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According to the latest report by IMARC Group, titled “Satellite Manufacturing and Launch System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global satellite manufacturing and launch system market reached a value of US$ 18.6 Billion in 2021. A satellite refers to an artificial spacecraft that is launched into space to orbit the Earth and other celestial objects. It is manufactured to help in recovering and processing topographical information. Satellites are made from lightweight materials such as aluminum or titanium and alloy of aluminum-beryllium and nickel-cadmium. They are generally launched in low earth orbit (LEO), geostationary and sun-synchronous orbits to facilitate communications, telemetry, remote sensing, traffic control, transmission, and surveillance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Satellite Manufacturing and Launch System Market Trends:
The market is primarily driven by the increasing deployment of satellites for military surveillance and defense applications. The use of unmanned aerial vehicles (UAVs) and modern equipment in the defense industry necessitates extensive data bandwidth and reliable communications, which is propelling the market growth. In addition to this, satellite telemetry finds applications in civil, commercial, government, and military sectors. For instance, researchers use satellite telemetry infrastructure to track the movement of targets, including birds and animals, by following the target using orbiting satellites. Besides this, satellites are employed in commercial applications such as global positioning system (GPS) services and the internet. Moreover, the introduction of miniaturized satellites with increased payload capabilities has enhanced the profit margins for launch organizations. They are cost-effective solutions utilized by research institutes and universities for optimum performance and technology demonstration services. Furthermore, technological advancements in all-electrical propulsion systems for satellites and the development of reusable space launch vehicles are positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 4.7% during the forecast period (2022-2027).
Market Summary:
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