The Commercial Satellite Industry: Key Indicators and Global Trends in the Context of Expanding Capabilities

Governments and industry continue to expand activities beyond existing space sectors to architect and construct a future where burgeoning in-space activities may flourish, as is evidenced by efforts to facilitate the commercialization of LEO and the development of commercial lunar activities, as well as by the ongoing expansion of in-space servicing, assembly, and manufacturing services. This expanding activity is also materializing globally. In the context of the expansion of a robust commercial space industry, a firm understanding of the current size of the satellite industry, revenue drivers within the industry, and changes in industry dynamics is critical. Given the prospect of continued growth in economic activity generated from emerging and maturing in-space business concepts, this paper provides objective context on the current size of the industry and creates a baseline for discussing emerging markets and revenues. The companies within the satellite industry, whose business performance results are used to generate indicators comprising the size of the space economy, are key stakeholders with the ability to shape the direction of emerging space activities. Established satellites manufacturers, for example, may build satellites or components for commercial satellite operators and construct the spacecraft and platforms needed to support market growth in LEO and lunar business activities; highlighting the potential complementary supply chains. Success or stagnation in certain satellite industry sectors may impact the performance of others within the broader space economy. Understanding the satellite industry’s gross economic performance and performance of key existing satellite industry sectors is imperative for conceptualizing how new and expanding commercial space activities will eventually be integrated within the space industry at large. BryceTech conducts an annual study of the satellite industry’s economic performance for the Satellite Industry Association (SIA). The study is derived from surveys of nearly 100 companies, including 50 SIA members, supplemented with unique data sets, in-depth public information, and independent analysis. Key satellite industry sectors are assessed, including satellite services (television, radio, broadcasting, fixed and mobile satellite communication services, and remote sensing), satellite manufacturing, ground equipment, launch services, and emerging space sustainability activities. The study is the most accurate available assessment of the satellite industry in the United States and internationally. The study provides trends within satellite sectors and objective measures of the satellite industry to aid communication with policy makers, regulators, legislators, investors, and other industry stakeholders. The study’s findings on the satellite industry’s economic performance and industry dynamics provide metrics to illustrate infrastructure supporting robust and resilient commercial growth in space. The new edition of the study will capture the full year of satellite industry activity in 2024. The previous results showed global satellite industry revenue for 2023 of about $285 billion. The study presents satellite sector revenues in the context of the broader space economy and across the industry value chain. In each sector, overall revenue, growth rates, and international geographic distribution are analyzed, and trends are discussed. Additional analysis of revenue and contract data offers valuable insight into domestic and international market dynamics. The paper will cover the period from 2020 through 2024. Analysis includes assessments of the dynamics and trends regarding the growth of active on-orbit satcom capacity (high-throughput capacity in GEO and new LEO broadband capacity), the diverse heritage of and new emerging start-ups in remote sensing systems and services, and the continuing growth of smallsat activity.