By Sevgi Ceren Gokkoyun and Dilara Zengin
NEW YORK/WASHINGTON (AA) - The Commercial satellite industry generated $285 billion in 2023, making up 71% of global space business, as the number of satellites around Earth’s orbit continues to increase.
A total of 2,781 commercial satellites were launched to orbit, a record number for the sixth consecutive year in 2023, up 20% year-on-year, according to the 27th Annual State of the Satellite Industry Report by the Satellite Industry Association (SIA), compiled by Anadolu.
The number of active satellites reached 9,691 by the end of last year, an increase of 361% in the last five years, the report revealed.
In terms of functionality, 69% of the satellites recorded by the report were for communication, 12% for remote sensing and 9% for research and development purposes.
The report noted that more than 6,500 satellites were operated by US companies, some in partnership with other countries.
- Satellite innovation accelerates revenue
Technological innovations improve the cost-effectiveness, efficiency and production of satellites, as well as ground equipment.
The commercial satellite industry made up 71% by accounting for $285 billion of the $400 billion revenue generated by the global space business.
Ground equipment generated the most in satellite industry revenues and the continued growth in global navigation satellite services, as well as network equipment, generated $150.4 billion in revenues.
The combination of increased broadband subscriptions, revenues and growth in remote sensing revenues totaled $110.2 billion in 2023.
Global satellite manufacturing generated $17.2 billion in revenue thanks to innovation, improved satellite capacities and lower production costs, while global satellite launches, 190, amounted to $7.2 billion.
- US leads commercial satellite industry
The report highlighted that 85% of commercial satellites launched in 2023 were made by US companies, which generated $3.9 billion, accounting for 54% of global launch revenues.
The US generated $105 billion in satellite industry revenues, making up 37% of the global satellite revenues on average in the last five years.
Additionally, the US gained $44.5 billion in satellite services revenues in 2023.
Tom Stroup, president of the Satellite Industry Association, told Anadolu that technological innovations in all aspects of the satellite industry have increased the utility and the capacity of satellites, and reduced the manufacturing and launching costs.
Stroup added that satellites can do much more nowadays for cheaper than before, which has put the US on the map as the leader in the industry, as the country’s efforts gave way to unprecedented growth and increased interest in space-based services.
*Writing by Emir Yildirim in Istanbul