2023 SIA Report: Satellite Industry Contributes 73% of Space Business Revenue Globally
false
For more than a quarter century, the Satellite Industry Association (SIA) has released its SIA State of the Satellite Industry Report to assess the performance of satellite industry sectors including satellite services, manufacturing, ground equipment and launch services. This year’s report shows that the global space economy continues to thrive. In 2022, it generated $384 billion in revenues, with the commercial satellite industry contributing $281 billion of that total―a whopping 73% of the space business.
Here are 5 takeaways from the 2023 SIA Report:
- Increased affordability and innovation led to 2,325 satellites launched into space in 2022, with an historic high number of commercial launches (161!). Eighty-four percent of those satellites launched last year will support commercial communications.
- Satellite services generated $113.3 billion in revenues with satellite broadband revenue growing 18% and space-based connectivity subscribers increasing by 28%.
- Commercial satellite ground systems (including network equipment like VSATs and gateways) generated more than $145 billion in revenue for the year.
- There are now over 7 billion satellite-enabled smartphones in use around the world!
- Satellite manufacturing revenue increased 15% compared to 2021,with American manufacturers earning 64% of total global revenues.
To learn more about this year’s SIA State of the Satellite Industry Report, click here. SIA members receive a complimentary copy of the annual report.