According to the latest report by IMARC Group, titled “Satellite Manufacturing and Launch System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global satellite manufacturing and launch system market witnessed moderate growth during 2015-2020. 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 3% during the forecast period (2021-2026).
- Based on the segment, the market has been bifurcated into satellite manufacturing and satellite launch system.
- On the basis of the satellite type, the market has been classified into LEO (low earth orbit), MEO (middle earth orbit), GEO (Geosynchronous equatorial orbit), and beyond GEO satellites. Among these, GEO satellites dominate the market.
- The market has been categorized based on the application into commercial communications, government communications, earth observation services, research and development, navigation, military surveillance, scientific applications, and others. At present, commercial communications hold the majority of the market share.
- On the basis of the end use sector, the market has been segregated into military and government, commercial, and others. Among these, military and government represent the largest end use sector.
- Region-wise, North America (the United States and Canada) exhibits a clear dominance in the market. Other regions are Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Airbus SE, Arianespace SA, Blue Origin LLC, Boeing, Geooptics Inc., Innovative Solutions in Space (ISISPACE) Group, Lockheed Martin Corporation, Northrop Grumman Corporation., Raytheon Company, Space Exploration Technologies Corporation, Thales Group, and Viasat, Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal