What it holds
Satellites and Ground Networks follows the money through the Space bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Satellite & Spacecraft Manufacturing | satellite manufacturing, spacecraft components |
| Ground Stations & Gateways | ground stations, satellite network services |
| User Terminals & SATCOM Equipment | satellite user terminals |
How it breaks down
- United States51%
- Canada16%
- Israel7%
- South Korea7%
- Taiwan7%
- Other12%
- Large cap ($10bn to $200bn)16%
- Mid cap ($2bn to $10bn)40%
- Small cap (under $2bn)44%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Frequency Electronics | FEIM.XNAS | $807 million |
| Viasat | VSAT.XNAS | $11 billion |
| Gilat Satellite Networks | GILT.TA | $570 million |
| Voyager Technologies | VOYG.XNYS | $2 billion |
| Redwire | RDW.XNYS | $2 billion |
| Rocket Lab | RKLB.XNAS | $35 billion |
| Firefly Aerospace | FLY.XNAS | $3 billion |
| 099320.Kq | 099320.KQ | $451 million |
| Wistron NeWeb | 6285.TW | $4 billion |
| Ispace,Inc. | 9348.T | $346 million |
| Mda | MDA.TO | $4 billion |
| 5N Plus | VNP.TO | $2 billion |
| Iridium Communications | IRDM.XNAS | $5 billion |
| Eutelsat Communications | ETL.PA | $3 billion |
| Telesat | TSAT.TO | $671 million |
The market
Global space economy, SIA definition
SIA (29th State of the Satellite Industry Report), 2025Manufacturing and launch combined, vendor estimate
Market Research Future, 2024Satellite ground station market, vendor estimate
Stratview Research, 2025Satellite manufacturing market, vendor estimate
Research and Markets, 2024SIA reports manufacturing and ground equipment (mostly GNSS) as separate lines, and vendor estimates for ground stations and terminals differ by several times, with Credence's terminal figure about 15 times the others. Vendor forecasts split between about 16% a year and much slower growth, and the broader space economy figures differ by definition.
All 24 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Global space economy, counts government budgets and more activities | $613bn | 2024 | Space Foundation |
| Global space economy, SIA definition | $429bn | 2025 | SIA (29th State of the Satellite Industry Report) |
| Ground station equipment, vendor estimate; likely includes GNSS and other equipment (unconfirmed) | $157bn | 2024 | Market Research Future |
| Manufacturing and launch combined, vendor estimate | $30bn | 2024 | Market Research Future |
| Ground equipment (more than), worldwide, annual revenue | $155bn | 2024 | SIA (28th State of the Satellite Industry Report) |
| Ground equipment, mostly GNSS devices and chipsets, worldwide, annual revenue | $165bn | 2025 | SIA (29th State of the Satellite Industry Report) |
| Ground terminals, vendor estimate | $6.7bn | 2024 | Growth Market Reports |
| Satcom terminal market CAGR to USD 195.0B by 2032, vendor estimate (growth, a year) | +10% | 2024-2032 | Credence Research |
| Satcom terminal market CAGR, vendor estimate (growth, a year) | +5.0% | 2024-2035 | Market Research Future |
| Satcom terminals, vendor estimate | $6.4bn | 2024 | Growth Market Reports |
| Satcom terminals, vendor estimate | $5.1bn | 2024 | Market Research Future |
| Satcom terminals, vendor estimate; definition not verified | $90bn | 2024 | Credence Research |
| Satellite and spacecraft manufacturing revenue, worldwide, annual | $20bn | 2025 | SIA (29th State of the Satellite Industry Report) |
| Satellite and spacecraft manufacturing revenue, worldwide, annual | $20bn | 2024 | SIA (28th State of the Satellite Industry Report) |
| Satellite communication terminals, reaches USD 7.38B by 2031, vendor estimate | $4.2bn | 2023 | The Insight Partners |
| Satellite ground station market CAGR to 2032, vendor estimate (growth, a year) | +13% | 2024-2032 | Credence Research |
| Satellite ground station market CAGR to USD 101.6B, vendor estimate (growth, a year) | +14% | 2026-2032 | Stratview Research |
| Satellite ground station market, vendor estimate | $42bn | 2025 | Stratview Research |
| Satellite ground station market, vendor estimate | $51bn | 2024 | Credence Research |
| Satellite manufacturing market CAGR to USD 57.18B by 2030, vendor estimate (growth, a year) | +16% | 2024-2030 | Research and Markets |
| Satellite manufacturing market CAGR, vendor estimate (growth, a year) | +16% | 2025-2035 | Spherical Insights |
| Satellite manufacturing market, reaches USD 36.44B by 2035, vendor estimate | $22bn | 2025 | Market Research Future |
| Satellite manufacturing market, vendor estimate | $23bn | 2024 | Research and Markets |
| Satellite manufacturing market, vendor estimate | $24bn | 2024 | Spherical Insights |
Questions
- What is Satellites and Ground Networks?
- Satellite and spacecraft makers, ground stations, gateways and user terminals.
- What does Satellites and Ground Networks hold?
- Listed companies that earn their revenue from the parts it takes to build Space Supercycle: Satellite & Spacecraft Manufacturing, Ground Stations & Gateways, User Terminals & SATCOM Equipment. 17 companies as of 2026-10-28.
- What is not in Satellites and Ground Networks?
- Satellite communications payloads and spacecraft-mounted phased array antennas: Satellite & Spacecraft Manufacturing, not User Terminals & SATCOM Equipment Satellite TT&C and network operations services: Ground Stations & Gateways, not Satellite & Spacecraft Manufacturing or SSA/STM & Space Security Military satellites and defense spacecraft buses and payloads: Satellite & Spacecraft Manufacturing, not SSA/STM & Space Security
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: breakingdefense.com/2025/10/defense-to-anchor-exploding-sate · brycetech.com/reports/report-documents/global_satellite_indu · news.satnews.com/2025/12/12/operators-pivot-to-managed-solut · newspaceeconomy.ca/2026/04/13/the-satellite-manufacturing-ma · nova.space/hub/wp-content/uploads/2024/09/Sats_Built_Launche · nova.space/in-the-loop/space-defense-at-an-inflection-point- · nova.space/press-release/106b-ground-segment-market-enters-s · nova.space/press-release/global-space-spending-reaches-137b- · nova.space/press-release/ground-segment-forecasted-at-78-bil · nova.space/press-release/novaspace-projects-665b-in-satellit · nova.space/press-release/user-terminal-growth-outpaces-groun · satnews.com/2023/12/17/euroconsult-reports-four-tons-of-sate · sia.org/affordability-productivity-drive-historic-satellite- · sia.org/historic-number-of-launches-powers-commercial-satell · spacenews.com/106b-ground-segment-market-enters-service-driv · astuteanalytica.com/industry-report/satcom-terminal-market · domain-b.com/technology/electronics/stmicroelectronics-ships · gminsights.com/industry-analysis/leo-terminal-market · gminsights.com/industry-analysis/satellite-ground-station-sg · marketresearchreports.com/reports/global-flat-panel-satellit
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Satellite communications payloads and spacecraft-mounted phased array antennas: Satellite & Spacecraft Manufacturing, not User Terminals & SATCOM Equipment
- Satellite TT&C and network operations services: Ground Stations & Gateways, not Satellite & Spacecraft Manufacturing or SSA/STM & Space Security
- Military satellites and defense spacecraft buses and payloads: Satellite & Spacecraft Manufacturing, not SSA/STM & Space Security
- Launch Services & Spaceport Infrastructure vehicle rocket engines and stages: Launch Services & Spaceport Infrastructure, not Satellite & Spacecraft Manufacturing; satellite thrusters and in-space propulsion: Satellite & Spacecraft Manufacturing, not Launch Services & Spaceport Infrastructure
- Gateway and Ground Stations & Gateways station antennas and RF equipment: Ground Stations & Gateways, not User Terminals & SATCOM Equipment; consumer, enterprise and mobility user User Terminals & SATCOM Equipment: User Terminals & SATCOM Equipment, not Ground Stations & Gateways
- SSA radars, telescopes and tracking data services: SSA/STM & Space Security, not Ground Stations & Gateways
- Launch Services & Spaceport Infrastructure pads, ranges and Launch Services & Spaceport Infrastructure-site Ground Stations & Gateways support: Launch Services & Spaceport Infrastructure, not Ground Stations & Gateways
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.