14:
- VALUE OF ABOVE 1000KG MARKET, USD, GLOBAL, 2017 - 2029
- Figure 15:
- VALUE OF MEO SATELLITE MARKET BY END USER, USD, GLOBAL, 2017 - 2029
- Figure 16:
- VALUE SHARE OF MEO SATELLITE MARKET BY END USER, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 17:
- VALUE OF COMMERCIAL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 18:
- VALUE OF MILITARY & GOVERNMENT MARKET, USD, GLOBAL, 2017 - 2029
- Figure 19:
- VALUE OF OTHER MARKET, USD, GLOBAL, 2017 - 2029
- Figure 20:
- VALUE OF MEO SATELLITE MARKET BY PROPULSION TECH, USD, GLOBAL, 2017 - 2029
- Figure 21:
- VALUE SHARE OF MEO SATELLITE MARKET BY PROPULSION TECH, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 22:
- VALUE OF ELECTRIC MARKET, USD, GLOBAL, 2017 - 2029
- Figure 23:
- VALUE OF GAS BASED MARKET, USD, GLOBAL, 2017 - 2029
- Figure 24:
- VALUE OF LIQUID FUEL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 25:
- VALUE OF MEO SATELLITE MARKET BY REGION, USD, GLOBAL, 2017 - 2029
- Figure 26:
- VALUE SHARE OF MEO SATELLITE MARKET BY REGION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 27:
- VALUE OF MEO SATELLITE MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 28:
- VALUE SHARE OF MEO SATELLITE MARKET BY APPLICATION, %, ASIA-PACIFIC, 2017 - 2029
- Figure 29:
- VALUE OF MEO SATELLITE MARKET, USD, EUROPE, 2017 - 2029
- Figure 30:
- VALUE SHARE OF MEO SATELLITE MARKET BY APPLICATION, %, EUROPE, 2017 - 2029
- Figure 31:
- VALUE OF MEO SATELLITE MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 32:
- VALUE SHARE OF MEO SATELLITE MARKET BY APPLICATION, %, NORTH AMERICA, 2017 - 2029
- Figure 33:
- VALUE OF MEO SATELLITE MARKET, USD, REST OF WORLD, 2017 - 2029
- Figure 34:
- VALUE SHARE OF MEO SATELLITE MARKET BY APPLICATION, %, REST OF WORLD, 2017 - 2029
- Figure 35:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, GLOBAL MEO SATELLITE MARKET, ALL, 2017 - 2029
- Figure 36:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, GLOBAL MEO SATELLITE MARKET, ALL, 2017 - 2029
- Figure 37:
- MARKET SHARE OF GLOBAL MEO SATELLITE MARKET, %, ALL, 2022
MEO Satellite Industry Segmentation
Communication, Earth Observation, Navigation, Others are covered as segments by Application. 100-500kg, 500-1000kg, above 1000kg are covered as segments by Satellite Mass. Commercial, Military & Government are covered as segments by End User. Electric, Gas based, Liquid Fuel are covered as segments by Propulsion Tech. Asia-Pacific, Europe, North America are covered as segments by Region.
- A satellite's propulsion system is commonly used to propel a spacecraft into orbit and to coordinate the position of the spacecraft in orbit. Liquid propellants or liquid rockets use rocket engines that use liquid propellants. Gas propellants can also be used but are not common due to their low density and difficulty in applying conventional pumping methods. The liquid fuel propulsion system is the most adopted one of the three propulsion types because of its high density and specific impulse. It is expected to occupy a market share of 73.3% in 2023, which is anticipated to reach 69.5% in 2029.
- Electric propulsion is the second most adopted type of propulsion system, and it is commonly used to hold stations for commercial communication satellites. It is the main propulsion of some space science missions due to its high specific impulses. Northrop Grumman Corporation, Moog Inc., Sierra Nevada Corporation, SpaceX, and Blue Origin are some of the major providers of propulsion systems. The new launch of satellites is expected to accelerate market growth over the forecast period.
- Gas-based propulsion systems that enable movements have been proven efficient and reliable. These include hydrazine systems, other single or twin propulsion systems, hybrid systems, cold/hot air systems, and solid propellants. Typically, these systems are used when strong thrust or rapid maneuvering is required. Therefore, in some cases, gas-based systems continue to be the space propulsion technology of choice when their total impulse capacity is sufficient to meet the mission requirements. Cold gas thrusters are suitable for small satellites because of their low cost and complexity, but they are not ideal for large satellites.
| Application | |
| Communication | |
| Earth Observation | |
| Navigation | |
| Others |
| Satellite Mass | |
| 100-500kg | |
| 500-1000kg | |
| above 1000kg |
| End User | |
| Commercial | |
| Military & Government | |
| Other |
| Propulsion Tech | |
| Electric | |
| Gas based | |
| Liquid Fuel |
| Region | |
| Asia-Pacific | |
| Europe | |
| North America | |
| Rest of World |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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