Satellite services market to exceed $160 billion by 2028: reportNews
April 12, 2023
DUBLIN, Ireland. The global satellite services market will surge to $160.57 billion by 2028, and the defense industry is expected to be a major contributor to that growth, according to a report.
The report, from Research and Markets, predicts that the market will increase to that mark from $134.48 billion in 2022 for a compound annual growth rate of 3%.
Among the major contributors to the rise are an "increasing deployment of small satellites" and the "increasing investment in military satellite communication solutions," the report states.
Some of the biggest players in this market in the defense industry include Viasat, L3Harris, and Iridium Communications.