# Satellites and Ground Networks

Satellite and spacecraft makers, ground stations, gateways and user terminals.

Theme: Space (Industrials and defense). Page: https://thematiq.io/themes/space/satellites-and-ground-networks/

## Key facts

- **The market: $429bn** Global space economy, SIA definition (SIA (29th State of the Satellite Industry Report), 2025)
- **Growth: +16%** Satellite manufacturing market CAGR, vendor estimate (growth, a year) (Spherical Insights, 2025-2035)
- **The build: 3** of the 6 parts in the Space Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 17** companies worth $100 billion, earning on average 63% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the Space Supercycle bill of materials, each read from its own reports.

| Part | Covers |
|---|---|
| Satellite & Spacecraft Manufacturing | satellite manufacturing, spacecraft components |
| Ground Stations & Gateways | ground stations, satellite network services |
| User Terminals & SATCOM Equipment | satellite user terminals |

## 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 |

By listing country: United States 51%, Canada 16%, Israel 7%, South Korea 7%, Taiwan 7%, Japan 7%, France 5%.

## The market

- Satellite and spacecraft manufacturing revenue, worldwide, annual: $20bn (2025), SIA (29th State of the Satellite Industry Report) <https://sia.org/affordability-productivity-drive-historic-satellite-industry-growth-satellite-industry-association-releases-29th-annual-state-of-the-satellite-industry-report/>
- Satellite and spacecraft manufacturing revenue, worldwide, annual: $20bn (2024), SIA (28th State of the Satellite Industry Report) <https://sia.org/historic-number-of-launches-powers-commercial-satellite-industry-growth-satellite-industry-association-releases-the-28th-annual-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) <https://www.exterrajsc.com/p/record-launches-and-broadband-growth>
- Ground equipment (more than), worldwide, annual revenue: $155bn (2024), SIA (28th State of the Satellite Industry Report) <https://sia.org/historic-number-of-launches-powers-commercial-satellite-industry-growth-satellite-industry-association-releases-the-28th-annual-state-of-the-satellite-industry-report/>
- Satellite manufacturing market, vendor estimate: $23bn (2024), Research and Markets <https://www.researchandmarkets.com/report/satellite-manufacturing>
- Satellite manufacturing market CAGR to USD 57.18B by 2030, vendor estimate (growth, a year): +16% (2024-2030), Research and Markets <https://www.researchandmarkets.com/report/satellite-manufacturing>
- Satellite manufacturing market, vendor estimate: $24bn (2024), Spherical Insights <https://www.sphericalinsights.com/blogs/top-50-companies-in-satellite-manufacturing-market-statistics-report-till-2035>
- Satellite manufacturing market CAGR, vendor estimate (growth, a year): +16% (2025-2035), Spherical Insights <https://www.sphericalinsights.com/blogs/top-50-companies-in-satellite-manufacturing-market-statistics-report-till-2035>
- Satellite manufacturing market, reaches USD 36.44B by 2035, vendor estimate: $22bn (2025), Market Research Future <https://www.marketresearchfuture.com/reports/satellite-manufacturing-market-34178>
- Manufacturing and launch combined, vendor estimate: $30bn (2024), Market Research Future <https://www.marketresearchfuture.com/reports/satellite-manufacturing-launch-market-1255>
- Satellite ground station market, vendor estimate: $42bn (2025), Stratview Research <https://www.stratviewresearch.com/market-reports/satellite-ground-station-market>
- Satellite ground station market CAGR to USD 101.6B, vendor estimate (growth, a year): +14% (2026-2032), Stratview Research <https://www.stratviewresearch.com/market-reports/satellite-ground-station-market>
- Satellite ground station market, vendor estimate: $51bn (2024), Credence Research <https://www.credenceresearch.com/report/satellite-ground-station-market>
- Satellite ground station market CAGR to 2032, vendor estimate (growth, a year): +13% (2024-2032), Credence Research <https://www.credenceresearch.com/report/satellite-ground-station-market>
- Ground station equipment, vendor estimate; likely includes GNSS and other equipment (unconfirmed): $157bn (2024), Market Research Future <https://www.marketresearchfuture.com/reports/satellite-ground-station-equipment-market-11694>
- Satcom terminals, vendor estimate; definition not verified: $90bn (2024), Credence Research <https://www.credenceresearch.com/report/satellite-communication-terminal-market>
- Satcom terminal market CAGR to USD 195.0B by 2032, vendor estimate (growth, a year): +10% (2024-2032), Credence Research <https://www.credenceresearch.com/report/satellite-communication-terminal-market>
- Satcom terminals, vendor estimate: $6.4bn (2024), Growth Market Reports <https://growthmarketreports.com/report/satellite-communication-terminal-market-global-industry-analysis>
- Ground terminals, vendor estimate: $6.7bn (2024), Growth Market Reports <https://growthmarketreports.com/report/satellite-ground-terminal-market>
- Satcom terminals, vendor estimate: $5.1bn (2024), Market Research Future <https://www.marketresearchfuture.com/reports/satcom-terminal-market-37673>
- Satcom terminal market CAGR, vendor estimate (growth, a year): +5.0% (2024-2035), Market Research Future <https://www.marketresearchfuture.com/reports/satcom-terminal-market-37673>
- Satellite communication terminals, reaches USD 7.38B by 2031, vendor estimate: $4.2bn (2023), The Insight Partners <https://www.theinsightpartners.com/reports/satellite-communication-terminal-market>
- Global space economy, counts government budgets and more activities: $613bn (2024), Space Foundation <https://x.com/SpaceFoundation/status/1947665790028697953>
- Global space economy, SIA definition: $429bn (2025), SIA (29th State of the Satellite Industry Report) <https://sia.org/affordability-productivity-drive-historic-satellite-industry-growth-satellite-industry-association-releases-29th-annual-state-of-the-satellite-industry-report/>

SIA 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.

### 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

## What it is not

- 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

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.