The latest “State of the Satellite Industry” Report from the Satellite Industry Association (SIA) reveals continued strength and growth in the global space economy in 2020, despite the pandemic. The industry’s investment in technology and innovation led to improved affordability and productivity, enabling new capabilities, and opening up new markets. The commercial satellite industry in particular saw record-setting growth in the number of satellites launched.
Here are four takeaways from SIA’s 24th annual report:
- Global space economy grew 1.4% to $371B from 2019 to 2020.
- Satellite industry accounts for 73% of space economy revenues worldwide.
- Ground equipment segment grew to $135.3B in total revenue for the year – reflecting the rise in consumer broadband, on-the-move connectivity, and satellite-enabled smartphones and other devices.
- Satellite broadband revenue grew by 10 percent during 2020 to $2.8 billion due to technology innovations that increased data capacity and number of subscribers.
As we reach the half-way point in the year, these trends continue. According to SIA, the industry has already launched 1,200 satellites in the first half of 2021, matching the total number launched during all of 2020.
To view the executive summary of this year’s SIA State of the Satellite Industry Report, click HERE. SIA members receive a complimentary copy of the annual report.