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Satellite manufacturing and launch market

Satellites refer to the systems which are launched into space to offer several services such as surveillance, remote sensing, telemetry, communications, and so on. Satellites are crafted particularly as per their proposed application. The global satellite manufacturing and launch market has recorded praiseworthy growth in recent years. The market’s growth is primarily being driven by the increasing use of satellites for military surveillance and other defense applications. Furthermore, the factors such as rising demand from UAVs and modern equipment, increased demand for commercial applications, demand for satellite-based telemetry, rise in demand for dependable telemetry infrastructure are also projected to boost the market’s growth over coming years. On the other hand, challenges linked with the design and manufacturing of satellites are likely to restrict the market’s growth over the coming years.

Competitive Analysis
satellite manufacturing and launch market have a strong and competitive landscape. The players in the global market are making heavy investments to launch new satellites to meet the growing demand from various industry verticals. The list of prominent players in the global satellite manufacturing and launch market includes GeoOptics (Canada), Innovative Solutions in Space (Netherlands), Arianespace (France), Lockheed Martin (U.S.), Orbital ATK (U.S.), Boeing Defence, ViaSat Inc. (U.S.), ISS Reshetnev (Russia), SSL (U.S.), Space & Security (U.S.), Airbus Defence and Space (Germany), and several others.

Satellite Manufacturing and Launch Market To Record A CAGR Of Over 6% By 2023

As per the MRFR reports, the global satellite manufacturing and launch market will likely flourish at a healthy CAGR of over 6% during the review timeframe from 2017-to 2023.

Segment Analysis
The global satellite manufacturing and launch market has been fragmented into numerous segments based on orbit location, end users, application, and region.

Based on application, the global market for satellite manufacturing and launch is divided into remote sensing satellites, reconnaissance satellites, navigation satellites, communications satellites, and others.

Based on end-user, the global market for satellite manufacturing and launch is split into weather forecast, navigation, and internet services.

Based on orbit location, the market is divided into sun-synchronous orbit satellites, geostationary (GEO) satellites, and low earth orbit (LEO) satellites.

Regional Analysis
The global satellite manufacturing and launch market is studied across five major regions, including North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.

The North American region will lead the global satellite manufacturing and launch market over the forecasted era. The regional market’s growth is attributed to the increased demand for satellites from the military, commercial, and civil/government sectors. The markets in the region have been launching satellites for years owing to the advanced infrastructures, and the growing number of space programs is projected to accelerate the regional market’s growth. Furthermore, leading organizations such as SpaceX and NASA across the region are likely to catalyze the regional market’s growth.

The European region is projected to register substantial growth over the assessment era. The growing demand for nano and microsatellites across the region is also likely to boost the regional market’s growth.

The Asia-Pacific satellite manufacturing and launch market is anticipated to record the fastest growth over the assessment era.

Recent Developments
February 2022- A leading aerospace firm traded on the Hong Kong stock exchange (HKEx), Hong Kong Aerospace Technology Group, Ltd., has announced its fully owned subsidiary Gang Hang Ke (Shenzhen) Space Technology has signed an agreement with China Great Wall Industry Corporation, a state-owned enterprise in Mainland China for the second time for its satellite launch service confirmation.

February 2022 – a Space-as-a-Service satellite company centered on commercial satellite design, production, launch, and data collection, Sidus Space, Inc., happily announced that it had bagged over USD1.5 million in purchase orders for space hardware and services supporting four customers. The deal orders received include both new orders and modifications to a previous purchase order. EIN Newswires

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