On June 13, 2024, The Satellite Industry Association (SIA) released its 27th annual State of Satellite Industry Report (SSIR). Within this report, the SIA highlights a year of extraordinary growth and innovation in the commercial satellite industry. With 2,781 commercial satellites launched in 2023—a 20 percent increase over 2022—the industry achieved new heights. This spike resulted in the greatest number of space launches ever—190—setting a new record. The number of satellites in orbit around Earth increased to 9,691 by the end of 2023, a startling 361 percent increase in just five years.
Key highlights from the 2024 SSIR report underscore the commercial satellite industry’s dominance and rapid evolution:
- U.S. companies dominated satellite launches: 85 percent of commercial satellites were built by U.S. firms.
- Technology improved efficiency and reduced costs: Advances in tech led to growth in satellite manufacturing, ground equipment, and launch services.
- Satellite internet grew rapidly: Revenue increased by 40 percent and subscribers grew by 27 percent.
- Earth observation saw significant growth: Revenue rose by 10 percent, driven by a 700 percent increase in satellites for remote sensing over the past decade.
- Global space industry reached $400 billion: The commercial satellite sector accounted for $285 billion, or 71%, of this total in 2023.
Intelsat’s CEO, David Wajsgras recently spoke to the growth of the industry stating, “There’s a lot of new demand being put on the satellite communications industry…Governments around the world…are demanding more capabilities and are demanding more from an industry that at the same time is growing its capabilities and growing its technologies.” His statement aligns with the report’s findings, highlighting the industry’s continued dedication to advancing global connectivity and maximizing technological efficiencies.
Read the full report here.
