# Space Supercycle

Launch, satellites, ground stations, terminals, on-orbit services and space security.

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

## Key facts

- **The market: $429bn** Same basis as the 2024 SIA figure (Satellite Industry Association (SIA), 2026 report, 2025)
- **Growth: +4.0%** Growth of the satellite-industry-centred total (a year) (Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech, 2024)
- **The build: 6** parts in the Space Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 20** companies worth $107 billion, earning on average 68% 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 |
|---|---|
| Launch Services & Spaceport Infrastructure | launch services, rocket propulsion, spaceports |
| Satellite & Spacecraft Manufacturing | satellite manufacturing, spacecraft components |
| Ground Stations & Gateways | ground stations, satellite network services |
| User Terminals & SATCOM Equipment | satellite user terminals |
| On-Orbit Servicing & In-Space Logistics | on orbit servicing |
| SSA/STM & Space Security | space situational awareness, space security defense |

## Largest companies

| Company | Listing | Market value |
|---|---|---|
| Viasat | VSAT.XNAS | $11 billion |
| Voyager Technologies | VOYG.XNYS | $2 billion |
| Redwire | RDW.XNYS | $2 billion |
| Rocket Lab | RKLB.XNAS | $35 billion |
| Karman Holdings | KRMN.XNYS | $5 billion |
| Avio S.P.A. | AVIO.MI | $1 billion |
| Wistron NeWeb | 6285.TW | $4 billion |
| Ispace,Inc. | 9348.T | $346 million |
| Mda | MDA.TO | $4 billion |
| 5N Plus | VNP.TO | $2 billion |
| Frequency Electronics | FEIM.XNAS | $807 million |
| Firefly Aerospace | FLY.XNAS | $3 billion |
| 099320.Kq | 099320.KQ | $451 million |
| AST SpaceMobile | ASTS.XNAS | $16 billion |
| Iridium Communications | IRDM.XNAS | $5 billion |

By listing country: United States 56%, Canada 13%, Italy 6%, Taiwan 6%, Japan 6%, South Korea 6%, France 3%, Israel 3%.

## The market

- Whole space economy, including government spending ($132B government, $480B commercial): $613bn (2024), Space Foundation, The Space Report 2025 Q2 <https://www.thespacereport.org/resources/space-economy-reaches-613-billion/>
- Year-over-year growth of the whole space economy (a year): +7.8% (2024), Space Foundation, The Space Report 2025 Q2 <https://www.thespacereport.org/resources/space-economy-reaches-613-billion/>
- Upstream and downstream space activity, including space-enabled services; read only from a search snippet: $626bn (not stated in the snippet read), Novaspace, Space Economy Report, 12th edition (Jan 2026) <https://spacenews.com/global-space-economy-reaches-626-billion-marking-a-new-phase-of-growth/>
- Downstream satellite-data solutions drive most of the growth: $596bn (2024), Novaspace, earlier edition <https://nova.space/in-the-loop/highlights-of-the-2024-space-economy/>
- Projected space economy size; downstream satellite-data solutions drive most of the growth: $944bn (2033), Novaspace, earlier edition <https://nova.space/in-the-loop/highlights-of-the-2024-space-economy/>
- Satellite-industry-centred total: $415bn (2024), Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech <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/>
- Growth of the satellite-industry-centred total (a year): +4.0% (2024), Satellite Industry Association (SIA), State of the Satellite Industry Report 2025, by BryceTech <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/>
- Same basis as the 2024 SIA figure: $429bn (2025), Satellite Industry Association (SIA), 2026 report <https://sia.org/affordability-productivity-drive-historic-satellite-industry-growth-satellite-industry-association-releases-29th-annual-state-of-the-satellite-industry-report/>
- Commercial satellite industry total: $293bn (2024), SIA/BryceTech <https://broadbandbreakfast.com/3-satellite-industry-growth-despite-video-revenue-decline/>
- Commercial satellite industry total: $303bn (2025), SIA/BryceTech <https://satnews.com/2026/05/14/global-space-economy-reaches-429-billion-dollars-as-commercial-satellite-sector-dominates/>
- Ground equipment, including GNSS navigation, consumer and network equipment; broader than ground stations and gateways: $155bn (2024), SIA/BryceTech <https://www.advanced-television.com/2025/10/22/report-satellite-industry-71-of-global-space-economy-in-2024/>
- Satellite manufacturing: $20bn (2024), SIA/BryceTech <https://www.advanced-television.com/2025/10/22/report-satellite-industry-71-of-global-space-economy-in-2024/>
- Launch services revenue only: $9.3bn (2024), SIA/BryceTech <https://www.advanced-television.com/2025/10/22/report-satellite-industry-71-of-global-space-economy-in-2024/>
- Launch services: $15bn (2023), Grand View Research <https://www.grandviewresearch.com/industry-analysis/space-launch-services-market-report>
- Launch services CAGR (growth, a year): +16% (2024 to 2030), Grand View Research <https://www.grandviewresearch.com/industry-analysis/space-launch-services-market-report>
- Launch services (reported as 20,675.14 million): $21bn (2024), Straits Research <https://straitsresearch.com/report/space-launch-services-market>
- Satellite manufacturing: $23bn (2024), Research and Markets <https://www.researchandmarkets.com/report/satellite-manufacturing>
- Satellite manufacturing CAGR (growth, a year): +16% (2024 to 2030), Research and Markets <https://www.researchandmarkets.com/report/satellite-manufacturing>
- Satellite manufacturing CAGR (growth, a year): +5.4% (2025 to 2033), Straits Research <https://straitsresearch.com/report/satellite-manufacturing-market>
- Satellite communication terminals (reported as 90,325.9 million); probably very broad: $90bn (2024), Credence Research <https://www.credenceresearch.com/report/satellite-communication-terminal-market>
- LEO terminals only: $9.0bn (2025), GM Insights <https://www.gminsights.com/industry-analysis/leo-terminal-market>
- LEO terminals CAGR (growth, a year): +14% (2026 to 2035), GM Insights <https://www.gminsights.com/industry-analysis/leo-terminal-market>
- SatCom terminals (reported as 10,849.8 million): $11bn (2025), Future Market Insights <https://www.futuremarketinsights.com/reports/satcom-terminal-market>
- SatCom terminals CAGR (growth, a year): +6.5% (2025 to 2035), Future Market Insights <https://www.futuremarketinsights.com/reports/satcom-terminal-market>
- On-orbit satellite servicing: $2.7bn (2024), GM Insights <https://www.gminsights.com/industry-analysis/on-orbit-satellite-servicing-market>
- On-orbit satellite servicing CAGR (growth, a year): +12% (2025 to 2034), GM Insights <https://www.gminsights.com/industry-analysis/on-orbit-satellite-servicing-market>
- On-orbit satellite servicing: $2.8bn (2024), Credence Research <https://www.credenceresearch.com/report/on-orbit-satellite-servicing-market>
- On-orbit satellite servicing, probably defined more broadly: $5.7bn (2024), Market Research Future <https://www.marketresearchfuture.com/reports/on-orbit-satellite-servicing-market-33218>
- On-orbit satellite servicing CAGR (growth, a year): +11% (2025 to 2035), Market Research Future <https://www.marketresearchfuture.com/reports/on-orbit-satellite-servicing-market-33218>
- On-orbit satellite servicing CAGR (growth, a year): +12% (2024 to 2030), Lucintel <https://www.lucintel.com/on-orbit-satellite-servicing-market-.aspx>
- Space situational awareness only: $1.7bn (2025), MarketsandMarkets <https://www.marketsandmarkets.com/Market-Reports/space-situational-awareness-market-150269456.html>
- Space situational awareness CAGR (growth, a year): +10% (2025 to 2030), MarketsandMarkets <https://www.marketsandmarkets.com/Market-Reports/space-situational-awareness-market-150269456.html>
- Space situational awareness only: $1.5bn (2024), Research and Markets <https://www.researchandmarkets.com/report/space-situational-awareness>
- Space situational awareness only: $2.6bn (2023), Spherical Insights <https://www.sphericalinsights.com/reports/space-situational-awareness-market>
- Space situational awareness CAGR (growth, a year): +2.4% (2023 to 2033), Spherical Insights <https://www.sphericalinsights.com/reports/space-situational-awareness-market>

Space Foundation and Novaspace count the wider space economy, so their totals are higher than SIA's satellite-centric figures, and vendor sizes for launch, terminals and on-orbit servicing differ mainly because their scope definitions differ. Most vendor figures come from search snippets and their scope definitions are largely unseen.

### What is Space Supercycle?

Launch, satellites, ground stations, terminals, on-orbit services and space security.

### What does Space Supercycle hold?

Listed companies that earn their revenue from the parts it takes to build Space Supercycle: Launch Services & Spaceport Infrastructure, Satellite & Spacecraft Manufacturing, Ground Stations & Gateways, User Terminals & SATCOM Equipment, On-Orbit Servicing & In-Space Logistics, SSA/STM & Space Security. 20 companies as of 2026-10-28.

### What is not in Space Supercycle?

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

### How large is the Space Supercycle market?

About 429.0 USD billion (2025), the middle of independent estimates that agree (for example Satellite Industry Association (SIA), 2026 report).

## 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
- Orbital transfer vehicles and space tugs: On-Orbit Servicing & In-Space Logistics, not Launch Services & Spaceport Infrastructure
- SSA radars, telescopes and tracking data services: SSA/STM & Space Security, not Ground Stations & Gateways
- Physical debris removal and active servicing: On-Orbit Servicing & In-Space Logistics, not SSA/STM & Space Security; tracking, conjunction analysis and traffic management software: SSA/STM & Space Security, not On-Orbit Servicing & In-Space Logistics
- 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.