"Maybe you will always be
just a little out of reach"
In simplest terms, the song and video are both basically about being drawn to someone who is out of reach.
The song conveys this by alluding to that person as the titular satellite. They're out of orbit, above you somewhere you can't reach and generally distant in some way. This could be a cultural or societal distance or just any sort of barrier one can not breach. I am drawn to think that when the lyrics refer to "riding with me tonight"; it is not about that gap between the two being closed but rather about the singer dreaming about this person; imagining scenarios where this distance does not exist. "Always the first thought on my mind" makes this somewhat more clear.
This is corroborated by the video, which never shows the man and woman on the same side. This is true both in the diegetic world of the video (for instance, the woman being in the diner while the man observes from outside) and literally as the two are separated by the divider between the rotating stage upon which the video was shot. At a later point in the video, the two are literally on opposite sides of the world as they are suspended in space.