: The global medium and large satellite market size was USD 8.22 billion in 2020. The market is projected to grow from USD 11.21 billion in 2021 to USD 14.98 billion in 2028 at a CAGR of 4.20% in the 2021-2028 periodThis information is provided by Fortune Business Insights, in its report, titled, “Medium and Large Satellite Market, 2021-2028.”According to our researchers, the notable surge in the demand for medium and large satellites in past few years has empowered satellite producers to capitalize in the design and development of technologically progressive satellites.
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Pandemic to Affect Production due to Lockdowns and Displaced Workforce
The entire globe was impacted by the COVID-19 virus and the sector of medium and large satellite was no different. Maximum of the sectors experienced an unfavorable impact of the pandemic on their businesses. Strict government regulations that were inflicted regarding ban on transportation mobility, triggered a commotion amid all industries.
Numerous original and vital product presentations were postponed owing to the COVID-19 effect. For instance, the U.S. Space Force’s Space and Missile Systems Center (SMC) reorganized the unveiling of GPS III-3, which is the GPS navigation satellite from April to June 2020, which is created by Lockheed Martin Corporation.
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The report offers a methodical study of the medium and large satellite sections and in-depth review of the overall market. A considerate assessment of the current market trends combined with the impending prospects is presented in the report. Furthermore, it offers an extensive examination of the regional aspects and how they assist in forming the market growth.
The COVID-19 influences have been discoursed in the report to aid investors and business experts with an augmented comprehension of the probable dangers present in the market. The report further converses the important players and their significant tactics to remain in the leading position
Based on type, the market is divided into medium sized satellite (500 to 1000 Kg Launch mass) and large satellite (More than 1000 kg Launch Mass).
On the basis of component, the market is separated into structures, payload (Data Handling and Transmission subsystem PDHT), electric power system (EPS), instrument control unit (ICU), thermal control subsystem (TCS), propulsion system, communication systems, & others (Solar Array & Drive Mechanism)
In terms of end-user, the market is branched into commercial, military, civil, & government.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Rest of the World.
Drivers and Restraints:
Augmented Demand for Military Investigation and Communication Uses to Spur Growth
In the past few years, there has been excess demand of satellites for communication and military inspection usages. The space agencies, governments, defense organizations, private defense dealers, and secretly space industry companies are accentuating on the improvement of the interaction network competences for public and military reconnaissance applications such as reconnaissance, intelligence, and target and data procurement uses. This is expected to bolster the medium and large satellite market growth during the forecast period.
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North America to Dominate Market Share due to Increasing Expenditure Towards Space Industry
North America held the largest medium and large satellite market share and dominated in 2020. The market was worth USD 3.63 billion in 2020. Amplified expenditure on the space industry from the U.S. government, and the existence of important companies to thrust the market across the region.
Asia Pacific is anticipated to develop at the swiftest growth rate. The surging spending from the government of India, China, a well as Japan on the space sector spurs the market demand across the Asia Pacific.
Europe market is projected to develop considerably from 2020, budding capitalization on space exploration operations from the U.K, France, Germany, and other European nations sustains the market growth across Europe in the upcoming years.
Incidence of Progressive Devices to Assist Players to Inaugurate Steady Position in Market
The players are hugely emphasizing on the development of revolutionary devices and are actively getting involved into tactical mergers and collaborations in order to fortify their position in this market. Furthermore, the market is further registered by a prime percentage of small manufacturers in evolving nations, concentrating on the development of relatively low-costing gadgets.
Key Industry Developments:
August 2021: Lockheed Martin innovated a novel type of medium and large satellite dish with an extensive variation of applications, comprising space-grounded 5G.
List of Key Players Mentioned in the Report:
- Airbus SAS (Netherlands)
- Lockheed Martin Corporation (U.S.)
- L3Harris Technologies Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
- Sierra Nevada Corporation (U.S.)
- ST Engineering (Singapore)
- The Boeing Company (U.S.)
- Thales Group (France)
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