The global satellite manufacturing and launch system market size is expected to reach USD 54.17 billion in 2027, exhibiting a CAGR of 12.45% during the forecast period, states Fortune Business Insights, in a report, titled “Satellite Manufacturing and Launch System Market Size, Share & Industry Analysis, By Type (Satellite Manufacturing and Satellite Launch Systems), By Application (Communication Satellite, Military Surveillance, Navigation Satellite, Earth Observation Satellite, and Others), By End-Use (Commercial and Military), and Regional Forecast, 2020-2027.” The market size stood at USD 23.83 billion in 2020.
The coronavirus incident has caused massive loss and disruption to various industries across the globe. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling, and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic. We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
Request Sample Research Report-
The Report Lists the key Players in the Satellite Manufacturing and Launch System Market:
- Airbus S.A.S (The Netherlands)
- Arianespace (France)
- Boeing (The U.S.)
- GeoOptics (Canada)
- ISISPACE GROUP (The Netherlands)
- JSC Academician M.F. Reshetnev (Russia)
- Lockheed Martin Corporation (The U.S.)
- Maxar Technologies (The U.S.)
- SpaceX (The U.S.)
- ViaSat Inc. (The U.S.)
Heavy Investments in Space Missions to Bolster Growth
The surging investment by government and space agencies in developing technologically advanced satellite launch vehicles is expected to foster healthy growth of the satellite manufacturing and launch system industry. According to the Department of Defense (DOD), the USD 14.1 billion was requested for National Security Space (NSS) in 2020 compared to the USD 12.3 billion in 2019. Out of the total amount, USD 8.4 billion, USD 2.6 billion, and USD 3.0 billion are allocated for the research, development, test, evaluation (RDT&E), procurement, and operation & maintenance. Furthermore, the increasing collaboration and agreement between space companies and government organizations to develop innovative SLVs will foster the satellite manufacturing and launch system market growth. For instance, SpaceX collaborated with NASA to design and develop reusable satellite launch vehicles to minimize the overall program cost and space debris around the earth’s orbit. Similarly, Europe Space Agency (ESA) increased its focus on Ariane 6, an expendable launch system, thus boosting the satellite manufacturing and launch system production.
Contact us for Customization in the Report –
Suspended Satellite Launches to Inhibit Market during Coronavirus
The lockdown in major countries such as the U.S., France, Germany, China, India, and Japan severely impacted the space industry, suspending all space-related activities. Major companies such as Space X, United Launch Alliance (ULA), Rockets Labs, and Blue Origin have reformed their production structure for launch vehicles and satellites. According to the U.S. Department of Commerce, around 92% of space-based firms with research and development as a primary business capability were small businesses. These firms experienced a major hit from the pandemic. Moreover, prominent companies’ implementation of various strategies to sustain recovery can subsequently elevate the satellite manufacturing and launch system market amid pandemic.
The report on the satellite manufacturing and launch system market includes:
- Remarkable insights into the market
- Meticulous scrutiny of the segments
- Latest developments and drivers
- Vital information about key players
- Dominant regions
- Notable Development
Government Support for Reusable Launch Systems to Promote Growth in North America
The satellite manufacturing and launch system market in North America is expected to exhibit a rapid growth rate during the forecast period due to the high investments by the U.S. government and space agencies in manufacturing reusable launch systems. For instance, in September 2019, NASA awarded a contract worth USD 4,600 million to Lockheed Martin Corporation to supply six reusable Orion crew capsules integrated with lightweight 3D printed modules. Asia Pacific is expected to hold the largest share during the forecast period. The growth is attributed to growing satellite launch infrastructure and satellite launch programs from China, India, and Australia. For instance, in November 2020, the Indian Space Research Organization (ISRO) successfully launched 10 satellites consisting of earth observation satellites and payload
October 2020: The Boeing Company was granted a contract worth USD 298 million by the U.S. Space Force for next-generation SATCOM satellites. Under this contract, The Boeing Company is expected to design and develop an intricate military satellite and payload architecture system.
Inquire Before Buying This Report –
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]