A report from analysts at Markets and Markets (M&M) forecasts that the satellite market could be worth $46.79 billion (€39.6bn) by 2031, and an impressive of CAGR 16.9 percent.

The M&M study says that the satellite industry is growing at this impressive rate thanks to an increased reliance on space-based services which includes financial networks as well as disaster response and climate monitoring. However, valuable that these segments are, it is the fast-growing use by commercial activity that’s likely to provide the dramatic growth.

Commercial operators, such as Elon Musk’s Starlink are launching – or planning to launch – broadband and direct-to-consumer services. This shift, says M&M, represents a move from government-based activity to business models.

Indeed, the M&M report says that communication satellites are expected to record the fastest growth over the next 10 years, and will include support for telco-based backhaul connections, cloud services and connectivity to remote regions. More aviation, maritime, and mobile platforms are transitioning to satellite-based connectivity, which is boosting the momentum. During emergencies and network failures, satellites are viewed as a reliable option, increasing dependence on satellite communications systems.

Of the regions under examination by the report, M&M says that the Middle East is expected to be the second-fastest growing region (the Asia-Pac is also a fast mover with a 39.3 percent revenue share in 2025). This is mainly due to increased government spending on national space programs and digital infrastructure. Countries in the MENA region are launching satellites for secure communication, Earth observation, and monitoring needs. There is also a greater focus on smart cities, oil and gas asset monitoring, and border security, which is driving the demand for satellites. Strong funding support and partnerships with global satellite manufacturers are helping accelerate growth across the region.

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Categories: Articles, Markets, Research

Tags: MENA, satellite, starlink